Credit card cashing fees are standard charges that many tourists and travellers encounter when using their credit cards in South Korea. At the end of it, such fees can add up very high, so one needs to be very cautious. With this, cashing out money from an ATM using a credit card or availing of cash advance services from banks and some stores will always have a corresponding cashing fee.
When you make a series of smaller cash withdrawals, such transactions can result in a significant credit card surcharge. Here are some tips and pitfalls that will keep you from being hit with excessive cashing fee penalties when travelling in South Korea.
Check Your Credit Card Fee Rates in Advance
Find out how much the company charges as cash withdrawal fees and cash advance rates, among other charges, when you’re overseas. Many are charging a certain percentage of your money for every transaction you make for cash advances. You can plan in advance and avoid some of these unplanned credit card cashing fees.
Some banks and stores promote services like “cash advance” on credit cards as services that can help you access cash. Most of them come with high fees and interest charges, so avoid cash advance services on the credit card.
Use a Debit Card or Local Cash for Small Purchases
For small, everyday spending, like food, transportation, or shopping, consider using Korean cash or a debit card and not a credit card. This saves small transactions that would not otherwise need a credit feature and thus saves little fees for cashing out credit cards.
Withdraw Larger Amounts Less Often
If you must withdraw cash from your credit card, make the amount taken each time bigger while doing so less often. Many small withdrawals will carry multiple credit card cashing fees along with them. Larger, less frequent withdrawals decrease the impact of the cost of fees.
Ask About Credit Card Cashing Fees at ATMs
Before using an ATM, look for any signs that say there are fees for withdrawing with a foreign credit card. Be sure to ask bank staff about credit card cashing rates so that withdrawing money from that ATM does not result in many more charges than expected. Remember to pay off the monthly credit card bill in full.
Know When Credit Card Processing Fees May Apply
Some local retailers and merchants may charge a small processing fee when you make a transaction by credit card, especially for small transactions. To avoid unnecessary cashing fees, pay attention to any signs about fees or choose non-fee payment methods when possible.
Compare Credit Card Cashing Rates Between Banks
Visit several bank ATMs and ask about their rates of credit card cash withdrawals before making big cashouts. Minor differences in the rates of credit card cashing can help save money; thus, find the rate that will cater to your flexibility.
Understand Surcharges at Currency Exchange Counters
Besides the exchange rate, currency exchange counters might charge you a flat fee or percentages per transaction. It might be more cost-effective to use your ATM or credit card to save extra money on surcharges by the exchange counters.
Make Larger Purchases With Your Credit Card
Whenever it is practical, instead of a large cash withdrawal from the credit card cashing fee, make the larger trip expenses with the card. This saves you the extra credit card cashing fees.
Final Thoughts
People can understand some of the 신용카드 현금화 수수료 that apply within Korea as they travel with these options and avoid these unnecessary charges by using some of the tips above. Always be sure to look at your statement to check for any unknown fees, and contact your credit card company immediately if you see errors or unauthorized transactions. With a bit of planning about the fees, you can enhance your adaptability while using your credit cards abroad, free of high penalty expenses.
