CU announced on the 30th that it will launch a currency exchange service in collaboration with iM Bank for customers preparing for overseas travel ahead of the peak vacation season.
The operator of CU, BGF Retail, signed a 'Multilateral Business Agreement for Building a Customer-Centric Financial Ecosystem' with iM Bank and related partner companies, You Transfer (hereafter referred to as Utransfer) and Geniel Systems, on the 29th.
Each company agreed to establish a close cooperation system to ensure that the exchange services are smoothly operated, including currency exchange request in the bank app (iM Bank), application of the exchange system (Utransfer), delivery of exchange envelopes (Geniel Systems), and receipt and distribution of cash at stores (BGF Retail).
Since 2021, CU has been operating a currency exchange service that allows customers to request exchanges through the app, with foreign exchange arriving at designated offline CU stores for convenient exchanges near their homes. Customers can exchange a total of 10 currencies, including the dollar, euro, yen, yuan, and Thai baht, with a maximum exchange discount rate of 90% applied to the dollar, which is a key currency.
The service is convenient as customers do not need to take extra time to visit bank branches to collect their exchange amount; they can conveniently pick up foreign currency at nearby CU stores. The number of transactions for this service last year quadrupled (390.0%) compared to 2023 as overseas tourism increased.
With this service partnership with iM Bank, CU has significantly expanded its customer touchpoints following the existing fintech overseas remittance service app, 'Utransfer.' CU stores utilizing iM Bank's foreign currency delivery service will initially be over 210 in Seoul, the metropolitan area, Daegu, and the North Gyeongsang Province, with plans to expand nationwide in the future.
Shin Sang-yong, the head of the service platform team at BGF Retail, noted, "Convenience stores are evolving into hubs that easily offer various services closely related to everyday life, such as currency exchange, cash top-ups, and the purchase of various gift certificates, moving beyond simple retail channels." He added, "CU will continue to expand personalized services reflecting changing customer lifestyles and strengthen its role as a lifestyle platform supporting a more convenient life."