Woori Bank will offer preferential exchange rates to customers who convert foreign currency deposits into won.
According to the financial sector on Feb. 8, Woori Bank has applied a 90% exchange rate discount from the 6th to Mar. 5 to individuals or sole proprietors who hold foreign currency demand deposit accounts and exchange foreign currency into won.
A 90% exchange rate discount means the bank will reduce its margin related to foreign exchange transaction services (cash selling rate minus base exchange rate) to 10% of normal levels.
A bank official said, "As exchange rate volatility has increased recently due to internal and external factors, we decided to expand the preferential rate to ease the exchange burden on customers holding foreign currency."
Shinhan Bank also applied a 90% exchange rate discount for converting foreign currency deposits into won starting on the 26th of last month.