If you're planning aholiday in South Korea,this is what you need to know about currency, cash and credit cards.
Money matters
The unit of currency is the South Korean Won (KRW) = 100 jeon. Bank notes come in: KRW1000, KRW5000, KRW10000; and coins as: KRW10, KRW50, KRW100 KRW500. Money changers will be able to give you the official rate of exchange and they are located at the airport, local banks, and other authorized foreign exchange dealers in commercial establishments.
Currency Exchange in South Korea
US dollars and other foreign currencies are not accepted in most places throughout South Korea. You will find money changers at most banks and major hotels, although it is highly recommended to exchange at least some of your money into KRW when you enter the country. If you are carrying foreign currency that is not particularly common in Asia be sure to exchange this at one of the several airport banks as they will carry a greater variety of currencies than other banks in South Korea. There are
plenty of ATM’s and money changers at the airport on arrival, so purchasing KRW before leaving home is not really necessary. If you do wish to change money before you arrive, be aware that the rates are not likely to be as good as those you will get in South Korea so it is probably worth changing as little as possible.
Banks & ATMs
ATMs are widespread throughout South Korea and cash advances can be obtained, but these can incur a relatively large fee so it’s best to check with your card issuer before travelling. You should also be aware that not all ATMs in South Korea accept foreign cards so need to find one with a ‘Global’ sign or the logo of your card company on it. Look for rows of ATMs on the premises of large banks; these ATMs will usually have an English language option. You may want to notify your bank before leaving home, as some will automatically cancel your card after withdrawals from exotic destinations as a fraud prevention method. The more remote areas have fewer ATM’s so it is worth planning your expenditure to ensure you have enough money to survive in these areas.
Private and government offices are open either from 8:00 am to 5:00pm or from 9:00 am to 6:00 pm. Most commercial establishments are open from 10:00 am to 8:00 pm daily. Banks are typically open from 9:00 am to 3:00 pm, Mondays to Fridays.
Credit Cards inSouth Korea
Most major credit cards are accepted with Visa and MasterCard being the most widely so, but many shops and banks charge a transaction fee of between 2-4%. Amex is also accepted in a few places in the major tourist areas, but will not be quite as useful. Small stalls and restaurants often don’t accept credit cards so it is always a good idea to have some cash on you.
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FAQs
Card payments are common - and often preferred - in South Korea. Credit and debit cards are widely accepted and in most places you can make contactless payments with your physical card or a wallet like Apple Pay. Having some cash in your pocket can be reassuring, but it's not necessary to carry a lot in most cases.
Should I convert currency when using credit card? ›
While there are some situations where it may make sense to use DCCs, it's usually better to pay in the local currency – especially if you use a credit card that doesn't charge foreign transaction fees.
What is the best way to exchange money in South Korea? ›
Korean currency
The currency of Korea is the won (₩; KRW). You can easily exchange foreign currencies into Korean won at banks' exchange offices in the airport, banks in downtown Seoul, and private currency exchange offices. Bills: Four types of bills, including ₩1,000, ₩5,000, ₩10,000, and ₩50,000.
Should I convert money before going to Korea? ›
To put it shortly, you should exchange in Korea. Some people try to exchange their money in their home country before heading to Korea, while others may deem it fit to exchange it in Korea. To get the best rates, you're going to want to exchange currency in Korea, rather than your home country!
What is the best way to pay in Korea for foreigners? ›
Visa, MasterCard and Amex are the most widely accepted credit card types for cross-border ecommerce transactions. In addition to Visa and MasterCard, there are several other card brands operating in Korea – BC Card, Lotte Card, and T-Money.
Do American credit cards work in South Korea? ›
CREDIT CARDS ISSUED OVERSEAS can be used in Korea with most merchants, although Korean credit cards are often required for online purchases. You must continue to make payments on your overseas credit card to your own country's card issuer. Visa and Mastercard are the most widely accepted networks in South Korea.
How to avoid credit card currency conversion fees? ›
The following steps will help you avoid foreign transaction fees:
- Open a Credit Card Without a Foreign Transaction Fee. ...
- Open a Bank Account Without a Foreign Transaction Fee. ...
- Exchange Currency Before Traveling. ...
- Avoid Foreign ATMs. ...
- Ask Your Bank About Foreign Partners.
Ensure you find the best deal before leaving to avoid buying currency at airport exchanges where the charges are high, and rates are poor. Credit card or debit card: Take your credit or debit card abroad, but watch out for foreign usage charges and your cards getting blocked by your provider.
Should I use currency with or without conversion? ›
If the ATM asks whether you would like to complete the transaction 'with conversion' or 'without conversion', you should always choose 'without conversion'. As a rule of thumb, you should always opt to be charged in the local currency of the country you're in!
What is the best way to transfer money from US to South Korea? ›
Bank Transfer
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.
Using US Dollars in South Korea
While it is possible to pay for things in USD in major cities while visiting Korea, US currency is not widely accepted, and you may have to pay a higher rate, so it's best to convert your dollars into South Korean won during your stay.
Where is the best place to get Korean currency? ›
Banks. Banks usually offer the best exchange rates to travelers. Banking hours can vary, but most have business hours from 09:00 to 16:00. ATMs typically operate until 23:00, but many are open 24 hours a day.
Does Korea prefer cash or card? ›
This is a tip for travellers and tourists if it is your first time here in korea. South Korea is a modern country, with exciting culture and food. Credit cards, debit cards, and cash are all accepted without issue in South Korea, with cash becoming less common.
How much is $100 US in Korea? ›
US Dollars to South Korean Won: exchange rates today
| USD | KRW |
|---|
| 100 USD | 131,349 KRW |
| 250 USD | 328,374 KRW |
| 300 USD | 394,049 KRW |
| 500 USD | 656,748 KRW |
8 more rowsCredit Cards in South Korea
Most major credit cards are accepted with Visa and MasterCard being the most widely so, but many shops and banks charge a transaction fee of between 2-4%. Amex is also accepted in a few places in the major tourist areas, but will not be quite as useful.
What is the best way to use money in South Korea? ›
Efficient and convenient, credit and debit cards are perfect for travelling and naturally, widely accepted in South Korea. Most places will have the facilities to cater to card payments but when you're paying for smaller transactions (below ₩10,000), some merchants may not accept cards.
What is the most used payment method in Korea? ›
When it comes to eCommerce transactions, most South Koreans prefer to pay via credit card. Credit cards are used for 72% of all Internet transactions in South Korea. In 2022, the value of credit card transactions in South Korea reached 988 trillion South Korean won, an increase from 886 trillion in 2021.
Is it better to use cash or credit card in foreign country? ›
If your spending discipline breaks down when you use credit cards, cash may be a better choice while you let loose on vacation. No foreign transaction fees: Many credit cards charge an extra fee of up to 3% on purchases made outside the country, although you can find cards that don't.
Is Korea cash or cashless? ›
South Korea is moving quickly towards a cashless society. In 2021, only 14.6 percent of transactions in South Korea were made with cash, making it one of the leading cashless countries in the world.
