Daegu Bank Declares First Zero Foreign Currency Re-exchange Fee Among Banks

If You Present an Exchange Receipt Within 1 Month
30% Fee on Initial Exchange Amount Fully Waived

DGB Daegu Bank announced that starting from the 15th, it will implement the ‘iM Free Currency Exchange Program,’ which offers a 100% exchange rate preferential treatment on a certain amount when re-exchanging leftover foreign cash after overseas travel.

This applies not only to foreign currency exchanged at Daegu Bank but also to foreign currency exchanged at other banks. Daegu Bank is the first in the banking sector to provide exchange rate preferential treatment for foreign cash re-exchange (when customers sell foreign currency).

Customers need to bring their exchange receipt and ID within one month of the exchange and visit any Daegu Bank branch (excluding Daegu Airport branch). A full fee waiver will be applied to 30% of the exchange amount up to KRW 1,000,000 per transaction (for foreign currency exchanged at other banks, the limit is KRW 500,000 per person).

The advantage is that customers can immediately exchange leftover amounts used during overseas travel at the counter. Foreign coins that cannot be processed during exchange can be donated in foreign coin donation boxes available at branches. In this case, a ‘Seed Stick,’ which sprouts without planting directly in soil but by sticking it, will be given to the first 20 customers per branch, and the donated coins will be contributed to UNICEF.

Previous free re-exchange events at banks only applied to re-exchange between accounts or prepaid payment methods. They did not apply to foreign cash transactions conducted directly at branch counters.

Hwang Byung-woo, President of Daegu Bank, said, “To meet the diverse needs of customers planning overseas travel, following the 100% exchange rate preferential treatment and waiver of payment fees for overseas payments, we intend to implement this free currency exchange program. We are enhancing customer convenience as a token of appreciation to customers using various services of DGB Daegu Bank, and we will continue to actively strive to provide diverse foreign exchange services.”