KakaoBank Signs MOU with Shinhan Bank to Strengthen Foreign Exchange Services

▲ On the 11th, at the Shinhan Bank headquarters in Jung-gu, Seoul, the 'KakaoBank-Shinhan Bank Strategic Partnership Agreement Ceremony' was held, where Lee Hyung-joo, Chief Business Officer of KakaoBank (right), and Kim Kwang-soo, Head of Customer Solutions Group at Shinhan Bank, took a commemorative photo.
[Photo by KakaoBank]

KakaoBank announced on the 14th that it signed an MOU with Shinhan Bank on the 11th to enhance customer convenience for 'Dollar Box.'

'Dollar Box' is a service that allows users to use dollars conveniently in daily life without fees, from currency exchange to withdrawal and gifting. Withdrawals can be made by scanning a QR code within the KakaoBank app at Shinhan Bank's foreign currency ATMs, with a minimum withdrawal of $100 per transaction and a maximum of $600 per day.

KakaoBank plans to expand the ATM withdrawal service range of 'Dollar Box' through collaboration with Shinhan Bank and maintain a close cooperative relationship for the stable management of foreign currency assets. At the time of the 'Dollar Box' launch in June, dollar withdrawals were only possible at five Shinhan Bank foreign currency ATMs, but the withdrawal service will also be available through 'SOL Travel Lounge' ATMs.

Currently, the Shinhan Bank 'SOL Travel Lounge' offers ATM withdrawal services via Dollar Box at the Seoul Station, Nonhyeon, and Seongsu branches. As 'SOL Travel Lounge' expands to other regions, the KakaoBank Dollar Box ATM withdrawal service areas will also expand accordingly. Furthermore, in the future, withdrawal services will be supported not only at 'SOL Travel Lounge' but at all Shinhan Bank foreign currency ATMs.

KakaoBank stated, "We have formed a strategic partnership with Shinhan Bank to enhance customer convenience," adding, "We will continue to work with various partners to create convenient foreign exchange services."