Money transfer/banks question in south korea while traveling in South Korea.?
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I will be travelling all over south korea for a month, and I am aware that most hostels and some stores would probably not accept visa as payment. I am not comfortable carrying a lot of cash around, what are my options as a traveler? -->are there south korean banks partnered with canadian banks where I can transfer money from my account and withdraw from there? --> can I use my canadian bank card and withdraw from an atm in south korea? -->what are my money transferring options from canada to south korea? --> am I allowed to make a temporary account at a south korean bank where I can transfer and deposit money from my canadian bank account?
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Answer:
You would have to call your bank in canada to check if they are affiliated with any korean banks for you to withdraw money. If they don't. You can still withdraw money from global ATM's at any bank. But you will be a surcharge fee on the amount you take out, which you can also check on the % with you canadian bank. Korea is very safe so it should be fine for you to just carry enough cash for a day and keep the rest at a locked/safe place where you are residing.
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Other answers
Cash, while dangerous to carry around, is your most convenient bet. Korea is a very safe place. AMEX travelers checks are another good option as Korean banks recognize them, but cost money. Basically you're paying for peace of mind with those. Take enough cash with you, and you might be able to open a bank account in Korea with the cash while you are there. You never know where you're Visa card will work or won't when you're overseas. As far as having SK banks partnered with CN banks, I am not aware of any. Citibank might be your best bet. They have branches in Korea.
jaengee84
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