Daegu
๐ฆ
Banking Services
Overview of banking options available to newcomers and visitors, including opening accounts and international money transfers.
Sections
1. Currency in South Korea
- Official Currency: The South Korean Won (KRW, symbol: โฉ).
- Denominations:
- Coins: โฉ10, โฉ50, โฉ100, โฉ500.
- Banknotes: โฉ1,000, โฉ5,000, โฉ10,000, โฉ50,000.
- Exchange Rate: The exchange rate fluctuates daily. As of late 2023, 1 USD is approximately 1,300-1,400 KRW. Check real-time rates before exchanging.
2. Currency Exchange in Daegu
Daegu, as South Koreaโs fourth-largest city, offers several options for currency exchange. Here are the best places to exchange money:
A. Banks
Banks are the most reliable and secure places to exchange currency in Daegu. Major banks include:
- Kookmin Bank (KB๊ตญ๋ฏผ์ํ)
- Shinhan Bank (์ ํ์ํ)
- Woori Bank (์ฐ๋ฆฌ์ํ)
- Hana Bank (ํ๋์ํ)
- Services Offered: Currency exchange, international remittances, and foreign currency accounts.
- Available Currencies: USD, EUR, JPY, CNY, and other major currencies. Smaller or less common currencies may not be available.
- Operating Hours: Typically 9:00 AM to 4:00 PM, Monday to Friday. Closed on weekends and public holidays.
- Fees: Banks charge a small commission (usually 1-2%) and may apply a slightly less favorable exchange rate compared to the market rate.
B. Currency Exchange Counters
- Found in major areas like Dongseongno (downtown Daegu) and Daegu International Airport.
- Pros: Convenient and faster than banks.
- Cons: Exchange rates may be slightly less favorable, and fees can vary.
C. ATMs
- Many ATMs in Daegu allow you to withdraw Korean Won directly using an international debit or credit card.
- Fees: ATM withdrawal fees range from โฉ3,000 to โฉ5,000 per transaction, depending on your home bank and the ATM operator.
- Tips: Look for ATMs with a โGlobalโ or โForeign Cardโ option. These are designed for international cards and often have English-language menus.
D. Hotels
- Some high-end hotels in Daegu offer currency exchange services at their front desks.
- Pros: Convenient for travelers staying in these hotels.
- Cons: Exchange rates are usually less favorable, and fees may be higher.
E. Online Currency Exchange Services
- Some banks and services allow you to pre-order foreign currency online and pick it up at a branch or airport. This can save time and sometimes offer better rates.
3. Average Fees and Exchange Rates
- Bank Fees: 1-2% commission on the exchanged amount.
- Airport Counters: Higher fees (2-5%) and less favorable rates.
- ATMs: โฉ3,000-โฉ5,000 per withdrawal, plus any fees charged by your home bank.
- Hotels: Fees vary but are generally higher than banks or ATMs.
4. Best Places to Exchange Currency in Daegu
-
Daegu International Airport:
- Convenient for travelers arriving in Daegu.
- Exchange counters are located in the arrivals area.
- Rates are slightly less favorable than banks but better than hotels.
-
Downtown Daegu (Dongseongno):
- Several currency exchange counters and bank branches are located in this bustling shopping and entertainment district.
- Recommended for better rates and convenience.
-
Bank Branches:
- For the best rates and security, visit a major bank branch during business hours.
-
ATMs:
- Use ATMs for small amounts or emergencies. Ensure your card is enabled for international transactions.
5. Practical and Cultural Considerations
A. Identification
- When exchanging currency at a bank or exchange counter, youโll need to present a valid passport. Some banks may also accept an Alien Registration Card (ARC) for immigrants.
B. Language
- Bank staff and exchange counters in Daegu may have limited English proficiency. However, major banks often have English-speaking staff or translation services. ATMs with English menus are widely available.
C. Cash vs. Card
- South Korea is a highly cashless society, and credit/debit cards are widely accepted. However, itโs still a good idea to carry some cash (โฉ10,000-โฉ50,000) for small purchases, street food, or transportation.
D. Tipping Culture
- Tipping is not customary in South Korea, so thereโs no need to tip when exchanging currency or using banking services.
E. Exchange Receipts
- Always keep your exchange receipt. You may need it to exchange leftover KRW back into your home currency when leaving South Korea.
F. Mobile Banking and Apps
- If youโre an immigrant planning to stay long-term, consider opening a local bank account. Most banks offer mobile apps with English-language support, allowing you to manage your finances, transfer money, and pay bills easily.
G. Avoid Black Market Exchanges
- Currency exchange outside of official channels (e.g., street vendors) is illegal and risky. Always use authorized banks or exchange counters.
6. Tips for Visitors and Immigrants
- Visitors: Exchange a small amount of cash at the airport for immediate needs, then visit a bank or downtown exchange counter for better rates.
- Immigrants: Open a local bank account as soon as possible. Hana Bank and Shinhan Bank are popular choices for foreigners due to their English-friendly services.
7. Emergency Contacts
- Lost or Stolen Cards: Contact your home bank immediately. For local assistance, you can also reach out to the Korean Financial Supervisory Service (FSS) at 1332 (English support available).
- Bank Helplines:
- Kookmin Bank: 1588-9999
- Shinhan Bank: 1577-8000
- Woori Bank: 1588-5000
- Hana Bank: 1599-1111
By following this guide, youโll be well-prepared to handle your currency exchange and banking needs in Daegu, South Korea. Whether youโre visiting for a short trip or planning to settle down, understanding the local banking system will make your experience smoother and more enjoyable.