As COVID-19 Declines, Air Routes Recover... Commercial Banks Offer Preferential Exchange Rate Events

KB·IBK and Others Up to 80~95% Exchange Rate Discount Event

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Je-hoon] As the COVID-19 pandemic stabilizes, interest in overseas travel is increasing, and commercial banks are strengthening marketing related to currency exchange.

According to the financial sector on the 7th, KB Kookmin Bank is conducting the 'KB-EASY Overseas Remittance Service Exchange Rate Discount Event' until the end of June. This event targets customers residing in South Korea who use the 'KB EASY Overseas Remittance' service within the KB Star Banking application. Customers who exchange or remit more than 100 USD entirely in foreign currency through this service can automatically receive an 80% exchange rate discount on USD regardless of the number of transactions.

IBK Industrial Bank of Korea is also running the 'Exchange Please$' event until the end of August. The target customers are individuals who visit branches for currency exchange transactions or use the 'ONE Exchange When You Use ONE' service on the mobile banking app 'i-ONE Bank (Personal)' until the end of August. IBK Industrial Bank offers up to a 95% exchange rate discount for non-face-to-face currency exchange of major currencies (US Dollar, Japanese Yen, Euro) equivalent to 500 USD or more, and up to 85% discount for branch currency exchange.

Additionally, Shinhan Bank has partnered with Lotte Duty Free to provide foreign customers visiting SBJ Bank’s airport exchange booths and local branches in Japan with exchange rate discount coupons usable in Korea and discount coupons (up to 22 USD) usable at Lotte downtown duty-free shops starting this month.

The reason commercial banks are strengthening currency exchange promotions like this is due to the recent calming of COVID-19 and the significant increase in interest and demand for overseas travel. According to the Korea Tourism Organization’s Tourism Knowledge Information System, the number of outbound tourists in March was 145,503. Although this is still far below the pre-COVID-19 level in 2019, it represents a 96.60% increase compared to the same month last year.

A financial sector official said, "Since COVID-19, income from currency exchange fees has significantly decreased compared to before," adding, "We are preparing for an increase in related demand as overseas travelers increase significantly after the lifting of restrictions."

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