Homeplus Launches Currency Exchange and Foreign Currency Savings Services for 20 Countries

[Asia Economy Reporter Minyoung Cha] Homeplus announced on the 7th that it will launch an ‘unmanned currency exchange and foreign currency accumulation service’ at five stores including Gangseo, Mokdong, Yeongdeungpo, Jamsil, and Junggye in Seoul, in collaboration with fintech startup Woody.

This service, available through Woody’s dedicated kiosks, allows users to accumulate leftover foreign currency from overseas trips as ‘Buddycoin points.’ It supports the currencies of 20 countries most frequently visited by travelers, including the United States, Japan, Europe, and China. The accumulated points can be used like cash by purchasing various mobile gift certificates through the mobile application ‘Buddycoin’ or can be donated.

In particular, foreign coins, which until now could only be exchanged at certain branches of some banks, can now be easily converted into cash without the inconvenience of visiting those branches, thanks to this service.

Moreover, this service offers currency exchange with fees lower than those of banks. When cash is inserted into the kiosk, real-time exchange rates are applied for immediate conversion. If reservations and account transfers are completed in advance via the Buddycoin app, the foreign currency requested at the kiosk can be received immediately. The supported currencies include the dollar (United States), yen (Japan), euro (Europe), and those of 11 other countries.

Homeplus plans to expand this service to all stores in Seoul by the second half of this year, to all stores in the metropolitan area by next year, and to all stores nationwide by 2022.

Bu Hyun Ahn, Manager of Homeplus A&A Business Team, said, “Through this service, we can provide Homeplus customers not only with convenient foreign currency exchange but also with the opportunity to convert leftover foreign coins into cash.” He added, “We will continue to increase opportunities to collaborate with promising startups like Woody to offer more differentiated services to our customers.”