Paying Cash vs. Credit Card Transactions

I don%26#39;t like to carry a lot of cash around while traveling. But I don%26#39;t want to make too many ATM withdrawals that incur expensive fees. Also, I%26#39;m debating whether to pay cash in Korea or make credit card transactions. I don%26#39;t need receipts for anything and I%26#39;ll be responsible for everything that I pay.

If you%26#39;re a U.S. traveler in Korea (Seoul, Pusan, and a few cities), what%26#39;s the most cost effective strategy?

(1) Make 3-4 ATM transactions (incur fees) while in Korea for the cash needed and pay cash?

(2) Make one large transaction in the U.S. before going to Korea? Then pay cash for just about everything.

(3) Make individual credit card transactions and use Korean cash sparingly? (But credit cards usually charge 3% and this could eat up your money).

Anyone with the experience to tell which is most cost efficient? Thanks.

Paying Cash vs. Credit Card Transactions

I%26#39;ll answer a slightly different question from a UK perspective. Changing cash into Won in UK is prohibitively expensive; even changing cash into Won in hotels in Korea is MUCH better value. Bureaus de change are better than that.

So whatever you do, I wouldn%26#39;t buy Won outside the country.

again from a UK perspective, credit card payment is better; our credit cards (don%26#39;t know about yours) don%26#39;t have this much of a charge. But you can%26#39;t buy a thousand won ticket on a cc.

Paying Cash vs. Credit Card Transactions

I can share my experience to my fellow US citizens. I would use ATM in Inchon airport get Korean won since exchange rate there is better than US. There numerous branches of Citibank around Seoul (lucky me!)I usually had no problems using ATMs around Seoul, but I heard some other friends had problems with Korean banks%26#39; ATMs. So I would try to get exchange at least more that $100 at the airport. You can use credit card to many shops, department stores and hotels, but some cheap restaurants and traditional markets will only accept cash. In fact I found it is much easier to bargain at Dongdaemoon and Namdaemoon markets when I told them that I would pay with cash. My advice to you is carry more than your usual amount of cash but not bag-full of them. Although crime rate is pretty low there, you never know.

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