Daegu

1. Overview of Currency in South Korea

• Currency Name: South Korean Won (KRW)
• Symbol: ₩
• Denominations:
  • Coins: ₩10, ₩50, ₩100, ₩500
  • Banknotes: ₩1,000, ₩5,000, ₩10,000, ₩50,000
• Exchange Rate: The exchange rate fluctuates daily. As of late 2023, 1 USD is approximately 1,300-1,400 KRW, but check the current rate before exchanging.

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2. Where to Exchange Currency in Daegu

Daegu, as South Korea’s fourth-largest city, offers several options for currency exchange. Here are the most reliable and convenient places:

A. Banks

Banks are the most secure and reliable places to exchange currency in Daegu. They offer competitive rates and are widely available throughout the city.

• Popular Banks for Currency Exchange:
  • Kookmin Bank (KB국민은행)
  • Shinhan Bank (신한은행)
  • Woori Bank (우리은행)
  • Hana Bank (하나은행)
• Locations:
  • Banks are concentrated in central areas like Dongseong-ro (downtown Daegu) and near major transportation hubs like Daegu Station and Dongdaegu Station.
  • Example: Hana Bank Dongseong-ro Branch (Address: 10 Dongseong-ro 2-gil, Jung-gu, Daegu)
• 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. Take a queue number and wait for your turn.
  3. Inform the teller of the amount and currency you wish to exchange.
  4. Receive your KRW and a receipt.
• Pros:
  • Safe and reliable.
  • Transparent exchange rates.
• Cons:
  • Limited operating hours.
  • Slightly longer wait times during busy periods.

B. Currency Exchange Counters

Currency exchange counters are available at transportation hubs and shopping areas.

• Locations:
  • Daegu International Airport: Currency exchange counters are available in the arrivals area. Rates may be slightly less favorable than banks.
  • Dongdaegu Station: Some exchange counters are located near the KTX (high-speed train) terminal.
• Operating Hours: Vary by location but generally align with transportation schedules.
• Pros:
  • Convenient for travelers arriving or departing.
  • Open longer hours than banks.
• Cons:
  • Exchange rates may include higher fees compared to banks.

C. ATMs

ATMs are a convenient option for withdrawing KRW directly using a foreign debit or credit card.

• Locations:
  • Found in convenience stores (e.g., GS25, CU, 7-Eleven), subway stations, and near tourist attractions.
  • Look for ATMs with a “Global” or “Foreign Card” logo.
• Procedure:
  1. Insert your card and select the language (English is available).
  2. Choose “Cash Withdrawal” and enter the amount.
  3. Collect your cash and receipt.
• Fees:
  • Your home bank may charge international withdrawal fees.
  • The ATM operator may charge a small fee (₩3,000-₩5,000).
• Exchange Rate: Determined by your card issuer, often close to the market rate.
• Pros:
  • Available 24/7.
  • Convenient for small amounts.
• Cons:
  • Fees can add up for frequent withdrawals.

D. Hotels

Some high-end hotels in Daegu offer currency exchange services at their front desks.

• Locations:
  • Hotels in downtown Daegu or near Dongdaegu Station.
• Pros:
  • Convenient for hotel guests.
• Cons:
  • Rates are often less favorable than banks or ATMs.

E. Money Exchange Shops

Dedicated money exchange shops are less common in Daegu compared to Seoul, but a few exist in busy areas like Dongseong-ro.

• Pros:
  • May offer competitive rates.
• Cons:
  • Limited availability and operating hours.

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3. Costs and Fees

• Exchange Rate Margins: Banks and exchange counters apply a small margin to the market exchange rate. This is typically 1-3%.
• Service Fees: Some banks or counters may charge a flat fee for currency exchange, though this is rare.
• ATM Fees: Expect a fee of ₩3,000-₩5,000 per withdrawal, plus any fees from your home bank.

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4. Tips for Currency Exchange in Daegu

A. Check Exchange Rates in Advance

• Use apps like XE Currency or OANDA to monitor exchange rates.
• Compare rates between banks and exchange counters to get the best deal.

B. Bring Your Passport

• A passport is required for currency exchange at banks and some exchange counters.

C. Avoid Exchanging at Airports

• While convenient, airport exchange counters often have less favorable rates. Use them only for small amounts.

D. Use ATMs for Small Withdrawals

• If you need cash urgently, ATMs are a good option. However, withdraw larger amounts at once to minimize fees.

E. Be Aware of Counterfeit Bills

• South Korea has strict anti-counterfeiting measures, but always double-check your cash after exchanging. Look for watermarks and security features on banknotes.

F. Learn Basic Korean Phrases

• While many bank staff speak English, it’s helpful to know a few phrases:
  • “환전하고 싶어요” (Hwanjeonhago sipeoyo) – I want to exchange money.
  • “얼마예요?” (Eolmayeyo?) – How much is it?

G. Keep Small Denominations

• ₩1,000 and ₩5,000 notes are useful for small purchases, especially at markets or for public transportation.

H. Avoid Black Market Exchanges

• Exchanging money outside official channels is illegal and risky in South Korea.

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5. Cultural Considerations

• Politeness: South Koreans value politeness in all interactions. Greet bank staff with a smile and say “감사합니다” (Gamsahamnida – Thank you) after your transaction.
• Queueing: Always take a queue number at banks and wait patiently for your turn.
• Cash vs. Card: South Korea is a highly cashless society, and credit/debit cards are widely accepted. However, it’s still good to carry some cash for smaller establishments or street vendors.

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6. Emergency Tips

• If you lose your wallet or run out of cash:
  • Use a global remittance service like Western Union (available in Daegu).
  • Contact your embassy for assistance.
• For stolen cards, immediately contact your bank to block the card.

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By following this guide, you’ll be well-prepared to handle currency exchange in Daegu with ease. Enjoy your time in this vibrant city!