Wells Fargo bank in El Monte, California, refused to exchange South Korean won early this month, claiming that they do not change money from communist nations according to one customer.

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ells Fargo bank in El Monte, California, refused to exchange South Korean won, claiming that they do not change money from communist nations, according to one customer.

Manuel Lara left some South Korean won with his mother after visiting her in the United States before returning to South Korea.

Ms Gloria Lara entered the Wells Fargo bank Peck road El Monte February 5 around 15:00.

“When I first showed her the money she asked me where it was from. I was surprised with her question because I was told that she is the only one that does currency exchange, so I assumed she would know where it was from,” Ms Lara said.

“I told her from South Korea and she said, ‘we don’t accept communist money.’ I told her South Korea is not a communist country, North Korea is but not South Korea. She said ‘it is the same currency, they use the same money.’ I continued to tell her that I have cashed money from South Korea there before. Then she checked her computer and told me they don’t.”

Won from North Korea looks completely different to South Korean won and the exchange rate for both countries is incomparable.

What makes this story surprising is that Wells Fargo has a branch in Seoul and has received numerous awards including U.S. Bank of the Year 2014 and the Greenwich Excellence Award for International Services.

On their website they state that it is a good idea to get foreign currency from them prior to going overseas.

“When you return, we can often buy back any of your unused foreign currency banknotes. Foreign currency is available for over 100 countries,” their website states.

The only stipulation on their site is that they do not trade Iraqi dinar.

Their FAQ also advise people like Ms Lara to trade foreign currency with them.

“What should I do if I have foreign currency left from my travels that I want to sell?” Wells Fargo ask. “Wells Fargo account holders may sell foreign currency (cash only, no coins) back to Wells Fargo at the nearest Wells Fargo banking location or International Teller Site Locator.”

This is exactly what Ms Lara did.

Gary Kishner, Vice President and Communications Manager for Greater Los Angeles and Southern California said he is conducting research on what took place.

“Our apologies to the customer if there was any confusion with the foreign exchange. We do exchange the South Korean Won and have for many years,” Gary said.