The Bank of Korea to Implement Online Reservation System for Large Coin Exchanges Starting February
[Asia Economy Reporter Kim Eunbyeol] The Bank of Korea announced on the 27th that it will implement an online reservation system for bulk coin exchange through its website (www.bok.or.kr) starting from the 1st of next month.
To use this service, the amount of coins must be at least 2,000 500-won coins (approximately 15.4 kg), 2,500 100-won coins (approximately 13.5 kg), 2,500 50-won coins (approximately 10.4 kg), or 5,000 10-won coins (approximately 6.1 kg). Small quantities of coins below these thresholds can be exchanged without a reservation as before.
By using the service, users can reserve their preferred date and amount to exchange coins for banknotes. The daily currency exchange limit per person at each Bank of Korea headquarters (regional offices) can also be checked. The Bank of Korea plans to operate both the existing exchange method and the online reservation system concurrently during February and March, and from April onwards, bulk coin exchange applications will be accepted only through the online reservation system.
Over the past year, the Bank of Korea's currency exchange counters handled 64 million banknotes and 106 million coins. Compared to 2015 (71 million banknotes + 78 million coins), banknote exchanges have decreased while coin exchanges have increased. During the same period, the number of bulk exchanged coins surged from 15 million to 36 million. This concentration of bulk exchanges at the Bank of Korea is due to difficulties in smooth coin exchanges at commercial financial institutions.
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Exchanging a large amount of coins at once takes a long time to sort coin types and verify quantities. Since it is also necessary to check for counterfeiting or reusability, the Bank of Korea explains that the existing method causes significant inconvenience to customers. The Bank of Korea stated, "Along with the implementation of the online reservation system for bulk coin exchange, we plan to ensure smooth currency supply and minimize difficulties in coin exchange through financial institutions."
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