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Visitors to the U.S., Japan and elsewhere will find it easier to exchange their Korean won into local currencies, say Korean banks that are poised to expand their exchange services at overseas branches. They claim local money exchangers charge hefty fees to exchange won into foreign currencies.
Korea Exchange Bank says it will offer money exchange services at four additional overseas branches -- Hong Kong, Manila, Paris, and Irbil in Iraq, where Korean troops are stationed. So far the bank has only provided the service in Tokyo and Osaka. KEB overseas operation vice chief Nam Kang-woo claims tourists using local money exchangers to exchange their Korean won get ˇ°only halfˇ± of what they would get with the official exchange rate, ˇ°but overseas branches of domestic banks charge only 3 percent fees.ˇ±
Woori Bank will start to exchange won at seven U.S. branches of Woori America Bank, including the Broadway Branch in New York, as well as its Tokyo branch in Japan. The bank plans to expand the service to branches in Hong Kong, Singapore, London, Hanoi and Ho Chi Minh in Vietnam, Shanghai and Indonesia from the second half of the year. Kookmin Bank will also exchange won at its Tokyo branch and its Auckland branch in New Zealand.
However, the service will be available only for small sums of up to W2-3 million (US $2,000-3,000) due to international regulations against money laundering. Those who want to exchange more must submit separate documents to show where the money came from.
(englishnews@chosun.com )
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