FAQs

Chequing and Savings
Investing
Internet Banking
Borrowing
Wire Transfer & Exchange
Direct Banking
Debit Card

Top 5 Frequently Asked Questions

FAQ top 5 – personal banking eng

Do I have to use Shinhan Bank Canada ATMs when making withdrawals?

It is possible to use ATMs of banks other than Shinhan Bank Canada that are a part of the Exchange Network without incurring any additional service charges. Please check for available ATMs at www.shinhan.ca Branch Guidance or www.the-exchange.ca
Ex) HSBC, National Bank, Credit Union, etc…

How long it will take if my parents sent a wire transfer from Korea to my account in Shinhan Bank Canada? Is there a service charge?

It takes approximately 1 business day for transfers made from Shinhan Bank Korea, and 2-3 days if the transfer is made from another bank in Korea. Receiving wire transfer service charges(Cable charges) vary according to the banks involved. Shinhan Bank Canada charges $10 and for other banks in the market, it is around $20-$40.

What information do I need to provide in order to make a oversea wire transfer?

You need to provide the receiving party and on the bank and the bank account involved. In case of an incorrect information, additional service charges or delays may occur.

How long does it to take to complete a wire transfer to a foreign country?

Wire fund transfers are generally processed within 1-2 business days, but may be extended for foreign remitances.
For fast and accurate transfers, it is recommended to check with the receiving party’s information and then making the transfer.

What are the service charges for wire transfer?

Service charge is minimum $10 (for wire transfer under $100) and maximum $60.

Personal banking CHECKING & SAVINGS eng

What is the difference between Chequing and Savings accounts? What are the service charges for each account?

The main difference between Chequing and Savings accounts is the ability to use cheques in a chequing account. Service charges apply per usage if customers do not apply for a package. For Chequing accounts. there is a minimum service charge of $1.00 per month.

What is the interest rate on Savings Accounts?

A 0.2% interest rate shall be applied for regular savings accounts. Interest rates applicable to high interest savings accounts vary according to account balance and term.

Can you use ATM machines with Savings Accounts?

Yes. You can conduct ATM transactions and Interac purchases with the provided Debit Card.

How can I prove the existence of my bank account?

If you need evidence for Immigration Canada or other formal causes, you can receive the Proof of Balance/Balace certificate. Account Statements can also be provided subject to a service charge.

How many transactions can I make per month?

Students may make up to 25 transactions per month including ATM and point of sale transactions. A $0.50 overcharge will be applied to each additional transaction.

Personal banking Investing eng

What interest rates are applied when terminating a term deposit account and what are the disadvantages to terminating a term deposit account?

There are different types of deposits: deposits that provide interest rate determined in the contract in case of a termination, or deposits that provide interest rate same as the one provided in regular Savings Accounts (0.2%).

Do I have to visit a branch every month after setting up a installment term deposit account?

Regular or Free Installment Deposit registration must be completed by visiting a branch. However, if you provide a void cheque, the transfers can be performed automatically without a branch visit.

I want to save money sent from my parents. Can a student also apply for a investment account?

Yes. Students can apply for an installment savings deposit with better interest rates (Contribution minimum of $10).

I had investment product in Korea which I can cotnribute set amount money in order to save up lumsum money for the future use. Is such a product available at Shinhan Bank Canada

Yes, Shinhan Bank Canada offers Installment Savings Deposit accounts where a set amount of money is deposited on a monthly basis. In addition, Shinhan Bank Canada also offers Free Installment Deposit accounts which do not have any restrictions on the frequency or amount deposited. Both products are eligible for higher interest rates as compared to regular Savings accounts.

Personal banking Internet Banking eng

I have an account with Shinhan Bank Canada,and I am wondering whether I have to close the account before returning to Korea. Is it possible to close the account through Shinhan Bank Korea or through Online Banking?

Unfortunately, you cannot close the account through Internet banking or by visiting Shinhan Bank Korea. We recommend you to close your account before returning back to Korea. The accounts that have no transactions for 2 years are considered inactive and are deactivated.

Personal banking Borrowing eng

Do I have to pay additional penalty charges if I want to pay off before its term maturity?

For residential mortgages, there are products that do not charge prepayment penalty before term maturity. Customers can receive a detailed explanation by visiting a branch.

What repayment options are available for loans?

Shinhan Bank Canada provides monthly or bi-weekly repayment options. Customers may choose any of the available options according to their needs.

What is the repayment schedule for personal loans?

Personal loans have a maximum term of 5 years but can be extended upto 15 years if collateralized by a real estate property.

What is overdraft?

Overdraft is applied loan amount that attach to your chequing account so you can access whenever its needed. Loan limit need to be applied with credit application.

I’ve recently moved to Canada. Can I apply for a loan?

We provide Stand-by L/C loan products for customers wishing to receive a loan using assets in Korea as collateral. Customers can receive a detailed explanation by visiting a branch.

Why do you need an appraisal for real estate?

When you apply for a mortgage/loan by pledging collateral, we perform an appraisal for an unbiased valuation of the collateral. This appraisal is a key factor in determining the amount of the mortgage/loan.

Does the Bank perform the appraisal?

No. The Bank outsources the appraisal process to professionals who are able to perform the task without bias and under strict standards. Appraisal requests shall be distinguished between commercial properties and residential properties.

How much can the loan amount vary for different appraised values of the estate?

Loan amounts are not decided solely by real estate valuations, similar to how individual credit ratings are not the only determining factor for the loan approval process. The applicant’s credit history, transaction history, and other relevant factors shall be analyzed to determine the amount of the loan. However, due to the character of a residential mortgage, we limit the loan amount to a maximum of 80% of residential property values and 60% for commercial property values.

Personal banking Wire Transfer & Exchange eng

I want to keep my deposit within Shinhan Bank Canada even after returning to Korea. How can I withdraw money deposited at Shinhan Bank Canada?

You can register for Onlin Banking service and make a wire transfer from Canada to Korea subject to a remittance service charge.

What are the service charges for oversea wire transfer?

The service charge for oversea wire transfer is a minimum of $10 (for remittance transactions under $100) and a maximum of $60.

This is my first time transfering money from Korea to overseas. What can I do to make the process faster?

You must make the transfer after 9 a.m. in Korea time zone.
Every year, unreported oversea wire transfer must performed when the Korean database is active. Thus, the transfer should be made at night in Canada. However, for users who are not transferring for the first time may also transfer during the day.

I have done oversea wire transfer from other Banks other than Shinhan Bank in Korea. Can I choose to make the remittances from Shinhan Bank from now on?

Yes, it is possible. To do so, please complete the registration process in advance by bringing your passport when you visit a Shinhan Bank Canada branch.

I made a oversea wire transfer through the Global EZ Net services. When will the funds be deposited in account in Canada?

It is possible to check if funds were transferred on the day of the wire transfer if the transfer was completed before noon in Korea’s timezone. If not, it can be delayed by a day. If it is urgent, it is recommended to make the transfer before noon in Korea time zone.

How much money can I wire tranfer from Korea?

It is possible to transfer up to $50,000 USD for residents who are not registered as an international student. (Except wire transfer under $1,000 USD) (Report to CRA Korea for wire transfer over $10,000 USD). Customers who are registered as international students at Shinhan Bank Korea are not bound by such restrictions.
(Over $100,000 per year report to CRA Korea)

How much money can I transfer at one time?

For unreported wire transfer, transfer can be made up to $10,000 USD per transaction and $50,000 USD per year.
– For international students, upto $100,000 USD is possible

What are the possible items for oversea wire transfers, and what are the transfer limits? (Units in USD)

1. If the resident’s necessary evidences are not provided, under $10,000 per case and $50,000 per year in total.
2. International students – Under $100,000 per case
3. Foreigner and non-residents – Under $50,000

What is the limit for wire transfer in Korea’s online Banking system?

Limits vary according to the limits set by each customer.
If the customer uses security cards, the maximum limit is \1000,0000 per case and \5000,0000 per day.
This is different from online banking transfer limits.

I am waiting for funds from Korea. Can I check whether the funds has been deposited into my account over the phone?

Yes, we can help you to check the fund transfer status after completing a customer identification process. However, we are unable to provide you with additional details such as the transfer amount. These details can be confirmed by visiting a branch.

How long it will take if my parents sent a wire transfer from Korea to my account in Shinhan Bank Canada? Is there a service charge?

It takes approximately 1 business day for transfers made from Shinhan Bank Korea, and 2-3 days if the transfer is made from another bank in Korea. Receiving wire transfer service charges(Cable charges) vary according to the banks involved. Shinhan Bank Canada charges $10 and for other banks in the market, it is around $20-$40.

What information do I need to provide in order to make a oversea wire transfer?

You need to provide the receiving party and on the bank and the bank account involved. In case of an incorrect information, additional service charges or delays may occur.

How long does it to take to complete a wire transfer to a foreign country?

Wire fund transfers are generally processed within 1-2 business days, but may be extended for foreign remitances.
For fast and accurate transfers, it is recommended to check with the receiving party’s information and then making the transfer.

Personal banking Direct Banking eng

Personal banking Debit Card eng

Can I use my Debit Card from Shinhan Bank Canada in USA?

Yes. Debit Cards are initially limited to usage within Ontario for security purposes and must be unlocked at a branch before they can be used in another region.

Can I use cards from Shinhan Bank Korea in Shinhan Bank Canada?

Unfortunately, it is not possible to use a Korean card in Shinhan Bank Canada branch at this time. However, Korean cards that contain a Mastercard, Cirrus, or Interac symbol can be used at a Shinhan Bank Canada ATM.

Do I have to use Shinhan Bank Canada ATMs when making withdrawals?

It is possible to use ATMs of banks other than Shinhan Bank Canada that are a part of the Exchange Network without incurring any additional service charges. Please check for available ATMs at www.shinhan.ca Branch Guidance or www.the-exchange.ca
Ex) HSBC, National Bank, Credit Union, etc…

I lost my debit card. What do I do?

Please call your branch to report a lost debit card or report through online banking.
Visit branch for the replacement card with your IDs so we can verify your identity.

Experience Taliored Banking
Chequing and Savings
Investing
Internet Banking
Borrowing
Wire Transfer & Exchange
International Business

Top 5 Frequently Asked Questions

FAQ top 5 – business banking eng

How are the interest rates for business loans and commercial loans decided?

Business loan and commercial mortgage interest rates are mainly based on the Bank’s Prime Rate and vary depending on the size of the loan, size of the business, repayment period, type of collateral, and other relevant factors. Please visit a branch for more detailed information.

What is a Small Business Loan(SBL)?

Small Business Loans are a loan for mid-size businesses that are provided by the Bank with a guarantee from the government. For SBLs, the repayment period can be up to 10 years for credit-based loans, upto $350,000 to finance up to 90% of the business needs. Please visit a branch or contact Industry Canada for more detailed information.

How much money can I wire tranfer from Korea?

It is possible to transfer up to $50,000 USD for residents who are not registered as an international student. (Except wire transfer under $1,000 USD) (Report to CRA Korea for wire transfer over $10,000 USD). Customers who are registered as international students at Shinhan Bank Korea are not bound by such restrictions.
(Over $100,000 per year report to CRA Korea)

How long it will take if a compnay sent a wire transfer from Korea to account in Shinhan Bank Canada? Is there a service charge?

It takes approximately 1 business day for transfers made from Shinhan Bank Korea, and 2-3 days if the transfer is made from another bank in Korea. Receiving wire transfer service charges(Cable charges) vary according to the banks involved. Shinhan Bank Canada charges $10 and for other banks in the market, it is around $20-$40.

What information do I need to provide in order to make a oversea wire transfer?

There must be information on the receiving party and on the bank and the bank account involved. In case of an incorrect information, additional service charges or delays may occur.

Business banking Experience Taliored Banking eng

Business banking Chequing and Savings eng

Business banking Investing eng

Business banking Internet Banking eng

Business banking Borrowing eng

What benefits can I receive from commercial mortgages/loans in Shinhan Bank Canada?

Shinhan Bank Canada provides commercial mortgages/ loans tailored to each customer to purchase real estate property or to use his/her property to receive a loan. Commercial mortgages are to assist with purchase of property, financing of property, property improvement.

What real estate assets are eligible as collateral for commercial loans?

The following may be used as collateral:
- Apartment of more than 4 units
- Office
- Retail/residential buildings
- Shopping centers
- Hotel/motel and other buildings for short term stays
- Storage and other industrial buildings
- Gas stations, car wash, and other real estate
- Land

Can I only apply for business loans when purchasing a business?

Business loans are not only for the purchase of businesses but also be issued to help with finance management, expansion of the original business, purchase of inventory, and various other needs.

What are the repayment terms available for business loans?

Business loan repayment term are depends on the size of the business and the type of collateral. Shinhan Bank Canada typically allows for up to 5 years for repayment of credit-based loans, and up to 15 years for repayment of collateral-based loans.

How are the interest rates for business loans and commercial loans decided?

Business loan and commercial mortgage interest rates are mainly based on the Bank’s Prime Rate and vary depending on the size of the loan, size of the business, repayment period, type of collateral, and other relevant factors. Please visit a branch for more detailed information.

What is a Small Business Loan(SBL)?

Small Business Loans are a loan for mid-size businesses that are provided by the Bank with a guarantee from the government. For SBLs, the repayment period can be up to 10 years for credit-based loans, upto $350,000 to finance up to 90% of the business needs. Please visit a branch or contact Industry Canada for more detailed information.

What are the eligibility criteria to apply for a SBL?

Mid-sized businesses with less than $5,000,000 in revenues may apply for a Small Business Loan. Non-profit organizations, agricultural businesses, or investment-based businesses are not eligible for Small Business Loans. Please visit our branch for more detailed information.

Am I able to purchase real estate property with a SBL?

Upto $500,000 can be used to purchase business real estate property.

Business banking Wire Transfer & Exchange eng

I have funds to be deposited in Shinhan Bank Canada’s account after move back to Korea. How am I able to transfer the money from Canada?

Please register online banking before your departure to Korea so you can make a wire transfer through online banking from Korea. However, service charges for oversea wire transfer will be incurred.

This is my first time transfering money from Korea to overseas. What can I do to make the process faster?

You must make the transfer after 9 a.m. in Korea time zone.
Every year, unreported oversea wire transfer must performed when the Korean database is active. Thus, the transfer should be made at night in Canada. However, for users who are not transferring for the first time may also transfer during the day.

I have done oversea wire transfer from other Banks other than Shinhan Bank in Korea. Can I choose to make the remittances from Shinhan Bank from now on?

Yes, it is possible. To do so, please complete the registration process in advance by bringing your passport when you visit a Shinhan Bank Canada branch.

I made a oversea wire transfer through the Global EZ Net services. When will the funds be deposited in account in Canada?

It is possible to check if funds were transferred on the day of the wire transfer if the transfer was completed before noon in Korea’s timezone. If not, it can be delayed by a day. If it is urgent, it is recommended to make the transfer before noon in Korea time zone.

How much money can I wire tranfer from Korea?

It is possible to transfer up to $50,000 USD for residents who are not registered as an international student. (Except wire transfer under $1,000 USD) (Report to CRA Korea for wire transfer over $10,000 USD). Customers who are registered as international students at Shinhan Bank Korea are not bound by such restrictions.
(Over $100,000 per year report to CRA Korea)

How much money can I transfer at one time?

For unreported wire transfer, transfer can be made up to $10,000 USD per transaction and $50,000 USD per year.
– For international students, upto $100,000 USD is possible

What are the possible items for oversea wire transfers, and what are the transfer limits? (Units in USD)

1. If the resident’s necessary evidences are not provided, under $10,000 per case and $50,000 per year in total.
2. International students – Under $100,000 per case
3. Foreigner and non-residents – Under $50,000

What is the limit for wire transfer in Korea’s online Banking system?

Limits vary according to the limits set by each customer.
If the customer uses security cards, the maximum limit is \1000,0000 per case and \5000,0000 per day.
This is different from online banking transfer limits.

How long it will take if a compnay sent a wire transfer from Korea to account in Shinhan Bank Canada? Is there a service charge?

It takes approximately 1 business day for transfers made from Shinhan Bank Korea, and 2-3 days if the transfer is made from another bank in Korea. Receiving wire transfer service charges(Cable charges) vary according to the banks involved. Shinhan Bank Canada charges $10 and for other banks in the market, it is around $20-$40.

What information do I need to provide in order to make a oversea wire transfer?

There must be information on the receiving party and on the bank and the bank account involved. In case of an incorrect information, additional service charges or delays may occur.

How long does it to take to complete a wire transfer to a foreign country?

Wire fund transfers are generally processed within 1-2 business days, but may be extended for foreign remitances.
For fast and accurate transfers, it is recommended to check with the receiving party’s information and then making the transfer.

What are the service charges for wire transfer?

Service charge is minimum $10 (for wire transfer under $100) and maximum $60.

Business banking International Business eng

Branch Information
Careers

Top 5 Frequently Asked Questions

FAQ top 5 – etc eng

Is there any branch that opens on Saturdays?

Yes, the Main Branch located in North York opens on Saturdays from 10 a.m. to 2 p.m. However, if you need a avice on mortgage or loan on a Saturday, you need to make an appointment in advance.

When does Shinhan Bank usually hire?

To find currently hiring information please refer to Shinhan Bank Canada website Career section or inquire us at hrcanada@shinhan.com.

I am currently a university student, but is there an opportunity for an Internship? What are the requirements?

Of course. We hire 2-3 interns every year. It usually takes place in April, but it may differ for each year. The minimum qualification is to have completed the first year in University as a full-time student and to return back to school as a full-time student after the internship. Please inuire us at hrcanada@shinhan.com or visit our website Career section.

Can I still apply for the position without any prior banking experience?

Yes, if you do not have any experience, you can apply for a new hire position, and shall receive appropriate training as an employee if selected.

etc Branch Information eng

Is there any branch that opens on Saturdays?

Yes, the Main Branch located in North York opens on Saturdays from 10 a.m. to 2 p.m. However, if you need a avice on mortgage or loan on a Saturday, you need to make an appointment in advance.

etc Careers eng

When does Shinhan Bank usually hire?

To find currently hiring information please refer to Shinhan Bank Canada website Career section or inquire us at hrcanada@shinhan.com.

I am currently a university student, but is there an opportunity for an Internship? What are the requirements?

Of course. We hire 2-3 interns every year. It usually takes place in April, but it may differ for each year. The minimum qualification is to have completed the first year in University as a full-time student and to return back to school as a full-time student after the internship. Please inuire us at hrcanada@shinhan.com or visit our website Career section.

Can I still apply for the position without any prior banking experience?

Yes, if you do not have any experience, you can apply for a new hire position, and shall receive appropriate training as an employee if selected.