Daegu

1. Currency Denominations in South Korea

The official currency of South Korea is the South Korean Won (KRW), symbolized as ₩. In Daegu, as in the rest of South Korea, you will encounter both coins and banknotes in circulation.

Coins

• ₩1: Rarely used in daily transactions.
• ₩5: Also rare in circulation.
• ₩10: Commonly used for small transactions, such as rounding off prices.
• ₩50: Useful for vending machines or small purchases.
• ₩100: Widely used for small purchases and public transportation.
• ₩500: The highest-value coin, frequently used for vending machines, transportation, and small purchases.

Banknotes

• ₩1,000: Blue note, used for small purchases like snacks, drinks, or bus fares.
• ₩5,000: Red note, commonly used for mid-range purchases such as meals at casual restaurants.
• ₩10,000: Green note, the most frequently used denomination for daily transactions, including groceries, dining, and shopping.
• ₩50,000: Yellow note, the highest denomination in circulation, often used for larger purchases or when carrying cash for multiple transactions.

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2. Typical Costs of Daily Items in Daegu

Understanding the cost of common items will help you plan your budget and know which denominations to carry.

• Public Transportation:
  • Subway or bus fare: ₩1,250–₩1,500 (₩100 coins or ₩1,000 notes are ideal).
  • Taxis: Base fare starts at ₩3,800 (₩10,000 notes are commonly used for short rides).
• Food and Drinks:
  • Street food: ₩2,000–₩5,000 (₩1,000 and ₩5,000 notes are handy).
  • Casual restaurant meal: ₩7,000–₩12,000.
  • Coffee at a café: ₩4,000–₩6,000.
• Groceries:
  • A loaf of bread: ₩3,000–₩5,000.
  • A liter of milk: ₩2,500–₩3,000.
  • Fresh produce: ₩1,000–₩5,000 per item, depending on the type.
• Attractions:
  • Museum or cultural site entry: ₩3,000–₩10,000.
  • Movie ticket: ₩10,000–₩15,000.

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3. Where to Exchange Money in Daegu

Exchanging money is straightforward in Daegu, but it’s important to know the best places to get favorable rates and avoid unnecessary fees.

Options for Currency Exchange

1. Banks:

   • Major banks like KEB Hana Bank, Shinhan Bank, and Woori Bank offer currency exchange services.
   • Banks are reliable and offer competitive rates, but they may have limited hours (typically 9:00 AM to 4:00 PM on weekdays).
   • Bring your passport for identification.

2. Currency Exchange Booths:

   • Found in major shopping areas, tourist districts, and near train stations.
   • Rates may vary, so compare a few booths before exchanging.

3. Airports:

   • Daegu International Airport has currency exchange counters, but rates are often less favorable than in the city.

4. ATMs:

   • Many ATMs in Daegu accept foreign cards and allow you to withdraw Korean Won directly.
   • Look for ATMs with a “Global” or “Foreign Card” sign.
   • Be aware of potential foreign transaction fees from your home bank.

Tips for Exchanging Money

• Avoid exchanging large amounts at airports due to higher fees.
• Check the exchange rate online before heading to a bank or booth.
• Keep small denominations (₩1,000 and ₩5,000 notes) for convenience, as some vendors may not accept large bills like ₩50,000.

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4. Tips for Handling Currency in Daegu

To ensure smooth financial transactions, follow these practical tips:

Cash vs. Card

• Cash: While South Korea is increasingly cashless, cash is still widely used in Daegu, especially at traditional markets, street food stalls, and smaller businesses.
• Credit/Debit Cards: Most restaurants, shops, and transportation services accept major credit cards (Visa, MasterCard, etc.). However, always carry some cash for smaller establishments.

T-Money Card:

• Consider purchasing a T-Money Card, a rechargeable transportation card that can be used on buses, subways, and even some taxis. It can also be used at convenience stores.
• Cards can be purchased and recharged at convenience stores like GS25, CU, or 7-Eleven.

Breaking Large Bills:

• Vendors at smaller shops or markets may not have change for ₩50,000 notes. Use these bills at larger establishments like supermarkets or department stores to get smaller denominations.

Tipping Culture:

• Tipping is not customary in South Korea, including in Daegu. Service charges are typically included in the bill at restaurants and hotels.

Counterfeit Awareness:

• Counterfeiting is rare, but it’s good practice to familiarize yourself with the look and feel of Korean currency. Banknotes have security features like watermarks and holograms.

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5. Cultural Considerations

When handling money in Daegu, keep these cultural nuances in mind:

• Presenting Money: When paying, it’s polite to use both hands to present cash or your card, especially in formal settings.
• Receiving Change: Similarly, accept change with both hands as a sign of respect.
• Counting Change: It’s uncommon to count change in front of the cashier, as it may be seen as distrustful.
• Bargaining: Bargaining is not common in most stores but may be acceptable in traditional markets like Seomun Market. Be polite and friendly if you choose to negotiate.

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6. Emergency Financial Tips

• Lost or Stolen Cards: If your card is lost or stolen, contact your bank immediately. Major banks in South Korea have English-speaking customer service lines.
• Emergency Cash: Western Union has locations in Daegu if you need to receive emergency funds from abroad.
• Language Barrier: While many bank staff in Daegu speak basic English, having a translation app or a written note in Korean can be helpful.

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By understanding the currency system, typical costs, and cultural practices in Daegu, you’ll be well-prepared to handle financial transactions smoothly and respectfully. Enjoy your time in this vibrant city!