In South Korea, credit card cashing fees are widely used by residents for both purchases and cash advances. Whether needing quick access to cash or paying bills, withdrawing money from an ATM or over the counter is a common way Koreans access funds.
Credit cards charge fees each time cash is taken out in advance making it important to understand how much different banks will cost. This article compares the cash advance fees of four major banks in South Korea: KB Kookmin Bank, Shinhan Bank, Hana Bank, and K Bank. Comparing costs can save cardholders money when using their credit cards to access cash.
KB Kookmin Card Cash Advance Fees
For KB Kookmin Card the normal fee percentage for cash advances is 3% of the amount in Korea. The minimum fee is 5000 won and the maximum is 30000 won. They give a 25-day period when you can pay back ATM cash without interest.
There is no yearly credit card cashing fee for the card as long as you make 30000 won in purchases each year. So for KB cards, the fees are lowest if you take out smaller amounts of cash within the no-interest period and also use the card to buy things.
Hyundai Card Cash Advance Fees
For cash advances on the Hyundai Card, the normal fee in Korea is 3.3% of the cash amount. Hyundai Card offers:
- A 3.3% fee percentage for all cash withdrawals.
- No minimum or maximum fee amounts like some other cards.
- A 20-day no-interest period to repay ATM cash without extra cost.
- No annual fee as long as 40000 won in purchases are made each year.
However, it does not have minimum or maximum fees. Cardholders also get 20 days to repay ATM cash without interest. As long as the annual purchase amount is met there is no extra yearly cost either.
Samsung Card Credit Card Cashing Fee
For cash advances using the Samsung Credit card fee in Korea are:
- Fee Percentage
Samsung Card charges a 3.5% fee on all cash withdrawal amounts.
- Minimum Or Maximum Fees
There is no minimum fee. The maximum fee is 35000 won.
- No Interest Period
Cardholders get 20 days to repay ATM cash without interest charges applying. Samsung Cards have a slightly higher normal fee percentage than KB Kookmin or Hyundai Cards at 3.5% of the amount. However, like Hyundai, there is no minimum fee. The maximum fee is 35000 won. Samsung also offers a 20-day no-interest period for repaying ATM cash withdrawals.
Shinhan Card Cash Advance Fees
For getting cash from a Shinhan Card the fees are 3.3% of the cash amount. This fee percentage is the same as a Hyundai Card. Shinhan Card lets you pay back ATM cash for up to 20 days without interest being added. There is no yearly credit card cashing fee as long as 60,000 won in purchases are made with the card annually.
Final Thoughts
All the Korean major banks charge around 3% to 3.5% as the normal fee percentage for cash advances. KB Kookmin and Hyundai cards offer the lowest fees if small amounts are taken out. This is because they have a minimum fee amount while the others do not. All cards give 20 days to repay ATM cash without interest. Using the cards for regular purchases helps avoid any annual 신용카드 현금화 수수료. Taking small cash advances within the no-interest period is best to keep costs lowest. Comparing the fees helps people understand which bank card works out cheapest depending on their individual cash needs and payment plans.
