Daejeon
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Cash and Coins Usage
Sections
Currency Overview
- Currency Name: 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, so check the current rate before your trip. As of late 2023, 1 USD is approximately 1,300 KRW.
Cash vs. Card Usage in Daejeon
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Card Payments:
- South Korea is a highly cashless society, and credit and debit cards are widely accepted in Daejeon, even for small transactions like coffee or convenience store purchases.
- Visa, Mastercard, and UnionPay are the most commonly accepted international cards. American Express and Discover may work in some places but are less common.
- Mobile payment systems like Samsung Pay, Kakao Pay, and Naver Pay are also popular, though they may require a Korean bank account.
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Cash Usage:
- While cards dominate, cash is still useful in certain situations:
- Traditional markets (e.g., Daejeon Jungang Market)
- Small, family-run restaurants or street food vendors
- Rural areas or older establishments
- Coins are particularly useful for public transportation and vending machines.
- While cards dominate, cash is still useful in certain situations:
Coins and Their Usability
- Public Transportation:
- Coins are commonly used for purchasing single-ride tickets on buses or subways if you donโt have a transportation card (e.g., T-money or Cashbee).
- Fares for buses and subways in Daejeon typically range from โฉ1,250 to โฉ1,500 for adults, so having โฉ100 and โฉ500 coins is handy.
- Vending Machines:
- Vending machines for drinks and snacks are widespread in Daejeon, and they accept coins (โฉ100 and โฉ500) as well as small banknotes (โฉ1,000).
- Parking Meters:
- Some older parking meters or self-service kiosks may still require coins.
Withdrawing Money from ATMs
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ATM Availability:
- ATMs are widely available in Daejeon, especially in convenience stores (e.g., CU, GS25, 7-Eleven) and banks.
- Look for ATMs with the Global ATM or Foreign Card Accepted signs to ensure compatibility with international cards.
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Fees and Limitations:
- Transaction Fees: Fees vary depending on your home bank and the ATM operator. Expect fees between โฉ3,000 and โฉ5,000 per withdrawal.
- Daily Withdrawal Limits: Most ATMs have a limit of โฉ1,000,000 per transaction, but your home bank may impose lower limits.
- Language Options: Many ATMs offer English, Chinese, and Japanese language options for foreign users.
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Tips:
- Use ATMs at major banks like KB Kookmin Bank, Shinhan Bank, Woori Bank, or Hana Bank for better reliability and lower fees.
- Avoid withdrawing small amounts frequently to minimize fees.
Transportation Cards
- If you plan to use public transportation frequently, consider getting a T-money card or Cashbee card:
- These cards can be loaded with cash and used for buses, subways, and even taxis.
- They are available at convenience stores and subway stations.
- You can recharge them using cash or card at kiosks or convenience stores.
Local Customs and Considerations
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Handling Cash:
- When paying with cash, itโs polite to use both hands when giving or receiving money, especially in formal settings.
- Many stores and restaurants will provide a small tray for cash transactions. Place your money on the tray instead of handing it directly to the cashier.
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Change:
- If you pay with a large bill (e.g., โฉ50,000), donโt be surprised if smaller shops or vendors hesitate to accept it due to a lack of change.
- Always carry smaller denominations (โฉ1,000 and โฉ10,000 bills) and coins for convenience.
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Tipping:
- Tipping is not customary in South Korea, including in Daejeon. Service charges are typically included in the bill at restaurants and hotels.
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Counterfeit Awareness:
- Counterfeiting is rare in South Korea, but itโs still a good idea to familiarize yourself with the look and feel of Korean banknotes and coins.
Where to Exchange Money
- Banks:
- Major banks in Daejeon, such as KB Kookmin Bank, Shinhan Bank, and Woori Bank, offer currency exchange services. Bring your passport for identification.
- Bank hours are typically 9:00 AM to 4:00 PM, Monday to Friday.
- Currency Exchange Booths:
- These are less common in Daejeon compared to Seoul, but you may find them in major shopping areas or near train stations.
- Airports:
- If youโre arriving at Incheon or Gimpo Airport before heading to Daejeon, exchange some money there for immediate use.
Emergency Tips
- If your card doesnโt work at an ATM, try another bankโs ATM or contact your home bank to ensure your card is authorized for international use.
- Keep some cash on hand for emergencies, as not all places (especially smaller businesses) accept cards.
By understanding the balance between cash and card usage in Daejeon, youโll be well-prepared to navigate the cityโs payment systems with confidence. Whether youโre exploring traditional markets, using public transportation, or dining out, this guide ensures youโll have the right payment method for every situation.