Banks will offer more exchange currencies

The Financial Supervisory Service (FSS), the nation’s financial watchdog, will broaden the range of foreign currencies that can be exchanged online to include less-used notes such as Vietnam’s dong and Malaysia’s ringgit.

Customers will be able to apply for exchanges of these currencies online and receive requested notes at bank branches, including those at airports.

The FSS said Wednesday that the number of currencies available for online exchange through the websites of four major banks will increase to over 40 by the second quarter next year. The four banks include Shinhan, Woori, KB Kookmin and KEB Hana.

As an exchange bank, KEB Hana already sells 44 currencies, but Shinhan, Woori and KB Kookmin provide less than 20. The financial watchdog will order the three banks to offer more currencies at their branches.

Along with Vietnamese and Malaysian notes, Indonesia’s rupiah and Russia’s ruble will be added to the list of currencies available through online exchange.

The FSS also plans to ease the online process for transactions of less than 1 million won ($893) by removing the need to install a certificate on the customer’s computer, instead only requiring an ID and password to login.

To help customers find the best exchange deals, the FSS will request all banks list their exchange and commission rates on the website of the Korea Federation of Banks.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]