Convenience store ”CU” partners with iM Bank for currency exchange service (South Korea)

BFG Retail, which operates the convenience store chain "CU," has announced that it has partnered with iM Bank (DGB Daegu Bank) and others to launch a foreign currency exchange service.
To ensure a smooth exchange process, several companies have partnered. The exchange application within the banking app is handled by iM Bank, and the exchange system is applied by the remittance service.
U Transfer will handle the cash envelope delivery, fintech company Zeniel System will handle the cash envelope delivery, and BGF Retail will handle cash storage and currency exchange at stores.
Since 2021, the company has been offering a service that allows customers to exchange currency at designated CU stores near their homes by applying through the app. The service covers a total of 10 currencies, including dollars (USD), euros, and yen.
The service is expected to see a 390% increase in usage by 2024 compared to the previous year due to an increase in overseas tourists.
Through this partnership, iM Bank will be able to expand its customer contact points, following on from its existing fintech international remittance service app, "U Transfer."
There are approximately 210 CU stores where you can use the currency exchange service provided by iM Bank in the capital area, centered around Seoul, as well as in Daegu and Gyeongsangbuk-do.
It will then be expanded nationwide.