- Visit www.wooriwcs.com for Woori's web based monitoring service for FI clients
What is Woori Clearing System?
Woori Clearing System is a new inter-bank system that allows fund transfers based on SWIFT as well as real time money transfers among members of KFTC (Korea Financial Telecommunication and Clearing Institute). This service is for financial institutions who open depository accounts with Woori Bank.
- Prepare for the client’s trade settlement needs!
- Do you have customers who are doing or planning to do business with Korean companies? Korea’s trade settlement volume is surprisingly increasing day by day. The payment currency is also diversified from USD to EUR, CNY and KRW. If you want to support your corporate customers in a more efficient way, let WCS be your single entry for Foreign Exchange Transaction in Korea.
- Why WCS?
- Commitment to Quality
- As a strong and capable banking partner to many of the world’s most recognizable multinational corporations, we are committed to delivering service quality that not only meets your expectations but exceeds industry standards by ensuring quality. By reducing your counter party risk with our superb credit rating, we are dedicated to provide your esteemed bank with the most stable and fast service.
- Global Networks and Long experience in Foreign Exchange
- Through Woori’s global and local networks, you can transfer money from and to Korea in a faster and more convenient way. Woori bank is known for its commitment for global competitiveness with more than 184 overseas branches and subsidiaries in 18 countries and process more than 200 million SWIFT transactions every year working with our 36,000 correspondent banks.
- Korean Banking Leader
- WCS connects all Korean banks. We relay money transfer from overseas bank to any bank in Korea with the same day value. Also, WCS is operated by well-experienced staff who have expertise in Foreign Exchange Transaction Act by Korean government. WCS will be your great partner to start KRW settlement in accordance with all applicable laws and regulations in Korea.
- Cost effectiveness
- WCS requires no minimum balance and offers a very competitive fee table with no maintenance fee for our WCS members. Instead of charging higher fee, we aim to extend our member base by enhancing our cost-efficiency and reliability.
- Web-based monitoring service
- WCS provides web-based monitoring service for our WCS member institutions at www.wooriwcs.com where 6 different languages are available. Valuable information such as account balance, transaction history, back value statement, over draft statement, MT950 statement and fee statement can be monitored on this website in real time.
