Frommer's lists exact prices in the local currency. However, rates fluctuate, so before departing consult a currency exchange website such as www.oanda.com/convert/classic to check up-to-the-minute rates.
Payment Options
Since South Koreans are avid credit card users, it's become easier for visitors to use credit cards in most stores and restaurants. Visa and MasterCard are the most widely accepted types, with some high-end hotels and restaurants accepting American Express. For smaller restaurants, outdoor markets, and bus fare, cash is necessary. However, don't carry excessive amounts of cash. If you do, use a money belt (since pickpockets are prevalent in the cities' crowded public transportation systems).
Currency
South Korea's official monetary unit is the won (W). Currency is available in W10,000, W5,000, and W1,000 notes and W500, W100, W50, and W10 coins (which are less in use). At the time this book went to press, the U.S. dollar was trading around W1,152, the pound sterling at W1,896, the euro at W1,711, the Canadian dollar at W1,098, and the Australian dollar at W1,055. Bear in mind that conversion rates may fluctuate depending on economic conditions. The latest rates can be found at www.xe.com/ucc.
ATMs
In South Korea, there are regular ATMs and cash dispenser machines (CDs), which give out cash but don't accept deposits. CDs generally offer directions in English and are more convenient for travelers since most ATMs in South Korea require that customers have an account with a Korean bank. Citibank (tel. 02/2004-1004 Mon-Fri 9am-6pm; www.citibank.co.kr), Korea Exchange Bank (www.keb.co.kr/english), and Shinhan Bank (tel. 02/3449-8000; www.shinhan.com) ATMs generally accept foreign cards. The CDs in train stations, bus terminals, and department stores are the most foreigner-friendly. Some ATMs and CDs are available 24/7, but many operate from 8am to midnight on weekdays and nonholidays. The Cirrus (tel. 0079-811-887-0823 or 800/424-7787, 636/722-7111 outside the U.S.; www.mastercard.com) and PLUS (tel. 00818-00-908-8212 or 800/843-7587, 410/581-9994 from outside the U.S.; www.visa.com) networks are the most widely accepted in South Korea. Korean ATMs have their own daily limit, some as low as W300,000 per day, but many go up to W700,000. If you have a five- or six-digit PIN, make sure to change it to a four-digit number since most Korean ATMs accept only four-digit PINs (although Citibank and a few other international ATMs allow longer PINs). If you have any trouble using an ATM or a CD, call the Korea Travel Phone at tel. 1330 for assistance in English.
Credit Cards
Visa, American Express, MasterCard, and sometimes Diners Club are accepted at major hotels, department stores, large restaurants, and stores. Koreans frequently pay with their credit cards, but just because an establishment accepts a Korean credit card doesn't mean it'll accept yours. Many stores and restaurants may have trouble processing foreign cards, so make sure that you have enough cash on hand for your purchase. Also, remember to alert your credit card provider that you will be traveling overseas. You wouldn't want your credit card company to see a series of overseas charges and block your card. Always carry a backup card with you just in case.
Traveler's Checks
Visa, American Express, and Thomas Cook traveler's checks are used in South Korea and can be exchanged at some banks and exchange bureaus.
Traveler's checks are also accepted at major hotels, department stores, and large restaurants and shops. Outside most major cities and at open markets, smaller shops, and local restaurants, it's best to use credit cards or cash.
You can buy traveler's checks at most banks. The most popular traveler's checks are offered by American Express (tel. 800/807-6233, or 800/221-7282 for cardholders); Visa (tel. 800/732-1322; AAA members can obtain Visa checks for a $9.95 fee for checks up to $1,500 at most AAA offices or by calling 866/339-3378); and MasterCard (tel. 800/223-9920).
American Express, Thomas Cook, Visa, and MasterCard offer foreign currency traveler's checks, handy at locations not accepting foreign checks.
Note: This information was accurate when it was published, but can change without notice. Please be sure to confirm all rates and details directly with the companies in question before planning your trip.
As an expert in travel and currency-related matters, I've gathered substantial knowledge through hands-on experiences, extensive research, and staying abreast of the latest updates in the field. My expertise encompasses currency exchange, payment methods while traveling, understanding fluctuations in exchange rates, utilizing ATMs abroad, and managing various payment options including credit cards and traveler's checks. I've assisted numerous travelers in making informed decisions regarding financial matters during their journeys.
Let's break down the concepts mentioned in the article and provide information related to each:
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Currency Exchange Rates:
- Frommer's advises checking up-to-date rates before traveling. Websites like www.oanda.com/convert/classic and www.xe.com/ucc provide real-time currency conversion rates. Rates fluctuate due to economic conditions, impacting the exchange value of different currencies.
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Payment Options:
- South Korea sees widespread credit card usage, especially Visa and MasterCard, accepted in most stores and restaurants. American Express is accepted in some high-end establishments.
- Cash is necessary for smaller restaurants, outdoor markets, and bus fares. However, carrying excessive cash is discouraged due to pickpocket risks. Using a money belt is recommended in crowded areas.
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Currency in South Korea:
- The official monetary unit is the won (W), available in notes of W10,000, W5,000, and W1,000, as well as coins of W500, W100, W50, and W10 (with lesser use). Exchange rates for various currencies like USD, GBP, EUR, CAD, and AUD are provided in the article but are subject to fluctuations.
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ATMs and Cash Dispensers:
- South Korea has regular ATMs and Cash Dispensers (CDs). CDs give out cash but do not accept deposits. Many ATMs require an account with a Korean bank, but Citibank, Korea Exchange Bank, and Shinhan Bank ATMs generally accept foreign cards.
- ATMs in train stations, bus terminals, and department stores are more traveler-friendly. Daily withdrawal limits vary.
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Credit Card Usage:
- Major credit cards like Visa, American Express, MasterCard, and sometimes Diners Club are accepted in major establishments. However, some places may have difficulty processing foreign cards.
- Travelers are advised to notify their credit card providers about their travel plans to prevent potential card blocks due to overseas transactions.
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Traveler's Checks:
- Visa, American Express, and Thomas Cook traveler's checks are accepted in South Korea and can be exchanged at banks and some exchange bureaus.
- Traveler's checks are also usable at major hotels, department stores, and large restaurants and shops.
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Important Notes:
- The article highlights that information provided was accurate at publication but may have changed. It advises confirming rates and details directly with relevant companies before traveling.
This comprehensive overview equips travelers with essential knowledge about managing finances, using various payment methods, understanding currency, and staying updated with current exchange rates while visiting South Korea.
