Saving Money on Overseas Payments by Blocking KRW Transactions

Unexpected expenses during overseas trips? It's because of the overseas currency conversion fee!

When using cards overseas, it may seem convenient to pay in Korean Won, but are you aware that more fees than you might expect are incurred? This is the overseas currency conversion fee. This fee is an additional cost incurred in the process of converting the local currency to Korean Won, and it can significantly increase the final payment amount.

But don't worry! Blocking overseas currency conversion will help you avoid these fees and enjoy your overseas trip more economically.

Why is blocking overseas currency conversion necessary?

• Saving fees: Overseas currency conversion fees vary depending on the card issuer, but generally range from 3% to 8%. If you use a large amount of money during your overseas trip, you may end up paying a considerable amount more in fees.
• Transparent payment: Paying in Korean Won can result in additional losses due to exchange rate fluctuations. On the other hand, paying in the local currency allows you to accurately understand the actual amount spent, which helps with budget management.
• Secure payment: Some merchants may apply an exchange rate that is not favorable to the customer to make unfair profits. Blocking overseas currency conversion can prevent this disadvantage.

How do I set up overseas currency conversion blocking?

The setting method varies slightly depending on the card issuer, but it can generally be easily set up through a mobile app or website.

🔗 How to Set Up Overseas Currency Conversion Blocking by Card Issuer

• Hyundai Card: You can apply for "Overseas currency conversion blocking" through the 'Card Management' menu in the Hyundai Card app.
• Shinhan Card: Blocking can be set up through 'Overseas Total Care' in the 'Service' menu of the Shinhan Card app.
• Samsung Card: You can set it up through the 'Overseas Usage Lock Service' in the 'Customer Center' menu of the Samsung Card app.
• Lotte Card: Use the 'Overseas Won Approval Blocking' service in the DigiRo Lotte Card app.

Precautions when blocking overseas currency conversion

• Card-specific settings: You must set it up individually for each card.
• Reseting after reissue: You need to reset it if you reissue your card.
• Restrictions at some merchants: Local currency payment may not be possible at some merchants.

Should I definitely block overseas currency conversion?

If you frequently travel abroad or enjoy online shopping overseas, it is recommended that you actively utilize overseas currency conversion blocking. You can save on fees and enjoy a thrifty and safe life abroad through transparent payment.

Frequently Asked Questions (FAQ)

• If I block overseas currency conversion, will I not be able to use my card overseas?
  No. You can use it normally if you pay in the local currency.
• Can fees still occur even if I block overseas currency conversion?
  General overseas usage fees may occur. However, overseas currency conversion fees will not occur.
• Can payment still be made in Korean Won even after setting up overseas currency conversion blocking?
  Some merchants may induce payment in Korean Won by applying an exchange rate that is not favorable to the customer. In this case, it is better to cancel the transaction and pay in the local currency.