CU attracts customers with currency exchange services

[Courtesy of CU]

South Korean convenience store chain CU has reported a significant surge in users of its foreign currency exchange service, driven by the recent increased demand for overseas travel. The company said on Monday that over the past three months, the number of transactions for foreign currency exchange has increased by 340 percent compared to a year ago.

With the recent extended holiday period, the number of local travelers heading abroad has sharply risen, resulting in month-on-month currency exchange service usage growth rates of 94.4 percent in August and 128.6 percent in September. Compared to the service’s launch in September 2021, the figures for last month were about double.

CU’s foreign currency exchange service allows customers to apply for currency exchange through the fintech overseas remittance service application, Utransfer. When customers make a request, the foreign currency is delivered to a designated CU store, allowing customers to exchange their currency conveniently near their homes. The service also offers a flexible exchange rate with up to a 90 percent discount, making it about 10,000 won cheaper for a $1,000 exchange compared to airport currency exchange services.

CU said that the period from 9:00 pm to midnight accounted for the largest share at 42.3 percent, while the period from midnight to 4:00 am represented 14.6 percent of the total transactions.

The currency exchange service is available at over 140 stores within Seoul and Gyeonggi Province, and CU plans to gradually add stores available for the service.