Global Major Cities Guide

Options and methods for converting foreign currency to Korean Won (KRW), including banks, exchange kiosks, and ATMs.

Sections

1. Overview of Currency in South Korea

Currency Name: South Korean Won (KRW)
Denominations:
- Coins: ₩10, ₩50, ₩100, ₩500
- Banknotes: ₩1,000, ₩5,000, ₩10,000, ₩50,000
Symbol: ₩
Exchange Rate: The exchange rate fluctuates daily. As of October 2023, 1 USD ≈ 1,350 KRW (check real-time rates before exchanging).

2. Reliable Places to Exchange Money in Busan

Busan, being a major city and tourist hub, offers several reliable options for currency exchange. Here are the best places:

A. Banks

Banks are the most secure and reliable places to exchange money in Busan. They offer competitive rates and transparent fees.

Popular Banks:
- KEB Hana Bank
- Shinhan Bank
- Woori Bank
- KB Kookmin Bank
Locations: Banks are located throughout Busan, especially in central areas like Seomyeon, Haeundae, and Nampo-dong.
Operating Hours: Typically 9:00 AM to 4:00 PM, Monday to Friday (closed on weekends and public holidays).
Procedure:
1. Bring your passport (mandatory for foreigners).
2. Fill out a currency exchange form.
3. Present the amount you wish to exchange.
4. Receive your KRW in cash.
Fees: Banks may charge a small service fee (₩2,000–₩5,000) or include it in the exchange rate.

B. Currency Exchange Counters

Currency exchange counters are convenient and often located in tourist-heavy areas.

Recommended Locations:
- Busan Station: Several exchange counters are available in and around the station.
- Gimhae International Airport: Currency exchange counters are located in both the arrival and departure halls.
- Haeundae Beach Area: Popular with tourists, you’ll find private exchange booths here.
- Nampo-dong: A shopping district with multiple exchange counters.
Tips:
- Compare rates at different counters before exchanging.
- Private booths may offer slightly better rates than banks but ensure they are legitimate.

C. ATMs

ATMs are a convenient way to withdraw KRW directly using your international debit or credit card.

International-Friendly ATMs:
- Look for ATMs with “Global” or “Foreign Card” options (e.g., at KEB Hana Bank, Shinhan Bank, or 7-Eleven convenience stores).
- ATMs in tourist areas like Haeundae, Seomyeon, and Nampo-dong are more likely to support foreign cards.
Fees:
- Your home bank may charge an international withdrawal fee.
- Korean ATMs may charge a small transaction fee (₩3,000–₩5,000).
Exchange Rate: ATMs typically use the mid-market rate, which is favorable, but fees can add up.

D. Hotels

Some high-end hotels in Busan offer currency exchange services for guests. However, their rates are often less competitive than banks or exchange counters. Use this option only for small amounts or in emergencies.

3. Current Exchange Rates

Exchange rates fluctuate daily based on the global forex market. Use reliable sources like:
- XE Currency Converter (app or website)
- OANDA
- Google (search “USD to KRW” or your currency to KRW)
Tip: Check rates at multiple locations (banks, counters, ATMs) to ensure you get the best deal.

4. Fees and Costs

Bank Fees: ₩2,000–₩5,000 per transaction.
ATM Fees: ₩3,000–₩5,000 per withdrawal (plus your home bank’s fees).
Private Counters: Often no explicit fees, but rates may include a hidden margin.
Credit Card Foreign Transaction Fees: If you use your card for purchases, your bank may charge a 1–3% foreign transaction fee.

5. Procedures for Currency Exchange

At Banks:
- Bring your passport.
- Fill out the exchange form (staff will assist if needed).
- Hand over your foreign currency.
- Receive KRW in cash and a receipt.
At Exchange Counters:
- Present your foreign currency.
- Confirm the exchange rate and amount.
- Receive KRW in cash.
At ATMs:
- Insert your card and select the “Foreign Card” or “English” option.
- Choose “Withdrawal” and enter the amount.
- Collect your cash and receipt.

6. Tips and Considerations

Compare Rates: Exchange rates can vary between banks, counters, and ATMs. Shop around for the best deal.
Avoid Airport Exchanges for Large Amounts: Rates at airports are often less favorable. Exchange only a small amount for immediate needs (e.g., transportation).
Carry Small Denominations: Many small businesses in Busan prefer cash and may not accept large bills (e.g., ₩50,000 notes).
Use Credit Cards Wisely: Credit cards are widely accepted in Busan, especially in hotels, restaurants, and shops. However, always check for foreign transaction fees.
Beware of Scams: Use only reputable banks, ATMs, or exchange counters. Avoid street vendors offering currency exchange.
Keep Receipts: Retain your exchange receipts in case you need to exchange leftover KRW back to your home currency.

7. Emergency Options

If you run out of cash, you can:
- Use your credit card for purchases.
- Withdraw cash from an international-friendly ATM.
- Visit a bank during business hours for assistance.

8. Cultural Considerations

Cash is King: While credit cards are widely accepted, cash is still preferred in traditional markets, street food stalls, and smaller establishments.
Politeness: When handing over or receiving money, use both hands as a sign of respect.
Tipping: Tipping is not customary in South Korea, so you don’t need to worry about carrying extra cash for tips.

9. Useful Phrases

If you need assistance, here are some helpful Korean phrases:

환전하고 싶어요. (Hwanjeonhago sipeoyo.) – I want to exchange money.
환율이 얼마예요? (Hwanyuri eolmayeyo?) – What is the exchange rate?
수수료가 있나요? (Susuryoga innayo?) – Is there a fee?

By following this guide, you’ll be well-prepared to handle currency exchange in Busan efficiently and confidently. Enjoy your time in this vibrant city!