Dollar Concentration Accounts for 81% of Foreign Currency Deposits
Benefits Include No Exchange Fee Without Account Opening
Features for Investment and Futures Trading Added
Travel Wallet Partnership Introduces Overseas Payment Service
"We Want to Make Dollar Usage Common in Daily Life"
KakaoBank has launched a foreign exchange service focused on dollar-related benefits, the most commonly used foreign currency. There are no exchange fees even without opening a separate account, and users can easily experience dollar investments. In collaboration with TravelWallet, they also introduced an overseas payment service targeting travelers.
On the 25th, KakaoBank held a press conference to launch the new foreign exchange service, "DollarBox." They explained that it includes functions from currency exchange to payment, allowing the use of dollars in daily life. This significantly expands KakaoBank's foreign exchange service area, which previously only supported overseas remittances.
DollarBox can be held by anyone aged 19 or older who has a KakaoBank deposit account, with one account per person. It can be linked to an existing account like KakaoBank's "SafeBox," which has an instant interest payment feature. No fees are charged when depositing dollars into DollarBox or withdrawing in Korean won. The maximum limit is 10,000 dollars, with a daily maximum deposit and withdrawal of 5,000 dollars and 10,000 dollars respectively. Domestic ATM fees are also waived. Users can access foreign currency ATMs of Shinhan Bank located in five places nationwide by scanning a QR code within the KakaoBank app. Withdrawals can be made from a minimum of 100 dollars per transaction, up to a maximum of 600 dollars per day.
Another advantage is the easy experience of dollar investment. A feature called "Compare My Average Exchange Rate at a Glance" is provided, which compares the average exchange rate applied when depositing dollars with the current rate, allowing users to immediately see market prices and profit/loss information. By using the exchange rate comparison notification service, users can check their average and current exchange rates via alerts without logging into the app. Users can also gift dollars through KakaoTalk. Similar to the "Gift" feature, users select a message card, enter the amount and message. The recipient receives the gift through DollarBox, and if not claimed within 30 days, it is automatically refunded. Gifts can be sent up to 500 dollars per day and 5,000 dollars per month.
By regularly accumulating dollars through DollarBox, users can immediately use other currency exchange and overseas payment services when traveling. In partnership with TravelWallet, users can recharge various currencies and amounts, usable in 70 countries worldwide. The recharged currencies can be used without fees for payments and ATM withdrawals via the TravelWallet card. KakaoBank plans to expand the foreign currency ecosystem based on DollarBox starting with this partnership. They intend to add various functions such as withdrawal, shopping, and overseas services to DollarBox through collaborations with fintech startups and domestic and international financial institutions.
Oh Bohyun, Service Owner (SO) of KakaoBank's Foreign Exchange Camp, stated, "Through 'DollarBox,' we want to create a trend of using the dollar, the most widely used but unfamiliar foreign currency, in daily life," adding, "We will create synergy with partners who have the best technology to build a new foreign currency ecosystem."
Meanwhile, to commemorate the launch of DollarBox, KakaoBank will provide a $1 opening congratulatory bonus to customers who create a DollarBox account by the 8th of next month. Additionally, 1,000 people who share this event on social networking services (SNS) will be selected by lottery to receive coffee coupons.
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