Apply for Currency Exchange via App and Receive Payment at Convenience Store

[Asia Economy Reporter Jang Sehee] From now on, it will be possible to apply for currency exchange online and pick up the money at a nearby convenience store.

On the 2nd, the Ministry of Economy and Finance announced that it has revised the foreign exchange transaction regulations to include the 'Innovation Plan for Foreign Exchange Services through Convergence, Non-face-to-face Expansion, and Competition Promotion.'

This establishes the basis for banks, currency exchange operators, and small remittance agents to entrust currency exchange and overseas remittance tasks to participants from other industries.

Customers will be able to apply for currency exchange online (via app) and receive the exchanged funds at a convenience store near their home.

Additionally, through this revision, the Ministry of Economy and Finance has allowed foreign tourists to remit foreign currency to Korea and receive Korean won at ATMs near tourist sites. The limit is 5 million KRW per transaction. This service is also expected to be launched in March next year.

Meanwhile, in the second quarter of next year, a service will be introduced allowing customers to apply for currency exchange through insurance companies (with a daily limit of 1 million KRW) and receive the funds at bank branches.

This content was produced with the assistance of AI translation services.