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Money
Matters in Seoul
Seoul,
South Korea is a financial landmark in the Asian sector that cannot
be ignored. As we build this portion of our Web site, please enjoy
some of these other South Korean financial links for further information
concerning Seoul, South Korea financial issues.
http://www.kofex.com/
http://www.ktfc.co.kr/
http://english.kosdaq.or.kr/
http://www.kdlc.co.kr
ATMs
and Credit Cards in South Korea
ATMs
are everywhere in South Korea. Using domestic cards on Korean
banks are available everywhere. However, using American, Canadian,
Japanese or other foreign ATM cards, credit cards, or debit cards
is more difficult. You can get a cash advance on any MasterCard,
Visa or any other major international credit card from any bank,
but you cannot get a cash advance on a debit card. In order to
withdraw money from an ATM in Korea, you must use an ATM
machine that says Global Service and the Visa, Mastercard and
other credit card logos. Your card must be on one of these systems.
If you just see the Credit Card logos but no Global Service sign,
you will not be able to withdraw cash. Look for this service at
a Kookmin
Bank.
Major
credit cards are accepted at major hotels, most restaurants, department
stores, grocery stores, and big retailers, (like Wal-mart). Most
American franchises, like KFC, McDonald's and Burger King accept
them as well. Most ATM's provide South Korean Won. You can also
go to banks and get a cash advance on your credit card. Sorry,
debit card holders - you cannot draw cash on your debit card,
nor can you get a cash advance. However, if your debit card works
on a major credit card line, like Master Card, you can use them
to charge and buy products at any place that accepts major credit
cards. Look on your debit card for their logo, ask a bank for
help or contact your debit card bank for more information.
Banking
Banking
hours in Seoul are from 9:30 AM to 4:30 PM Monday through Friday
and from 9:00 AM to 1:00 PM on Saturday. As is the case with any
bank almost anywhere you will find yourself standing in line.
Be certain to ask around or look around for a machine that dispenses
a ticket with a number on it. Generally speaking, most banks in
Seoul have personnel that speak some level of English and most
transactions go smoothly.
Where
to Exchange
You
can exchange money at any currency exchange place. Many are in
banks like Shinhan and Chohung. Some places exclusively change
money. Many are in Itaewon and downtown Seoul. There are also
many places right as you get off the plane at Incheon International
Airport. Only hard currencies, like US dollars or Japanese
Yen etc., are exchanged! Getting currencies exchanged from
other Asian countries is almost impossible, so get them exchanged
before coming here.
Currency
The
official term for South Korean currency is Won. These are some
samples of South
Korean Won. Currency including US Dollars can be exchanged
at numerous locations in and around Seoul, South Korea. We strongly
urge you to deal only with reputable and authorized currency exchange
facilities for your own personal peace of mind, and your safety.
If in doubt, ask around, call the police, or any tourist information
center in Seoul before making a bad decision that could cost you
hard earned money and possibly a fine, deportation, or arrest
and incarceration. For a few locations in Seoul please consult
the list we have provided below. In all cases dealing with currency
exchange be certain to have your current and valid passport with
you.
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