Are you still paying fees? …Free currency exchange service in the spotlight = South Korean report

With the end of the COVID-19 virus and the opening of the skies, demand for overseas travel has increased significantly. Competition is intensifying in the banking industry targeting overseas tourists. It doesn't charge exchange fees
It's a competition for free exchange services. Up until now, when traveling overseas, you had to exchange money at a bank or airport before departure, but in the past you had to pay an exchange fee of about 20% to 30%.
There was a point. However, there are now various free currency exchange services that do not charge fees. The currency exchange service that is currently attracting the most attention is the ""
SOL Travel Check Card. This card offers 100% preferential exchange rates for currencies from 30 countries around the world, and there are no fees for overseas payments or withdrawals from overseas cash deposit/withdrawal machines.
become. Additionally, special interest rates of 2% and 1.5% per year will be applied to the US dollar and euro deposited in the foreign currency account, respectively. airport lounge
In addition to free use, we are also actively marketing the service by offering discounts at local stores. Tossbank's debit card, which ignited competition by declaring ``free exchange for life'', is also worth attention.
do. On the 18th of last month, Toss Bank began opening a foreign currency passbook that waives all fees when exchanging foreign currency. Tossbank's foreign currency passbook is not only useful when converting won into foreign currency, but also when converting foreign currency into foreign currency.
There are no fees when changing to one. Toss Bank's foreign currency passbook is so popular that 600,000 accounts were opened within three weeks after its release, and 500,000 debit cards were issued.
Hana Card's Travelog card is a pioneer in the banking industry's no-fee exchange service. This card, which began issuing in July 2022, is the first in the financial industry.
The company took the lead in the market by offering completely free exchange, payment, and withdrawal fees. Hana Money is Hana Financial's prepaid electronic payment service that you must subscribe to in order to use this card.
The number of subscribers reached 3.7 million as of the end of last month. Hana Card has extended the free exchange fee period for currencies from 26 countries, which was scheduled to run until March of this year, until the end of December this year, and Hana Bank branches
The company is trying to solidify its position as number one in the industry by making it possible to instantly issue Travelog check cards. Products emphasizing free currency exchange services will continue to be released until the first half of this year.
It is expected to be sold. This is because the number of overseas tourists is expected to increase before the summer vacation. KB Kokumin, Woori, NH Agricultural Cooperative, Kakao Bank, and K Bank are also preparing or considering the release of related services.
If other banks enter the competition, it is likely that various fee benefits that were previously offered in the form of events will become permanent, increasing customer convenience.