KEB enhances currency trade through CDs, ATMs

Korea Exchange Bank now facilitates Won withdrawals from foreign currency accounts using CDs and ATMs with its new KRW IC Cards.

A customer can newly issue this card or add up to 10 KRW or foreign currency accounts to the IC Card that he or she already has.

This means, with just one card, a customer can withdraw money in Won from Won and foreign currency accounts.

Customers of foreign currency ordinary deposits were able to make deposit and withdrawal transactions in KRW or foreign currency at the bank counter only. With the new card, the customers can withdraw the money in KRW from 9 a.m. to 10 p.m. on the bank business day using CD or ATM.

The card can also remove the inconvenience of holding the passbook and customers can withdraw from foreign currency ordinary deposit accounts even after the business hours on the bank business day with a preferential exchange rate.

Discount rate on money exchange commission for withdrawal in KRW from ATM or CD is 30 percent for USD, EUR and JPY and 10% for other currencies.

A Korea Exchange Bank official said, “We can enhance customer needs and convenience through differentiated services for foreign currency deposit customers whose number is on the rise. KEB will continue to provide advanced products and services to customers.”