Suwon

๐Ÿ’ฑ

Currency Exchange

Locations and methods for exchanging foreign currency to South Korean Won, including banks and dedicated exchange centers.

Sections

1. Currency in South Korea

  • The official currency of South Korea is the South Korean Won (KRW).
  • Common denominations:
    • Coins: 10, 50, 100, and 500 KRW.
    • Banknotes: 1,000, 5,000, 10,000, and 50,000 KRW.
  • Currency symbol: โ‚ฉ
  • Exchange rates fluctuate daily, so check the current rate before exchanging.

2. Where to Exchange Currency in Suwon

Suwon offers several reliable options for currency exchange. Here are the most common places:

a. Banks

  • Major Banks: Woori Bank, KEB Hana Bank, Shinhan Bank, KB Kookmin Bank, and NH NongHyup Bank.
  • Banks are the most secure and reliable places to exchange currency.
  • Locations: Banks are located throughout Suwon, especially near major areas like Suwon Station, Ingye-dong, and Hwaseong Fortress.
  • Operating Hours: Typically 9:00 AM to 4:00 PM, Monday to Friday (closed on weekends and public holidays).
  • Procedure:
    1. Bring your passport (required for foreigners).
    2. Fill out a currency exchange form (staff will assist if needed).
    3. Hand over your foreign currency and receive KRW.
  • Fees: Banks charge a small commission fee (usually 1-2% of the amount exchanged) and may have slightly less favorable rates compared to specialized exchange counters.

b. Currency Exchange Counters

  • Found in busy areas like Suwon Station, shopping districts, and tourist hubs.
  • These counters often offer competitive rates compared to banks.
  • Examples:
    • Exchange counters near Suwon Station.
    • Counters in large shopping malls like AK Plaza.
  • Operating Hours: Typically 10:00 AM to 8:00 PM, but hours may vary.
  • Fees: Some counters charge no explicit fees but may offer slightly lower exchange rates.

c. Airports

  • If youโ€™re arriving at Incheon International Airport or Gimpo Airport, you can exchange currency at the airport before heading to Suwon.
  • Airport exchange counters are convenient but often have higher fees or less favorable rates compared to banks or local counters in Suwon.

d. ATMs

  • Many ATMs in Suwon accept foreign cards and allow you to withdraw KRW directly.
  • Look for ATMs with global network logos like Visa, Mastercard, Cirrus, or Plus.
  • Fees: ATM withdrawal fees vary depending on your home bank and the ATM operator (typically 3,000-5,000 KRW per transaction).
  • Exchange Rate: The rate is determined by your home bank and is often competitive.
  • Tip: Use ATMs located inside banks or convenience stores for added security.

e. Hotels

  • Some high-end hotels in Suwon offer currency exchange services for guests.
  • Rates are usually less favorable, and fees may be higher, so this option is best for small amounts or emergencies.

3. Associated Costs

  • Exchange Rate Margins: Banks and exchange counters apply a margin to the exchange rate, which is how they make a profit.
  • Service Fees: Some banks and counters charge a flat fee or percentage-based commission.
  • ATM Fees: If using an ATM, you may incur both a local ATM fee and a foreign transaction fee from your home bank.

4. Tips for Currency Exchange in Suwon

  • Compare Rates: Check rates at multiple locations (banks, counters, and ATMs) to find the best deal.
  • Avoid Airport Exchanges for Large Amounts: While convenient, airport rates are often less favorable.
  • Carry Small Denominations: Many small businesses in Suwon prefer cash and may not accept large bills (e.g., 50,000 KRW).
  • Use Credit Cards When Possible: Credit cards are widely accepted in Suwon, especially in restaurants, shops, and hotels. However, always carry some cash for smaller establishments or street vendors.
  • Beware of Scams: Only exchange money at official banks, licensed counters, or ATMs. Avoid street vendors offering currency exchange services.

5. Cultural and Local Considerations

  • Cash is Still King: While credit cards are widely used, cash is still essential for small purchases, street food, and transportation (e.g., buses and taxis).
  • Language Barrier: Bank staff and exchange counter employees may not always speak fluent English. Use translation apps or write down key phrases in Korean to assist with communication.
    • Example: "ํ™˜์ „ํ•˜๊ณ  ์‹ถ์–ด์š”" (Hwanjeonhago sipeoyo) = "I want to exchange money."
  • Tipping: Tipping is not customary in South Korea, so you donโ€™t need to worry about carrying extra cash for tips.
  • Keep Receipts: Always keep your exchange receipts, as you may need them to exchange leftover KRW back into your home currency when leaving South Korea.

6. Emergency Options

  • If you run out of cash and need KRW urgently:
    • Use an international credit card for purchases.
    • Withdraw cash from an ATM.
    • Visit a nearby bank or exchange counter during business hours.

7. Digital Payment Alternatives

  • South Korea is highly advanced in digital payments. Apps like KakaoPay and Naver Pay are popular, but they may require a Korean bank account.
  • Foreigners can use international credit cards with contactless payment features (e.g., Visa PayWave, Mastercard PayPass) in many places.

By following this guide, youโ€™ll be well-prepared to handle currency exchange in Suwon. Enjoy your time in this beautiful city! If you have further questions, feel free to ask.