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Use of ATM and International Credit Cards
ATM's can be found in many locations
around South Korea cities and towns. In particular, ATM are
located at airports, train stations, banks and in most
supermarket areas. Whilst domestic cards can be used at any
location in Korea, foreign based ATM cards may be difficult or
impossible to use. However it is possible to use an ATM to
obtain a cash advances against any MasterCard, Visa or any other
major international credit card. In this case, the ATM must
display the Global Service sign and the relevant Visa,
MasterCard and other credit card logos. If you see only the
Credit Card logos, but no Global Service sign, then you will not
be able to withdraw cash.
Major credit cards are generally accepted throughout Korea at all major
hotels, most restaurants (including McDonalds, Burger King and KFC),
larger shops and department stores, grocery stores and supermarkets
(including Carrefour, Wal-Mart and E-Mart).
Banking
Banking hours are generally from 9:30 AM to 4:30 PM Monday through Friday
and from 9:00 AM to 1:00 PM on Saturday. It is common for most
banks to have a queuing system and you should therefore not be
surprised to find yourself standing in line. When entering the
bank look around for a ticket machine to get a queue number.
Most banks have personnel that speak some basic English and
therefore most transactions can be completed successfully. Be
patient.
Where to Exchange Currency
Currency can be exchanged at any currency exchange desk in the Korean banks.
Some exclusive currency exchange bureau's also exist and can be
found in the airports, train stations and large shopping areas.
In general only hard currencies such as US Dollar, Pound
Sterling and Japanese Yen can be exchanged.
Getting South Korean currency (Won) from locations in Europe and America
should be possible but this should be investigated locally
before departure. It should be noted that exchanging to South
Korean Won in other Asian countries is not always possible, so
the message is plan ahead.
As a guideline, only reputable and/or authorized currency exchange
facilities should be used for current exchange. This will
provide for your safety and personal peace and if there is any
doubt, you should consult any tourist information center or
local Police Station before proceeding. Bad decision in this
respect can cost you money and possibly a fine, deportation, or
arrest and incarceration.
Some approved currency exchange locations in Busan are listed below:
- Gimhae Airport (Domestic and International terminals)
- list location 2 here
- list location 3 here
- etc
The South Korean Won
The currency in South Korea in the 'Korean Won'. Coins are
available in 10, 50, 100 and 500 Won denominations, whilst paper
currency is available in 1000, 5000 and 10,000 Won denominations
only. The largest denomination of 10,000 Won is rather small compared
to other currency denominations so bulging wallets are common in
Korea. As an alternative, it is possible to obtain 100,000 bank cheques,
which are used in place of cash and help to reduce paper volume.
An example of the 10,000 Won note is included below;
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