Business · Companies · 1 hr ago
South Korean banks court customers as foreign-currency deposits hit record
South Korean banks are offering rewards to attract currency-trading customers as foreign-currency deposits grow.
At the end of August, deposits held by South Korean residents reached a record $140.6 billion.
Dollar deposits made up $119.9 billion, also a record, with business export receipts and investment-related funds contributing to the rise.
A lower won-dollar exchange rate in August also encouraged some people to buy dollars while they were relatively cheaper.
SC First Bank is rewarding customers for mobile currency trades, while Shinhan Bank is offering prize draws linked to currency deposits and travel services.
Banks want to earn more fees from foreign-exchange trades and build relationships that could lead customers to use other products.
The promotions described run through November 30, but no longer-term plans are stated.
South Korean banks are offering rewards and other benefits to attract foreign-exchange customers as foreign-currency deposits reach record levels.
Residents’ foreign-currency deposits stood at $140.62 billion at the end of August, the highest since records began in June 2012.
Dollar deposits reached a record $119.91 billion, with business deposits exceeding $100 billion for the first time.
SC First Bank and Shinhan Bank are running promotions aimed at customers who exchange or trade foreign currency.
Banks are seeking to increase fee income and attract customers to foreign-currency deposits and wealth-management products.
- Who
- South Korean banks, including SC First Bank and Shinhan Bank, are seeking foreign-exchange customers.
- What
- Banks are offering promotions as foreign-currency deposits hit record levels.
- When
- The deposit figures are for the end of August; the article was published on October 27, 2026. The promotions run through November 30.
- Where
- South Korea.
- Why
- Banks aim to gain customers, increase foreign-exchange fee income and draw customers to foreign-currency and wealth-management products.
This story does not have two clearly opposing sides.
South Korea began compiling the foreign-currency deposit statistics cited in the report.
The won-dollar exchange rate stood at 1,424 won.
Residents’ foreign-currency deposits reached $140.62 billion, while dollar deposits reached $119.91 billion.
Shinhan Bank began its promotion for customers who link an Olive Young SOL account and use SOL Travel.
Maeil Business published its report on banks’ efforts to attract foreign-exchange customers.
The promotions described in the report are scheduled to end.
- Residents’ foreign-currency deposits
- $140.62 billion at the end of August
- Dollar deposits
- $119.91 billion at the end of August
- Business dollar deposits
- $105.64 billion at the end of August
- SC First Bank promotion
- Runs through November 30
- Shinhan Bank promotion
- Offers prize draws to qualifying customers who exchange at least 100,000 won
- SOL Travel card
- 3.6 million issued; cumulative exchange volume of $3.5 billion