Currency & Transfers: how it works in South Korea — first-hand
Real experience of people from chats on «Currency & Transfers» in South Korea — as it is, no fluff. For your case — ask Luky.
From real experience
To withdraw South Korean won using a Russian UnionPay card: 1) KB Kookmin Bank ATMs are recommended for lower commission fees. 2) When using the ATM, select 'Global' interface and choose Russian language if available. 3) Expect fees around 3,500 KRW per transaction. Alternatively, loading funds onto a Wowpass/Namane card via cash deposit machines can be more cost-effective.
Users may encounter issues when using T-Money and Wowpass cards in Seoul's subway system, particularly with iPhone compatibility for fund transfers between the cards. If a card fails to read at the turnstile, seek assistance from metro staff. Ensure the card is properly placed and try alternative methods or contact support if persistent errors occur.
When withdrawing cash in South Korea using foreign cards like RSB Global UnionPay, it's important to use ATMs located within bank branches (e.g., KB-bank, Woori Bank) and ensure you select the option for foreign card transactions. Standard ATMs on the street may not be compatible. The PIN code might be six digits long. If you encounter issues, try different bank ATMs or consult with bank staff. Having a backup plan, such as using a card with a different network or having sufficient cash, is advisable.
Common methods for transferring money from Russia to South Korea currently include: 1. Zolotaia Korona (requires a recipient's local Korean account or card). 2. Dedicated remittance apps like E9pay or GmoneyTrans, which are preferred for lower commissions compared to standard bank transfers. Users should be aware of transaction limits and the necessity of having a local bank account.
For exchanging Russian Rubles (RUB) to South Korean Won (KRW) in Busan, it is advisable to seek out currency exchange offices. While rates can fluctuate, looking for offices in areas with higher tourist traffic might yield more competitive exchange rates. It is recommended to compare rates at multiple locations before making an exchange.
For transferring money from Russian Rubles to a Korean account (Toss or Hana), services like Zolotaya Korona are officially available and can be a secure option. Be cautious of unsolicited offers in direct messages.
Payment with Russian UnionPay cards in South Korea is inconsistent. While some users report successful transactions in various stores (e.g., Olive Young, Daiso, clothing stores), many experience difficulties or outright rejections. Cards are generally more reliable for ATM cash withdrawals. The success rate may vary depending on the specific bank and merchant. It is advisable to have alternative payment methods, such as USD cash for exchange or a local Korean card.
Direct card-to-card transfers from South Korea to Russia are currently unsupported. Recommended services include E9pay or SWIFT transfers through non-sanctioned Russian banks (e.g., Raiffeisen). Peer-to-peer exchange of cash KRW for RUB is a common alternative for tourists.
For travelers in Korea with limited cash and Russian bank cards, options for converting rubles may exist in exchange offices, particularly in tourist areas or districts frequented by Russian speakers. Exercise caution due to potential scammers. Online arrangements are not recommended; use verified channels.
To exchange cash for cryptocurrency in South Korea, individuals typically need to use cryptocurrency ATMs or visit licensed exchange offices. Popular platforms and physical locations exist, but direct peer-to-peer exchanges might carry higher risks. Researching reputable services beforehand is recommended.
Russian bank cards, particularly those from banks not under sanctions, may have limited functionality in South Korea. UnionPay cards from specific Russian banks like Rosselkhozbank and Asia-Pacific Bank are mentioned as potentially working for cash withdrawals. QR code payments, which are common in China, are generally not functional with Russian bank cards in Korea due to political and banking restrictions.
Russian payment cards, particularly UnionPay from banks like RSB, may have limited acceptance in South Korea, including at some Apple Stores in Seoul. ATM withdrawals are generally possible. It is advisable to use newer US dollar bills for exchange, as older notes may not be accepted everywhere. Smaller exchange offices, such as those in Myeongdong, often offer more favorable rates than major banks.
WOWPASS is a prepaid card and T-money (transport card) in one. Using the mobile app might require a VPN if accessing from abroad. It is recommended to purchase and top-up at machines in the city rather than the airport due to long queues. Converting USD to KRW at independent exchange offices (e.g., Money Box) before topping up the card provides a better exchange rate than direct USD conversion in the terminal.
UnionPay cards issued in Russia have very limited acceptance in South Korea. Reliability: 1. Direct payment at POS terminals is rare (mostly Daiso, Olive Young, NICE terminals). 2. ATM cash withdrawals (Woori Bank is reported as reliable) are the primary use case. 3. For stable payments, consider using Wowpass (can be topped up via intermediaries) or international cards issued in CIS countries.
Exchanging Russian Rubles (RUB) to South Korean Won (KRW) in Busan can be done at exchange offices. While specific 'advantageous' locations are not detailed, generally, exchange rates fluctuate. It's advisable to compare rates at different exchange points, particularly in areas with high tourist traffic like Myeongdong (in Seoul, though similar principle applies in Busan), where multiple small exchange offices often offer competitive rates compared to larger institutions. Using currency exchange comparison websites or apps before visiting an exchange office can help secure a better rate.
Wowpass card key constraints and features: 1. Maximum balance limit is 1,000,000 KRW at any single time (total turnover is unlimited). 2. Wowpass balance and integrated T-Money balance are separate. To transfer funds from the Wowpass account to T-Money, users must use the Wowpass mobile app, go to the T-Money section, select Top-up, and hold the physical card against the phone's NFC reader. 3. Wowpass kiosks at Incheon Airport (ICN) only accept cash KRW for initial card purchase/top-up, whereas kiosks in Seoul city, Gimpo (GMP), and Jeju (CJU) airports accept foreign currencies like USD.
For Russians traveling to South Korea, Russian bank cards, including UnionPay, have very limited acceptance. It's advisable to carry cash (USD/EUR) or obtain a foreign-issued card. UnionPay from the Asia-Pacific bank is mentioned as working better with AliPay. Kazakh cards like Kaspi are reported to be widely accepted. ATB UnionPay is also suggested for cash withdrawal and potential use in Japan and EU. Cash is generally recommended as a backup, with US dollars being a common choice.
UnionPay cards, particularly those issued by the Asia-Pacific bank and linked to the UnionPay app or AliPay, generally work well in China. In South Korea, UnionPay acceptance is limited, with ATB UnionPay being useful for cash withdrawals. It's recommended to have local currency or alternative payment methods.
Some Russian UnionPay debit cards may work in South Korea, primarily at select retailers like Olive Young, 7-Eleven, and Nike stores, as well as at specific ATMs for cash withdrawals. Acceptance can be inconsistent, and Apple Pay with foreign-linked cards has limited compatibility.
To withdraw KRW using a Russian UnionPay card (e.g., RSHB) at Global ATMs in South Korea: 1. Select 'Cash withdrawal'. 2. If prompted for a 6-digit PIN, enter your 4-digit PIN followed by '00' (e.g., 123400). 3. Typical fees are approximately 7,000 KRW per 1,000,000 KRW withdrawal.
Users report issues using Russian UnionPay cards (e.g., Rosselkhozbank) in South Korea. Payment terminals sometimes prompt for a 6-digit code after the PIN, and card usage may become restricted after multiple attempts. ATM withdrawals might also fail. Customer support suggests resetting PIN via ATM balance inquiry, but this is not always effective. Workarounds mentioned include entering '00' after the PIN or using Yandex Browser.
The current exchange rate for Korean Won (KRW) to Russian Rubles (RUB) is approximately 1 KRW = 0.0476 RUB (dividing KRW by 21). As of late 2023/early 2024, the rate has shifted significantly from previous years (around 1:14-1:16).
UnionPay cards can be used for cash withdrawals in South Korea. Woori Bank ATMs are frequently reported to be reliable for UnionPay transactions. If encountering issues with an ATM, try a different one or consult bank staff to ensure the ATM supports Global UnionPay transactions.
For UnionPay cardholders, prioritize ATMs labeled 'Global ATM'. Major banks like Woori generally support international cards. It is strictly recommended to carry physical cash at the border, calculating approximately $100 USD per day of stay, even if holding a foreign debit/credit card.
In South Korea, T-Money cards can be topped up with cash at any convenience store (CU, GS25). Wowpass card machines for currency exchange and top-up are widely available, including 24/7 options in areas like Myeongdong (check the Wowpass app for locations). Exchange rates outside the airport, especially in popular tourist areas like Myeongdong, can often be more favorable than airport rates. Wowpass cannot be topped up online; only physical top-up at machines is possible. For Union Pay cards (e.g., RSKHB), it's possible to withdraw cash from ATMs (like Woori Bank) and then use the cash to load the Wowpass.
When paying in South Korea, be prepared for card acceptance variability. Russian bank cards, especially UnionPay (even from banks like Rosselkhozbank - RSB), have limited acceptance, primarily for ATM withdrawals. Larger retailers like Lotte may decline standard Visa Gold but accept Visa Platinum. Smaller shops, cafes, and laundromats might accept the same cards without issue. Foreign cards typically have daily withdrawal limits (around 700,000 KRW) and transaction fees. For significant purchases, plan to split payments across days and locate compatible ATMs. Carrying local currency (KRW) is advisable, especially for markets and street food. For transportation, the T-money card is essential and can be topped up via the Wowpass app or convenience stores (CU, GS25, 7/11). The Wowpass tourist card is widely accepted but has reportedly failed in taxis on Jeju Island, making cash a safer bet there.
T-money is the standard payment method for buses and subways in Seoul. Payment for public transport cannot be made directly with international credit cards. T-money cards can be purchased and topped up with cash at convenience stores (GS25, etc.). For Wowpass users, funds must be transferred to the internal T-money balance.
Gmoneytrans is a remittance service that can be used from Korea with a passport and a Korean phone number for initial registration. While a Korean number is needed for setup, it might be possible to change it later. A physical Gmoney card (Quick card) can be obtained with a Russian passport, allowing cash withdrawals even if the Korean phone number becomes inactive. There's a 1500 won withdrawal fee, and the card functions as a transport card.
UnionPay cards issued in Russia have limitations in South Korea. CNY-denominated cards are generally more cost-effective due to better conversion rates compared to RUB-denominated cards. Reliability for direct POS payment is low; primary utility is ATM cash withdrawal.
When traveling to South Korea, it's advisable to have cash on hand (around $100 per day), even if you have foreign bank cards. Old US dollar bills might be accepted, especially if exchanged through services like Wowpass which offers a decent exchange rate. For withdrawing Korean Won, consider using banks like Woori or KB-bank. Cards like RSB UnionPay with a Yuan account may also be usable for withdrawals. Money can be exchanged at various locations, including dedicated exchange offices in areas like Myeongdong.
For withdrawing cash from ATMs in South Korea using foreign cards, prioritize ATMs labeled 'Global ATM' or those that explicitly support international card networks. If using a UnionPay card, look for ATMs with the 'UP' logo. Not all ATMs are equipped to handle foreign cards. Be prepared for potential transaction fees and daily withdrawal limits set by both the local ATM operator and your home bank. It is recommended to confirm these details with your bank prior to travel.
Public transport cards in Seoul can be purchased and topped up at machines. A 500 KRW deposit is refundable upon returning the card to a designated machine. For iPhone users, transferring funds between T-Money and Wowpass may require specific application procedures or direct card usage at machines. Issues with card reading at turnstiles might require assistance from transport staff.
In the Dongdaemun area of Seoul, a Russian-speaking quarter exists where exchange offices operated by Russian Koreans may offer ruble exchange services, including via bank transfer.
Withdrawing cash from ATMs in South Korea is generally possible using UnionPay cards at major Korean bank ATMs (Shinhan, NH, Woori, Hana). Russian bank cards like RosSelkhozbank might work, but it's advisable to confirm conditions beforehand. For currency exchange, particularly for older US dollar bills, it's recommended to use exchange offices in city centers like Myeongdong, as rates are typically better than at the airport. Exchange offices may offer slightly less favorable rates for older USD bills compared to newer ones, but it remains a viable option.
Union Pay cards from Russian banks have low acceptance in South Korean retail stores and taxis. Cash is essential. ATMs at Hana Bank and Shinhan Bank are known to support withdrawals, but users report transaction fees (e.g., ~5,700 KRW for a 200,000 KRW withdrawal).
Transferring money from South Korea to Russia: 1. GME Remit and E9Pay are standard services for residents with an ARC (Alien Registration Card). 2. 'Zolotaya Korona' (Golden Crown) is typically used for transfers from Russia to Korea, not the reverse. 3. Online exchanges/cryptocurrency P2P are alternatives for those without a local bank account, but rates are often less favorable than official remittance services.
Transferring money from Russia to South Korea via KoronaPay (Zolotaya Korona) is possible, with Ozon Bank mentioned as a working option. Cashing out transfers may require using services like Hanpass/GME. Be cautious of individuals offering direct currency exchange via private messages, as they may be scammers. Receiving funds directly to a bank card is also an option.
To withdraw cash from UnionPay cards (e.g., RSHB) in Seoul, look for ATMs at KB Kookmin Bank branches, specifically 'Global ATM' labeled machines. Operation hours for lobby ATMs vary, but many external ones are 24/7. PIN entry: try 4 digits first, if rejected, try 6 digits by appending '00' to the 4-digit code. Withdrawal fee is approximately 3500 KRW.
UnionPay cards, especially those issued by Russian banks (e.g., Rosselkhozbank - RSB), have extremely limited acceptance in South Korea. Their functionality is primarily restricted to specific ATMs for cash withdrawals. Point-of-sale transactions are generally unreliable. Travelers should rely on alternative payment methods like international Visa or Mastercard, or carry sufficient South Korean Won (KRW) for transactions.
For Russian UnionPay cards (like RSHB) in South Korea: 1) Use specific ATMs, preferably Woori Bank or Hana Bank with 'Global ATM' signage. 2) If the ATM interface supports the Russian language, the card is more likely to be accepted. 3) If asked for a 6-digit PIN, enter the 4-digit PIN followed by '00'.
The usability of Russian Rosel'khozbank UnionPay cards for payments in Seoul varies. While generally functional for cash withdrawals from ATMs, their acceptance for purchases in stores is inconsistent. Some users report successful transactions in various retail environments, while others find them only partially accepted or not at all. It is advisable to carry alternative payment methods such as USD cash for exchange or a local Korean card.
Standard services like Zolotaya Korona often do not support transfers to Russia from South Korea. Recommended services for sending funds from Korea to Russia include GmoneyTrans, which requires a physical Korean SIM card and identity verification.
Withdrawal of funds from Russian bank cards (e.g., RSHB/Rosselkhozbank) is possible at specific bank ATMs in South Korea, such as Woori Bank. When using the ATM, select the 'Foreign Language' menu option. Transaction fees apply; e.g., a 3,000 KRW fee for a 200,000 KRW withdrawal.
To send money to Russia, consider using E9pay. It's reported to work for direct transfers to Russian bank cards. Check service terms for any specific requirements regarding recipient status.
The exchange rate for CNY to KRW in South Korea can fluctuate. For real-time rates, it is recommended to check with local exchange bureaus, such as Moneybox, or use online currency converters. Rates can vary between different exchange points.
UnionPay cards, including those issued by Rosselkhozbank (РСХБ), have been reported to work in South Korea for transactions, including K-ETA payments and potentially ATM withdrawals. However, acceptance can be inconsistent, and it's advisable to have alternative payment methods available.
The Namane card is a versatile payment option in South Korea, functioning as both a general payment card ('Pay Balance') and a public transport card ('T-money'). It is accepted at most retailers and for taxi fares. Funds can be added via Namane kiosks or CU convenience stores. The accompanying mobile application allows for balance transfers, custom card designs, and potentially access to exclusive offers.