Using International Cash Cards and Credit Cards at the ATM
At Korean ATMs, there are 2 types of cards you can use: international cash cards and credit cards. With international cash cards, you can make both deposits and withdrawals into your account in the local currency (won). However, when you use your credit card, on top of being charged the corresponding exchange rate at the time of purchase, you will also be charged a commission fee.
International cash cards can be used at ATMs marked “Global ATM.” These ATMs are found mostly everywhere throughout Seoul, but especially in areas where you find many tourists, such as Myeongdong and Itaewon.
Besides banks, you’ll find global ATMs in the subway and in convenience stores where you can use your international cash card. These machines are usually marked with what types of cards they accept, and you’ll notice that you can even use “PLUS” and “Cirrus” cards at many of these.
▲ ATMs in the subway
▲ ATM at the convenience store
Many global ATMs are available in many languages, and, therefore, if you choose “English,” you can easily withdraw the amount of money you wish to take out. Cash will be dispensed from the machine in Korean won.
Because the exchange rate for international cash cards is not favorable, many people who travel overseas use their cash card only if they absolutely need to.
You can also withdraw money from global ATMs using your credit card. When you do this, the exchange rate is favorable. In addition, you can collect points on your credit card as well as receive discounts throughout your trip.
How to withdraw cash:
1. Insert your card and choose the language you desire.
2. Select “English.”
3. Enter your pin number.
4. Select「 CASH WITHDRAWAL」from the menu.
5. (When you select “cash withdrawal”) Select which amount you wish to take out.
6. Take your cash and receipt (if a receipt is printed).
In Korea, you can use credit cards at department stores, duty-free shops, convenience stores, restaurants and other establishments. These days, it’s more and more common to be asked to sign electronic signature panels rather than paper receipts.
What to Do When You Lose Your Card
While credit cards are convenient, you should be aware that it’s possible to lose them or become a victim of theft. If you ever realize your credit card is missing, you should contact your credit card company right away. If you are certain that it’s been stolen, you should call the police and file a report.
● National Police Interpretation Service 1588-5644
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[2010-07-09 18:17 Input / 2011-03-17 18:10 Modify]
Article source: Seoul Metropolitan Government Tourism Division