Hi guys,
I'm going to south korea for 10 days, and I'm just wondering as a real Ozbargainer how shall I exchange my money?
Options:
1) bring Australian dollars and exchange in a bank there
2) use visa card to pay - I have both NAB and ING
3) don't use any money
What should I do?
From memory, the buses from Seoul airport only take cash, so best to exchange at least a bit of money in Aus first
Korean buses do take credit cards but it's only for Korean-issued cards which have the ability to pay for public transport. Almost all Koreans use this as it's more convenient and cheaper. So unless you have one of those, don't forget to take cash, or if you're going to use public transport often, buy a public transport card for about $3. These can be purchased from virtually all convenience stores.
Credit cards are accepted at virtually all places (except for small markets etc.) for ANY amount so if you have a 28 degrees card make sure you use that! I find that Korea doesn't have that many forex booths like in some other Asian countries and I always end up going to the banks to change currency. If you're going to use a bank, a good choice for someone who can't speak Korean and short on time would be KEB (Korea Exchange Bank) but keep in mind it's not always the cheapest but usually is based on my experience.
I've been to South Korea a few times and I find that a combination of AUD cash and 28 degree card works well for me. I usually exchange my AUD at the KEB bank or at forex booths in famous shopping areas like Myong Dong and Namdaemun. Please shop around and compare the rates so you won't get ripped off. All other purchases, especially at big retailer and shopping centres, you can use 28 degrees card. One thing to note, I tried to withdraw cash from my 28 degrees card at the local ATM but for some reason it didn't work. My advise is to bring enough cash for transport + small purchases.
You cannot withdraw money at 'local' ATM's using a foreign card. The only ones that work with foreign cards are the Global ATM's. You can find them at the Incheon International Airport in touristy areas in Seoul. Outside of these places, there aren't too many of them but they do exist.
by interest, what banks operate in Seoul, eg citibank, ing etc ?
I took money out from heaps. Around Dong Dae Mun etc, you'll really have no issues getting money from an ATM. exchanging cash here in australia is retarded as you get ripped on the rates.
Wow, it's like 5th comment and I going to be first saying this. Is it really OzBargain?
If time allows, get a Citibank Plus Transaction Account debit card: load with AUD, unload local currency in first foreign ATM.
Sorry man, leaving tomorrow..
I take AUD to random little convenience stores and they have pretty good rates.
Thanks guys for all the posts!! Fortunately a friend of mine picks me up from the airport, I'll take out money from ATM with Ing costs only 2.50$, next trip I'll make an international credit card - that sound best!
Citibank debit card would be a good choice to get and use to withdraw cash from ATM. Exchange rate is good and no fees. Don't know about Korea but plenty of ATMs and branches in Thailand Singapore and other south East Asian countries.
I found the best exchange rate was at Walker Hill Casino. Just remember not to gamble all of your money before you leave. You'll want to exchange a bit of cash in Australia before going too to cover things like food, transport, etc.