Residents of Korea started to have small, balanced amounts of cash left over for small purchases or small refunds. While money can be cashed in at banks and exchange offices, they usually have an extra fee, sometimes as high as a couple of percentage points. Even at small sums, a 1% fee can seem high. There are ways to cut these fees and get the most cash in your hands from minor payments.
The following are some tips on how to get the lowest fee possible when cashing out small payments in Korea. This article will share some of the payment services and ATM options that are focused on small transactions and positioned to charge the lowest possible fee. Keeping in mind the “lowest fee for cashing out small payments” will help you get the most out of the cash that you have.
Lowest fee to cash out small payments in Korea: ATM options
Bank ATMs have varying fee structures, but a few known for small fees include K bank and H bank ATMs. These two have a flat fee of 1,000 won, no matter the amount withdrawn. This makes small withdrawals preferable to other ATMs. Other than bank-specific ATMs, you should look into services like Seven Bank, which may allow withdrawals from 7-Elevens for only a 500 won flat fee. Both of these are going to be great for low cash amounts of less than 10,000 won.
Mobile payment, digital currency cashouts
Payco and Toss are payment systems that allow smooth deposits and withdrawals in cash. Toss does not charge a fee for amounts under 50,000 won that are withdrawn from its ATMs of choice. This makes this one of the lowest fee options for small payments in Korea.
Money transfer services for low fees
Transferwise and Xoom are both international money transfer services that are supposed to have quite the lowest fee for cashing out small payments when compared to others. Both have starting options of around only a few thousand won for small sums of currency sent or received in Korea, avoiding the large bank or exchange rates.
Avoiding the fees that come with exchange bureaus
The exchange bureaus tend to levy the highest fees, often in the single digits of percentages. For small amounts under 50,000 won, consider if the fee will erase most of the payment. The cost of a bank ATM or payment system is likely lower.
Cashback at convenience stores
Some major marts like Emart allow cashback with purchases for a flat 100-200 won fee when over a minimum. It adds the convenience of no ATM withdrawal charge and is helpful for minimal amounts needing to be cashed out.
Depositing into a Korean bank account
Opening an inexpensive Korean bank account and depositing overseas payments into it before withdrawing is a sensible, low-fee option. Beware of minimum balance requirements to avoid monthly fees cutting into a small balance.
Lowest fee for cashing out small payments in Korea – Additional tips
Always compare fees as a percentage of your payment amount. Avoid services that take a sizable cut. Also, ensure that the supposed identification paperwork meets actual requirements, as some options have limits for foreign customers. Planning and shopping around are key to avoiding fees when exchanging small payments in Korea.
Final Thoughts
Being aware of your options can help you minimize the 소액결제 현금화 최저 수수료 in Korea. By utilizing services with flat fees rather than percentage-based charges, and choosing ATMs, you can keep fees low. Always compare fees as a percentage of the total amount to get an accurate picture of what you’ll actually receive. With a bit of research into the payment processors, money transfer services, bank ATMs, and cashback systems detailed here, travellers and residents alike can avoid situations where fees consume most of a small refund or reimbursement. When cashing out amounts under 50,000 won in particular, applying these tips should help you get the lowest fee possible.
