17 Korean banks having more than 7,500 branches respectively, announce different exchange rates (i.e. price) which constantly change dozens of times in one (1) day, and trade various currencies. At every moment, banks commission rate incurred against such deals, also are significantly different from 1% to 16% depending on each trading bank and each foreign currency.
Furthermore, 1,400 currency exchange offices propose different prices respectively and trade various currencies as well.
But, it is impossible to compare the ever changing exchange rates (i.e. prices).
Besides, it is difficult to recognize whether exchange of specific money is available before visiting bank or currency exchange office.
This application, ‘Korea Best Exchange Rate’, which is released by Mibank indicates which bank or currency exchange office proposes the most profitable price and where you can trade foreign currency that you want.
Korea Best Exchange Rate’ has been developed in order to help almost 14million foreigners visiting Korea annually exchanging currency on favorable terms.