Jeonju
Currency Exchange
Information about exchanging foreign currency into South Korean won (KRW) at banks, exchange centers, or other official locations.
Sections
1. Overview of Currency in South Korea
- The official currency of South Korea is the South Korean Won (KRW), symbolized as โฉ.
- Banknotes are available in denominations of โฉ1,000, โฉ5,000, โฉ10,000, and โฉ50,000.
- Coins are available in โฉ10, โฉ50, โฉ100, and โฉ500.
2. Local Currency Exchange Services in Jeonju
Jeonju, while not as large as Seoul or Busan, is a popular tourist destination known for its traditional Hanok Village. Currency exchange services are available, but options may be more limited compared to larger cities. Here are the main ways to exchange currency in Jeonju:
a. Banks
Banks are the most reliable and secure places to exchange currency in Jeonju. Major banks in South Korea include:
- Kookmin Bank (KB Bank)
- Shinhan Bank
- Woori Bank
- Hana Bank
These banks typically offer competitive exchange rates and transparent fees. Most branches in Jeonju are located in the downtown area or near tourist hubs like Jeonju Hanok Village.
Recommended Bank Locations in Jeonju:
- Shinhan Bank Jeonju Branch: Near Jeonju Hanok Village.
- KB Bank Jeonju Branch: Located in the city center.
- Hana Bank Jeonju Branch: Close to Jeonju Station.
Operating Hours:
- Monday to Friday: 9:00 AM โ 4:00 PM
- Closed on weekends and public holidays.
Procedure:
- Bring your passport (mandatory for foreigners).
- Fill out a currency exchange form (staff will assist if needed).
- Hand over the foreign currency you wish to exchange.
- Receive your KRW in cash along with a receipt.
Pros:
- Safe and reliable.
- Transparent exchange rates and fees.
- English-speaking staff may be available at larger branches.
Cons:
- Limited operating hours.
- May require waiting in line during busy times.
b. Currency Exchange Counters
Currency exchange counters are less common in Jeonju compared to Seoul or Incheon. However, you may find small exchange services near tourist areas like Jeonju Hanok Village or Jeonju Station. These counters are convenient but may charge higher fees or offer less favorable rates.
Tips:
- Always compare rates with banks before exchanging.
- Ask for a receipt and double-check the amount received.
c. ATMs
ATMs are a convenient way to withdraw KRW directly using your international debit or credit card. Many ATMs in Jeonju support foreign cards, especially those located in:
- Convenience stores (e.g., CU, GS25, 7-Eleven).
- Tourist areas like Jeonju Hanok Village.
Procedure:
- Insert your card and select the language (English is usually available).
- Choose "Cash Withdrawal" and select the amount.
- Confirm the transaction and collect your cash.
Fees:
- Your home bank may charge a foreign transaction fee.
- The ATM operator may charge a small withdrawal fee (โฉ3,000โโฉ5,000).
Pros:
- Available 24/7.
- Convenient for small amounts.
Cons:
- Exchange rates may not be as favorable as banks.
- Fees can add up for frequent withdrawals.
d. Hotels and Guesthouses
Some hotels and guesthouses in Jeonju may offer currency exchange services for their guests. However, the rates are often less favorable, and the service may be limited to major currencies like USD, EUR, or JPY.
3. Exchange Rates and Fees
- Exchange Rates: Rates fluctuate daily and can vary between banks, exchange counters, and ATMs. Banks generally offer the best rates.
- Fees: Banks may charge a small service fee (โฉ2,000โโฉ5,000), while exchange counters may include hidden fees in their rates. ATMs charge withdrawal fees as mentioned above.
Tip: Use online currency converters (e.g., XE, OANDA) to check the current market rate before exchanging.
4. Cultural Tips for Currency Exchange in Jeonju
- Politeness: South Koreans value politeness. Greet the staff with a smile and say "์๋ ํ์ธ์" (Annyeonghaseyo โ Hello) when entering a bank or exchange counter.
- Queueing: Always wait your turn in line. South Koreans are very orderly when it comes to queuing.
- Cash Usage: While credit cards are widely accepted in South Korea, cash is still commonly used in smaller shops, traditional markets, and street food stalls in Jeonju.
- Clean Bills: If youโre exchanging foreign currency, ensure your bills are clean and undamaged. Torn or heavily worn bills may be rejected.
5. Practical Advice for Currency Exchange in Jeonju
- Plan Ahead: Exchange a small amount of KRW before arriving in Jeonju to cover immediate expenses like transportation or meals.
- Avoid Airports: Exchange rates at airports (e.g., Incheon or Gimpo) are typically less favorable. Use them only for small amounts in emergencies.
- Carry Small Denominations: Many small businesses in Jeonju may not have change for large bills like โฉ50,000.
- Use Apps: Download apps like Naver Map or KakaoMap to locate nearby banks or ATMs. Google Maps is less reliable in South Korea.
- Check for International Cards: Look for ATMs with the Global ATM or Cirrus logo to ensure compatibility with your card.
6. Emergency Tips
- If you run out of cash and cannot find an exchange service, consider:
- Using your credit card for larger purchases.
- Asking your hotel or guesthouse for assistance.
- Visiting a major bank branch for emergency currency exchange.
7. Key Locations for Currency Exchange in Jeonju
Here are some specific locations to consider:
- Jeonju Hanok Village Area:
- Shinhan Bank and Woori Bank branches are within walking distance.
- Small exchange counters may be available near tourist shops.
- Jeonju Station Area:
- Hana Bank and KB Bank branches are located nearby.
- ATMs are available inside the station and nearby convenience stores.
By following this guide, youโll be well-prepared to handle currency exchange in Jeonju, South Korea. If you have any further questions or need additional assistance, feel free to ask! Safe travels!