Busan

1. Currency Used in Busan

• Currency Name: South Korean Won (KRW)
• Denominations:
  • Coins: ₩10, ₩50, ₩100, ₩500
  • Banknotes: ₩1,000, ₩5,000, ₩10,000, ₩50,000
• Exchange Rate: The exchange rate fluctuates, so check the current rate before your trip. As of late 2023, 1 USD is approximately 1,300 KRW.

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2. Payment Methods in Busan

Busan is a highly modernized city, and most payment methods are widely accepted. However, cash is still used in certain situations, especially in smaller establishments or traditional markets.

A. Cash

• Where Cash is Commonly Used:
  • Traditional markets (e.g., Jagalchi Market, Gukje Market)
  • Street food vendors
  • Small, family-run restaurants or shops
  • Public transportation (though cards are preferred)
• Tips for Using Cash:
  • Always carry small denominations, as some vendors may not have change for large bills.
  • Coins are frequently used for small purchases, so keep them handy.

B. Credit and Debit Cards

• Widely Accepted Cards:
  • Visa, Mastercard, and American Express are commonly accepted in most hotels, restaurants, and shops.
  • UnionPay is also accepted in many places.
• Where Cards are Accepted:
  • Department stores, shopping malls, and convenience stores
  • Mid-range to high-end restaurants
  • Public transportation (via T-money or Cashbee cards)
• Tips for Card Use:
  • Inform your bank of your travel plans to avoid issues with international transactions.
  • Some smaller establishments may only accept Korean-issued cards, so have cash as a backup.

C. Mobile Payment Apps

• Popular Apps:
  • KakaoPay: Widely used for online and offline payments.
  • Naver Pay: Common for online shopping and some offline stores.
  • Samsung Pay: Works with NFC-enabled terminals.
• Limitations for Foreigners:
  • These apps often require a Korean bank account and a local phone number, which may not be accessible to short-term visitors.
  • Immigrants with a Korean bank account can easily set up these apps.

D. Transportation Cards

• T-money and Cashbee Cards:
  • These prepaid cards are essential for public transportation (buses, subways, and some taxis).
  • They can also be used for small purchases at convenience stores.
  • Cards can be purchased and recharged at convenience stores (e.g., GS25, CU, 7-Eleven) or subway stations.
• Cost:
  • Initial card purchase: ₩2,500–₩4,000
  • Rechargeable in increments of ₩1,000.

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3. Accessing Local Currency

If you need cash, there are several ways to access South Korean Won in Busan.

A. ATMs

• Availability:
  • ATMs are widely available in convenience stores, banks, and shopping areas.
  • Look for ATMs with a "Global" or "Foreign Card" option for international cards.
• Languages:
  • Most ATMs offer English, Chinese, and Japanese language options.
• Fees:
  • ATM withdrawal fees vary but are typically ₩3,000–₩5,000 per transaction for foreign cards.
  • Your home bank may also charge an additional fee.
• Tips:
  • Use ATMs located inside banks for added security.
  • Withdraw larger amounts to minimize fees.

B. Currency Exchange

• Where to Exchange Money:
  • Banks: Major banks like KEB Hana Bank, Shinhan Bank, and Woori Bank offer currency exchange services.
  • Currency Exchange Booths: Found in tourist areas like Nampo-dong, Haeundae, and Busan Station.
  • Airports: Gimhae International Airport has currency exchange counters, though rates may be less favorable.
• Documents Needed:
  • Passport (required for currency exchange at banks).
• Tips:
  • Compare rates at different locations to get the best deal.
  • Avoid exchanging money at hotels, as their rates are often less competitive.

C. International Credit/Debit Cards

• Many international cards allow you to withdraw cash in KRW directly from ATMs. Check with your bank for international withdrawal fees and daily limits.

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4. Payment-Related Tips and Cultural Considerations

A. Tipping Culture

• Tipping is not customary in South Korea, including Busan. Service charges are typically included in the bill at restaurants and hotels.
• If you feel compelled to tip, it may be politely declined.

B. Tax Refunds for Tourists

• Tourists can claim VAT refunds on purchases over ₩30,000 at participating stores.
• Look for "Tax-Free" signs in shops and request a tax refund receipt.
• Refunds can be claimed at the airport or designated refund counters in the city.

C. Cash vs. Card

• While cards are widely accepted, it’s a good idea to carry some cash for emergencies or small purchases.
• Coins are especially useful for vending machines, parking meters, and public transportation.

D. Language Barriers

• Some smaller shops may not have English-speaking staff. Learn basic Korean phrases like:
  • "카드 돼요?" (Ka-deu dwae-yo?) – "Do you accept cards?"
  • "현금만 돼요?" (Hyeon-geum-man dwae-yo?) – "Is it cash only?"

E. Emergency Numbers

• If you lose your card or encounter payment issues, contact your card issuer immediately. Major Korean banks have English-speaking customer service lines.

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5. Summary of Key Recommendations

• Carry a mix of cash and cards for flexibility.
• Use T-money or Cashbee cards for public transportation and small purchases.
• Exchange money at banks or reputable exchange booths for better rates.
• Familiarize yourself with mobile payment apps if you plan to stay long-term.
• Avoid relying solely on international cards, as some places may not accept them.

By understanding these payment methods and cultural nuances, you’ll be well-prepared to navigate Busan’s dynamic urban environment with ease. Enjoy your time in this beautiful city!