Busan

1. Currency in South Korea

• The official currency of South Korea is the South Korean Won (KRW), symbolized as ₩.
• Banknotes are available in denominations of ₩1,000, ₩5,000, ₩10,000, and ₩50,000.
• Coins are available in ₩10, ₩50, ₩100, and ₩500.

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2. Currency Exchange Options in Busan

Busan, as South Korea’s second-largest city and a major port hub, offers numerous options for currency exchange. Here are the most common methods:

a. Banks

• Major banks in Busan, such as Kookmin Bank (KB), Shinhan Bank, Woori Bank, and Hana Bank, provide currency exchange services.
• Banks typically offer competitive exchange rates compared to private exchange booths.
• Banking hours are generally 9:00 AM to 4:00 PM, Monday to Friday.
• You will need your passport to exchange currency at a bank.
• Some banks have dedicated foreign exchange counters, especially in areas frequented by tourists, such as Haeundae or Nampo-dong.

b. Currency Exchange Booths

• Exchange booths are available in tourist-heavy areas like Haeundae Beach, Gwangalli Beach, and Nampo-dong.
• These booths may offer slightly better rates than banks but can vary widely, so it’s worth comparing rates.
• They are generally open longer hours than banks, including weekends.

c. Airports

• Gimhae International Airport in Busan has currency exchange counters operated by major banks.
• While convenient, airport exchange rates are often less favorable than those in the city.

d. Hotels

• Some high-end hotels in Busan offer currency exchange services, but the rates are usually less competitive.

e. Online Currency Exchange

• Some banks in South Korea allow you to pre-order foreign currency online for pickup at a branch. This is useful for residents or long-term visitors with a local bank account.

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3. Associated Costs

• Exchange Fees: Banks and exchange booths may charge a small fee for currency exchange, typically around 1-2% of the transaction amount.
• ATM Withdrawal Fees: Using international ATMs may incur fees from both the local ATM operator (₩3,000-₩5,000 per transaction) and your home bank.
• Credit Card Foreign Transaction Fees: If you use a foreign credit card, check with your bank for any additional fees (usually 1-3%).

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4. Banking Procedures for Foreigners

If you’re planning to stay in Busan long-term, opening a local bank account can be very helpful. Here’s what you need to know:

a. Required Documents

• Passport: A valid passport is mandatory.
• Alien Registration Card (ARC): Required for long-term residents. You can apply for an ARC at the local immigration office.
• Proof of Address: Some banks may ask for proof of your local address, such as a lease agreement.

b. Popular Banks for Foreigners

• Kookmin Bank (KB), Shinhan Bank, and Hana Bank are known for their foreigner-friendly services.
• Some branches in Busan, especially in areas like Seomyeon or Centum City, have English-speaking staff.

c. Bank Accounts

• Basic Savings Account: Allows you to deposit and withdraw money, transfer funds, and use ATMs.
• Foreign Currency Account: Useful for holding funds in foreign currencies like USD or EUR.
• Remittance Services: Most banks offer international remittance services, but fees and processing times vary.

d. Mobile Banking

• South Korean banks have robust mobile banking apps, but they are often only available in Korean. Some banks, like Shinhan and Hana, offer English-language options.

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5. International ATMs in Busan

International ATMs are widely available in Busan, especially in tourist areas, major shopping districts, and transportation hubs.

a. Locations

• Convenience Stores: ATMs in chains like GS25, CU, and 7-Eleven often accept foreign cards.
• Banks: Look for ATMs at major banks like Shinhan, KB, and Woori. Many of these ATMs have an "International" option.
• Malls and Tourist Areas: ATMs in places like Shinsegae Centum City (the world’s largest department store) and Lotte Department Store are foreigner-friendly.

b. Accepted Cards

• Most international ATMs accept Visa, Mastercard, Cirrus, Maestro, and Plus cards.
• UnionPay cards are also widely accepted.

c. Tips for Using ATMs

• Look for ATMs with an "English" language option.
• Be aware of daily withdrawal limits, which are typically around ₩1,000,000 (varies by bank and card issuer).
• Notify your home bank before traveling to avoid your card being blocked for suspicious activity.

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6. Commonly Accepted Currencies

• The US Dollar (USD), Euro (EUR), and Japanese Yen (JPY) are the most commonly exchanged currencies in Busan.
• Other currencies, such as the Chinese Yuan (CNY), British Pound (GBP), and Australian Dollar (AUD), are also accepted at major banks and exchange booths.

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7. Cultural Practices and Local Considerations

a. Cash vs. Card

• South Korea is a highly cashless society, and credit/debit cards are widely accepted, even for small transactions.
• However, carrying some cash (₩10,000-₩50,000) is advisable for street markets, small restaurants, or transportation in rural areas.

b. Tipping

• Tipping is not a common practice in South Korea. Service charges are usually included in bills at restaurants and hotels.

c. Counterfeit Awareness

• Counterfeit currency is rare in South Korea, but it’s always best to exchange money at reputable banks or booths.

d. Language Barrier

• While many bank staff in Busan speak basic English, it’s helpful to have your request written down in Korean or use a translation app.

e. Mobile Payment Apps

• Apps like KakaoPay and Naver Pay are popular for digital transactions. However, these require a local bank account and phone number.

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8. Emergency Tips

• If your card is lost or stolen, contact your home bank immediately and notify the local branch of the bank whose ATM you used.
• For urgent cash needs, Western Union services are available in Busan.

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By following this guide, you should be well-prepared to handle all currency and banking-related needs during your time in Busan. Let me know if you need further assistance!