When traveling abroad, especially to a country like South Korea, having access to instant cash is essential. While most urban areas in Korea are very card-friendly, there are still situations where cash is required—whether for small market purchases, transportation, or in more rural areas. The two most widely accepted payment networks worldwide, Visa and Mastercard, both offer options for cash withdrawals, but which one is better when you’re in South Korea?
Understanding Cash Withdrawal Options
Both Visa and Mastercard allow cardholders to withdraw cash from ATMs across the globe, including South Korea. However, there are subtle differences in terms of availability, fees, and how well their services work in different regions.
Visa Cash Withdrawal Features
Visa is a highly popular card network in South Korea and offers several advantages when it comes to cash withdrawals. Here are the key features of Visa’s cash withdrawal services:
- Widespread ATM Availability: Visa cardholders can use ATMs across South Korea, especially in major cities like Seoul, Busan, and Incheon. Visa cards are widely accepted at most international ATM networks.
- Global ATM Alliance: Some Visa cards are part of the Global ATM Alliance, allowing users to withdraw cash from select ATMs without incurring additional fees. This is especially useful for frequent travelers.
- Foreign Transaction Fees: A common downside of using Visa for cash withdrawals abroad is the foreign transaction fee. These fees typically range from 1% to 3%, depending on your bank and card issuer.
Comparing Fees and Charges
One of the most critical factors when deciding between Visa and Mastercard for cash withdrawals in South Korea is understanding the fees. Both networks charge similar fees, but there can be subtle differences based on the bank issuing your card and the specific card product you use.
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