Hana Bank launches Fast-Fit remittance service with transfers to US in as little as 1 minute

Hana Bank on Monday launched its Fast-Fit remittance service, designed to improve the speed and convenience of international money transfers. The service improves speed, cost and transparency at the same time, making the process more user-friendly.

Fast-Fit tackles longstanding pain points in overseas remittances — delayed deposits, uncertainty over the final amount received and difficulty tracking transfer progress. Customers can check fees and the expected received amount before sending money, and monitor the transfer's progress in real time afterward.

The service uses the Retail Payments Scheme, an enhanced payment method within the SWIFT network, to facilitate cross-border transactions.

The scheme launched in June with participation from major global banks, initially rolling out across 26 banks in 10 countries. Hana Bank is the only South Korean bank taking part and has introduced the service for transfers to the United States. The bank plans to expand coverage to Australia and Canada.

Transfers to J.P. Morgan Chase Bank and Bank of America in the United States arrive in as little as one minute and within an average of 30 minutes. The full principal is deposited without any deductions by intermediary or overseas banks, allowing senders to confirm the exact amount the recipient will receive before initiating the transfer.

Fees have also been reduced. Transfers to the US carry a flat overseas bank fee of 10,000 won ($7) and a wire charge of 5,000 won, regardless of the transfer amount. The service is available through Hana Bank's mobile app Hana One Q and the foreigner-dedicated app Hana EZ, with no need to visit a branch.

Fast-Fit is open to both individual customers and foreign nationals residing in South Korea. Hana Bank plans to expand the service to cover inbound remittances from abroad, further improving the overall international transfer experience.

"Fast-Fit enhances the speed and transparency of overseas remittances, giving customers a clearer picture of the actual costs they bear and the final amount their recipients will receive," a bank official said. "As a bank specializing in foreign exchange, we will continue to expand customer-centered, differentiated foreign exchange services."

Meanwhile, Hana Financial Group and Dunamu jointly completed a successful proof of concept for a blockchain-based foreign currency remittance service. The project replaced the SWIFT messaging system used between Hana Bank's domestic and overseas branches with blockchain messages running on GIWA Chain, a blockchain network operated by Dunamu.