Money in Korea: Currency, Cards & Exchange Tips

Korean Won (₩) Basics

The Korean currency is the Won (₩, KRW). The numbers can seem large at first — ₩10,000 is roughly $7.50 USD.

Quick Mental Math

• Divide by 1,300 to get approximate USD
• ₩1,000 ≈ $0.75
• ₩10,000 ≈ $7.50
• ₩50,000 ≈ $37.50

Bills & Coins

• Bills: ₩1,000 (blue), ₩5,000 (red), ₩10,000 (green), ₩50,000 (yellow)
• Coins: ₩10, ₩50, ₩100, ₩500
• The ₩50,000 bill is the largest — great for exchange, but small shops may not have change

Korea Is (Almost) Cashless

Korea is one of the most cashless societies in the world. Credit and debit cards are accepted almost everywhere — from department stores to tiny street food stalls.

Cards That Work

• Visa and Mastercard: Accepted virtually everywhere
• Amex: Accepted at larger stores and hotels, but not small restaurants
• Samsung Pay: Works with Korean NFC terminals
• Apple Pay: Now accepted at most terminals (launched in Korea 2023)

Tip: Bring a card with no foreign transaction fees if possible (e.g., Wise, Revolut, or a travel-focused credit card). The 1–3% fee adds up over a trip.

When You Still Need Cash

While cards work almost everywhere, keep some cash for:

• Traditional markets (Gwangjang, Namdaemun) — some vendors are cash-only
• Small street food stalls
• T-money card recharging (some machines are cash-only)
• Jjimjilbangs (Korean spas) — lockers and snacks inside are often cash
• Temple stays and rural areas

Recommended cash to carry: ₩50,000–₩100,000 ($37–75 USD) at a time.

Where to Exchange Money

Best Rates

1. Myeongdong money exchanges — Best rates in Seoul, no commission. Look for small exchange booths on the main street.
2. Hongdae/Itaewon exchanges — Also competitive rates
3. Banks — Decent rates but may charge commission

Avoid

• Airport exchanges — Worst rates (exchange only what you need for the first day)
• Hotel exchanges — High markup
• ATM withdrawals with home bank card — Often hit with double fees (your bank's + the Korean ATM's)

ATMs

If you need to withdraw Won from a foreign card:

• Use Global ATMs at convenience stores (GS25, CU) or subway stations
• Look for the "Global ATM" or "Foreign Card" label
• Citibank and Hana Bank ATMs have the best compatibility
• Always choose "without conversion" when the ATM asks — let your bank do the conversion for a better rate

Tipping in Korea

Tipping is not part of Korean culture. Do not tip at:

• Restaurants
• Cafes
• Taxis
• Hotels (except luxury hotels where bellhops may expect it)
• Hair salons / beauty services

Some high-end restaurants in tourist areas may add a service charge, but this is rare.

Tax Refund

Visitors can get a VAT refund (up to 10%) on purchases over ₩30,000 at participating stores.

• Look for "Tax Free" signs
• Get a tax refund receipt at the store
• Claim your refund at the airport before departure (KIOSK machines or counter)
• Refund can be cash, card, or Alipay/WeChat