Suwon

1. General Use of Cash vs. Credit Cards

• Credit Cards: South Korea is a highly cashless society, and Suwon is no exception. Credit and debit cards are widely accepted in most places, including restaurants, cafes, convenience stores, shopping malls, and even taxis. Visa, MasterCard, and Korean domestic cards (e.g., BC Card, Lotte Card) are commonly used.
• Cash: While credit cards dominate, cash is still necessary in certain situations, especially in smaller businesses, traditional markets, street food stalls, and for public transportation (if you don’t have a transportation card). Some older establishments or vendors may prefer cash.

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2. Situations Where Cash Might Be Necessary

• Traditional Markets: Suwon is famous for its traditional markets, such as the Paldalmun Market. Many vendors here may only accept cash, especially for small purchases.
• Street Food: Suwon is known for its delicious street food, particularly around Hwaseong Fortress. Vendors often prefer cash for quick transactions.
• Public Transportation: While most people use T-money or Cashbee cards (rechargeable transportation cards), cash can be used to pay for buses or taxis. However, paying with cash for transportation is slightly more expensive than using a card.
• Small Businesses: Some mom-and-pop stores, rural areas, or older establishments may not accept credit cards.
• Emergency Situations: Having some cash on hand is always a good idea in case of technical issues with card payments or if you’re in an area with limited card acceptance.

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3. Typical Local Costs

Here are some examples of typical costs in Suwon (as of late 2023):

• Street Food: KRW 2,000–5,000 per item (e.g., tteokbokki, hotteok, or skewers).
• Public Transportation:
  • Bus: KRW 1,400–1,800 (with a transportation card) or KRW 1,500–1,900 (cash).
  • Taxi: Base fare starts at KRW 3,800 (slightly higher at night).
• Traditional Market Meals: KRW 5,000–10,000 for a simple meal.
• Coffee: KRW 4,000–6,000 at a cafe.
• Convenience Store Items: KRW 1,000–3,000 for snacks or drinks.

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4. Currency Denominations

The official currency in South Korea is the Korean Won (KRW). Denominations include:

• Coins: KRW 10, 50, 100, 500.
• Banknotes: KRW 1,000, 5,000, 10,000, 50,000.
  • The KRW 50,000 note is the highest denomination and is less commonly used for small transactions.
  • Coins are frequently used for small purchases, such as vending machines or street food.

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5. Where to Exchange Currency

• Banks: Major banks like KEB Hana Bank, Shinhan Bank, and Woori Bank have currency exchange services. Banks in Suwon are reliable and offer competitive rates. Look for branches near Suwon Station or in central areas.
• Currency Exchange Booths: These are less common in Suwon compared to Seoul, but you may find them in tourist-heavy areas or near Suwon Station.
• ATMs: Many ATMs in Suwon allow foreign card withdrawals in KRW. Look for ATMs with a "Global" or "Foreign Card" sign. Note that some ATMs may charge a small fee for withdrawals.
• Airport: If you’re arriving at Incheon International Airport, you can exchange money there before heading to Suwon. Rates may not be as favorable as banks in the city.
• Tips: Always check the exchange rate and fees before exchanging money. Carry some USD, EUR, or JPY, as these are the most commonly accepted foreign currencies for exchange.

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6. Cultural Considerations and Tips for Paying with Cash

• Presentation of Cash: When paying with cash, it’s polite to hand over the money with both hands, especially in more formal settings. This is a sign of respect.
• Change: Vendors and cashiers will usually return your change with both hands as well. It’s customary to accept it in the same manner.
• Tipping: Tipping is not a common practice in South Korea, including Suwon. Service charges are typically included in the bill at restaurants and cafes.
• Carrying Cash: South Korea is a very safe country, and carrying cash is generally not a concern. However, it’s still wise to avoid carrying large amounts unnecessarily.
• Transportation Cards: If you plan to stay in Suwon for a while, consider getting a T-money or Cashbee card. These cards can be used for buses, subways, and even some taxis and convenience stores, reducing the need for cash.
• Small Denominations: Keep smaller bills (KRW 1,000 and KRW 5,000) and coins handy for street food, vending machines, and small purchases. Vendors may not always have change for larger bills like KRW 50,000.

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7. Practical Tips

• Language Barrier: While many younger Koreans and business owners in Suwon may speak some English, it’s helpful to know basic Korean phrases like:
  • "얼마예요?" (Eolma-yeyo?) – "How much is it?"
  • "현금으로 낼게요." (Hyeongeum-euro naelgeyo.) – "I’ll pay in cash."
• Receipts: If you need a receipt, say "영수증 주세요" (Yeongsujeung juseyo) – "Please give me a receipt."
• ATMs: Use ATMs located in banks or convenience stores for safety and reliability. Convenience store ATMs (e.g., CU, GS25, 7-Eleven) are available 24/7.

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8. Final Recommendations

• While Suwon is highly card-friendly, carrying a small amount of cash (around KRW 50,000–100,000) is advisable for emergencies and small transactions.
• Familiarize yourself with the local currency and denominations to avoid confusion.
• Use credit cards for larger purchases and cash for smaller, informal transactions.
• If you’re staying long-term, consider opening a local bank account for easier access to cash and card services.

By understanding these aspects of cash usage in Suwon, you’ll be well-prepared to navigate the city’s financial landscape with ease and confidence. Enjoy your time in Suwon!