Prepaid card launched for foreign visitors
Jul 15, 2011
A Korean card company launched the worlds’ first prepaid card that automatically refunds internal taxes to foreign visitors.
Shinhan Card announced on July 11 that it launched the “Shinhan Love Korea Gift/Prepaid Card” on July 12.
In order to get back the locally paid Korean taxes, including value-added tax, international visitors have to go through a complicated process that includes filling out forms, confirming sellers and shops, and submitting it before departure. Even after submitting the form, it can take up to six months to receive a refund.
With the card, the purchase history is computerized to allow users to apply for their tax refund at designated places, including ATMs at Gimpo Airport and the Asia Travel Mobile Desk at the Busan International Ferry Terminal. The card will then refund directly to their home credit card company, including Visa, MasterCard, and JCB.
It also includes a T-money transpiration function, discount services at famous tourist spots, and a 40 percent discount on currency exchanges.
The card can be bought from Shinhan Bank, the Korea Association of Travel Agents (KATA) and Asia Travel Mobile (ATM).
By Jessica Seoyoung Choi
Korea.net Staff Writer
Department Global Communication and Contents Division