Daejeon

๐Ÿฆ

Banking and ATMs

Sections

1. Currency in South Korea

  • Currency Name: South Korean Won (KRW)
  • Denominations:
    • Coins: โ‚ฉ10, โ‚ฉ50, โ‚ฉ100, โ‚ฉ500
    • Banknotes: โ‚ฉ1,000, โ‚ฉ5,000, โ‚ฉ10,000, โ‚ฉ50,000
  • Exchange Rate: The exchange rate fluctuates daily. As of late 2023, 1 USD is approximately 1,300-1,400 KRW. Check real-time rates through currency exchange apps or websites like XE or OANDA.

2. Currency Exchange in Daejeon

  • Where to Exchange Money:

    • Banks: Major banks like KEB Hana Bank, Shinhan Bank, Woori Bank, and KB Kookmin Bank offer currency exchange services. These banks are reliable and provide competitive rates.
    • Currency Exchange Counters: Found in major train stations (e.g., Daejeon Station) or shopping malls. However, rates may not be as favorable as banks.
    • Airports: Incheon or Gimpo International Airports have currency exchange counters, but rates are often less favorable compared to banks in the city.
    • ATMs: Some ATMs allow foreign cardholders to withdraw KRW directly, which can be a convenient option.

  • Tips for Currency Exchange:

    • Bring your passport when exchanging money at banks.
    • Avoid exchanging large amounts at airports due to higher fees.
    • Compare rates at different banks or counters for the best deal.

3. Using ATMs in Daejeon

  • ATM Accessibility:

    • ATMs are widely available in Daejeon, especially in convenience stores (e.g., CU, GS25, 7-Eleven), subway stations, shopping malls, and near banks.
    • Most ATMs operate 24/7, but some may have limited hours, especially those located inside bank branches.

  • Foreign Card Usability:

    • Look for ATMs with the Global ATM or Foreign Card Accepted signs. These ATMs support international cards like Visa, Mastercard, Maestro, Cirrus, and UnionPay.
    • Major banks like KEB Hana, Shinhan, and Woori have ATMs that are foreigner-friendly and offer English-language options.

  • Fees for Withdrawals:

    • ATM Fees: Fees vary depending on the ATM and your card issuer. Expect fees ranging from โ‚ฉ3,000 to โ‚ฉ5,000 per transaction.
    • Foreign Transaction Fees: Your home bank may charge additional fees for international withdrawals. Check with your bank before traveling.
    • Daily Withdrawal Limits: Most ATMs have a withdrawal limit of โ‚ฉ1,000,000 per transaction, but this may vary depending on your card.

  • Tips for Using ATMs:

    • Use ATMs located inside bank branches for added security.
    • Avoid withdrawing small amounts frequently to minimize fees.
    • Keep your receipts for record-keeping and exchange rate verification.

4. Opening a Bank Account in Daejeon

If youโ€™re a resident or long-term visitor, opening a local bank account can be highly beneficial for managing finances.

  • Eligibility:

    • Foreigners can open a bank account in South Korea with the following documents:
      • Passport
      • Alien Registration Card (ARC) issued by the Korean Immigration Office
      • Proof of address (e.g., utility bill or lease agreement)
    • Some banks may require a Korean phone number.

  • Popular Banks for Foreigners:

    • KEB Hana Bank: Known for its foreigner-friendly services and English-speaking staff.
    • Shinhan Bank: Offers English-language online banking and mobile apps.
    • Woori Bank: Provides services tailored to international residents.
    • KB Kookmin Bank: A reliable option with extensive branch networks.

  • Account Types:

    • Basic Savings Account: Ideal for everyday transactions.
    • Foreign Currency Account: Useful for holding funds in USD or other currencies.
    • Remittance Account: Designed for sending money abroad.

  • Process:

    1. Visit a bank branch with the required documents.
    2. Fill out the application form (English assistance is available at some branches).
    3. Deposit a small initial amount (usually โ‚ฉ10,000 or more).
    4. Receive your bankbook and debit card (some banks issue cards immediately, while others may take a few days).

  • Banking Hours:

    • Most banks in Daejeon operate from 9:00 AM to 4:00 PM, Monday to Friday.
    • Banks are closed on weekends and public holidays.

5. Online and Mobile Banking

  • Online Banking:

    • Most banks offer online banking services in English, allowing you to check balances, transfer funds, and pay bills.
    • You may need to install security software on your computer to use online banking in South Korea.

  • Mobile Banking:

    • Banks like KEB Hana, Shinhan, and Woori have mobile apps with English-language support.
    • Mobile banking is highly secure but may require a Korean phone number for registration.

6. Cultural Considerations

  • Politeness:

    • Bank staff are generally polite and professional. Bowing and using formal language are common practices.
    • If you donโ€™t speak Korean, many bank branches in Daejeon have English-speaking staff or translation services.

  • Queueing:

    • Take a numbered ticket from the machine near the entrance and wait for your turn. Your number will be displayed on a screen.

  • Cash Usage:

    • While South Korea is increasingly cashless, cash is still widely used, especially in traditional markets and smaller businesses. Always carry some cash for emergencies.

  • Card Payments:

    • Credit and debit cards are widely accepted in Daejeon, even for small transactions. However, some smaller establishments may only accept cash.

7. Additional Tips

  • Emergency Numbers:

    • If your card is lost or stolen, contact your bank immediately. Most banks have 24/7 hotlines for reporting lost cards.
    • For general assistance, you can also call the Korea Tourism Hotline (1330), which offers support in multiple languages.

  • Tax Refunds:

    • As a visitor, you may be eligible for tax refunds on purchases made in South Korea. Look for stores with "Tax-Free" signs and keep your receipts. Refunds can be processed at the airport or designated counters in the city.

  • Language Barrier:

    • While many ATMs and bank services offer English options, having a translation app (e.g., Papago or Google Translate) can be helpful.

Conclusion

Banking and using ATMs in Daejeon, South Korea, is generally straightforward, with plenty of options for both visitors and residents. By understanding the local currency, banking practices, and cultural norms, you can manage your finances efficiently and enjoy your time in the city. Whether youโ€™re exchanging money, withdrawing cash, or opening a bank account, Daejeonโ€™s financial infrastructure is well-equipped to meet your needs.