Daegu

1. Currency Used in Daegu

• Currency: The official currency of South Korea is the South Korean Won (KRW), symbolized as ₩. Banknotes are available in denominations of ₩1,000, ₩5,000, ₩10,000, and ₩50,000, while coins come in ₩10, ₩50, ₩100, and ₩500.
• 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, but this can vary.

---

2. Common Payment Methods in Daegu

Daegu, like the rest of South Korea, is highly modernized, and a variety of payment methods are widely accepted. However, cash is still important in certain situations.

A. Cash (현금)

• Where It’s Used: Cash is still widely used in smaller businesses, traditional markets (like Seomun Market), street food stalls, and for public transportation (if you don’t have a transportation card).
• Tips: Always carry some cash, especially in smaller denominations (₩1,000 and ₩5,000 bills), as some vendors may not have change for larger bills like ₩50,000.

B. Credit and Debit Cards

• Card Acceptance: Credit and debit cards are widely accepted in Daegu, especially in larger stores, restaurants, hotels, and shopping malls. Visa, MasterCard, and UnionPay are the most commonly accepted international cards. American Express and Discover may not be as widely accepted.
• Local Cards: If you’re staying long-term, consider getting a Korean bank card, which is universally accepted and often comes with perks like discounts at local stores.
• Transaction Fees: Some international cards may charge foreign transaction fees (typically 1-3%). Check with your bank before traveling.

C. Mobile Payments

• Popular Apps: South Korea is a leader in mobile payment technology. Apps like KakaoPay, Naver Pay, and Samsung Pay are widely used. However, these apps often require a Korean bank account or phone number, so they may not be accessible to short-term visitors.
• Apple Pay: As of 2023, Apple Pay is also available in South Korea and is accepted at many major retailers.
• QR Codes: Some stores and cafes allow payment via QR codes, but this is more common for locals using Korean apps.

D. Transportation Cards

• T-money Card: This prepaid card is essential for public transportation in Daegu (buses, subways, and taxis). You can also use it for small purchases at convenience stores. Cards can be purchased and reloaded at subway stations or convenience stores like GS25, CU, and 7-Eleven.

---

3. Accessing or Exchanging Currency

If you need to exchange or withdraw money, here are your options:

A. Currency Exchange

• Where to Exchange:
  • Banks: Major banks like KEB Hana Bank, Shinhan Bank, and Woori Bank offer currency exchange services. Bank branches are common in Daegu, especially in central areas like Dongseongno.
  • Airports: Daegu International Airport has currency exchange counters, but rates may not be as favorable as in banks.
  • Exchange Booths: These are less common in Daegu compared to Seoul, so plan accordingly.
• Documents Needed: Bring your passport for currency exchange at banks.

B. ATMs

• Availability: ATMs are widely available in Daegu, including at convenience stores, subway stations, and shopping centers.
• International ATMs: Look for ATMs with the “Global” or “International” sign, which accept foreign cards. These are often found at major banks and convenience stores.
• Fees: ATM withdrawal fees vary depending on your home bank and the ATM operator. Expect fees of ₩3,000-₩5,000 per transaction.
• Tips: Use ATMs during business hours (9 AM to 6 PM) to avoid issues, as some machines may not operate 24/7.

---

4. Local Considerations for Payments

A. Traditional Markets and Street Vendors

• Cash is King: In places like Seomun Market or night markets, cash is the preferred payment method. Vendors may not accept cards or mobile payments.
• Bargaining: Bargaining is common in traditional markets, but it’s done politely. Having cash on hand makes this easier.

B. Tipping Culture

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

C. Receipts

• Always ask for a receipt if you need one, as it’s not automatically provided in smaller shops or markets.

D. Language Barrier

• While many businesses in Daegu cater to tourists, English proficiency may be limited in smaller establishments. Learn a few basic Korean phrases, such as:
  • “카드 돼요?” (Kadeu dwaeyo?) – “Do you accept cards?”
  • “현금만 돼요?” (Hyeongeumman dwaeyo?) – “Is it cash only?”

---

5. Tips for Managing Payments in Daegu

• Carry a Mix of Payment Options: While cards are widely accepted, always have some cash for emergencies or small purchases.
• Use a Currency Converter App: This helps you quickly calculate prices in your home currency.
• Notify Your Bank: Inform your bank of your travel plans to avoid your card being blocked for suspicious activity.
• Avoid Dynamic Currency Conversion: Some merchants may offer to charge your card in your home currency instead of KRW. This often comes with unfavorable exchange rates, so always choose to pay in KRW.

---

6. Cost of Living and Payment-Related Costs

• Daily Expenses: Daegu is more affordable than Seoul. Expect to pay around ₩5,000-₩10,000 for a meal at a casual restaurant, ₩1,500-₩2,000 for a coffee, and ₩1,250 for a subway ride.
• Transaction Costs: Be mindful of foreign transaction fees and ATM withdrawal fees if using an international card.

---

By understanding these payment methods and tips, you’ll be well-prepared to navigate Daegu’s vibrant markets, modern shopping centers, and public transportation system with ease. Enjoy your time in this dynamic city!