'Automatic Currency Exchange at Pre-Set Rates' Korea Citi Bank Launches 'FX Auto Buy-Sell' Mobile Service
Automatically Exchange Currency and Deposit into Foreign and Won Accounts When Customer-Specified Exchange Rate Is Reached
[Asia Economy Reporter Kim Min-young] Citibank Korea announced on the 7th that it will expand its ‘FX Auto Buy/Sell’ service, which automatically exchanges currency when the customer-designated exchange rate is reached, to its mobile application (app). Previously, this service could only be subscribed to and used via the internet or by visiting a branch.
This service allows customers to set a desired exchange rate in advance when buying or selling foreign currency. It monitors the daily closing exchange rate and automatically buys or sells the specified amount of foreign currency when the exchange rate condition is met. Customers who need currency exchange can conveniently use this service without having to constantly monitor or check fluctuating exchange rates. After the exchange, the amount is safely deposited into the customer-designated foreign currency or KRW account, making it even more convenient to use.
The currencies available for exchange are a total of eight: US Dollar (USD), European Union Euro (EUR), Canadian Dollar (CAD), Australian Dollar (AUD), New Zealand Dollar (NZD), British Pound (GBP), Swiss Franc (CHF), and Japanese Yen (JPY). Regardless of the transaction amount, all customers receive a 50% preferential exchange rate, and up to 90% preferential exchange rates are applied depending on the customer’s tier. However, to use this service, customers must hold KRW and foreign currency deposit and withdrawal accounts at Citibank Korea.
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Meanwhile, to commemorate the launch of the mobile service, Citibank Korea is holding an event from today until October 8. During the event period, customers who apply for automatic foreign currency buying or selling through the ‘FX Auto Buy/Sell’ service on the Citibank Korea website or Citi Mobile app will be entered into a draw to receive coffee coupons, with a total of 300 winners. Among customers who actually conduct currency exchange transactions, one winner will be drawn to receive a Nespresso coffee machine.
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