Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Scandinavian currencies no longer available at major Korean banks
Danish kroner / Screenshot from the official website of Denmark's central bank
By Lee Yeon-woo
Shinhan maintains limited service
Major commercial banks in Korea are ending exchange services for the currencies of Denmark, Norway and Sweden, industry officials said Tuesday.
The shift comes amid growing supply instability as these Scandinavian countries rapidly move toward becoming cashless societies.
Starting June 23, Woori Bank will halt all exchange services involving the Danish krone, Norwegian krone and Swedish krona. The bank had previously offered limited sales of these currencies at its exchange counter in Incheon International Airport, but the services will now be fully discontinued. The bank attributed the decision to the growing supply instability.
Hana Bank and KB Kookmin Bank already suspended exchange services for these currencies last year.
That leaves Shinhan Bank as the only commercial bank in Korea still offering exchange services — albeit limited — for these three currencies.
While the bank also suspended transactions for high-denomination 1,000 kroner units, it announced that it would continue processing exchanges based on the availability of smaller denominations, such as 500 kroner bills.
"Bank of America, our main supplier for these currencies, has announced a halt in imports and exports," a Shinhan Bank official said. "In response, we’ve decided to continue sourcing small-denomination bills through CIMB Bank, a Malaysia-based institution."
The supply instability is largely attributed to the sharp decline in cash circulation in these countries, driven by their rapid development of digital payment infrastructures.
Currency export regulations have also strengthened amid efforts to redesign banknotes. In Denmark, use of the high-denomination 1,000 krone note will be fully discontinued starting next month, and the 50, 100, 200, and 500 krone notes will be redesigned and replaced between 2028 and 2029.