Korea’s currency is the won. Paper money comes in denominations of 1,000; 5,000; 10,000; and 50,000 won bills. Coins come in 1, 5, 10, 100, and 500 won (1 and 5 won coins are not widely circulated).
Currency & Exchange Rates
Most banks offer currency exchange services.
Government-certified currency exchange booths also offer exchanges outside of regular banking hours. You can recognize that are Certified because they have a sign with the word “Certified” and currency symbols.
Banks usually offer the best exchange rates to travelers.
There are a few things to keep in mind:
One of the first things to consider when leaving your home country to travel abroad is how to best handle the local currency. It can be a bit intimidating to think about, but this guide is here to help ease that anxiety. This section will cover when, where, and how to convert your money, cash, and bank accounts in South Korea.
Before You Leave Your Home Country
Contact your bank
Before getting on the plane, make sure you call your bank. There are a few reasons for doing so. If you plan on using your home country's debit or credit card, ensure that you notify your bank of your travel dates before you leave. If you don't, your bank may think your information has been stolen and block your card.
It is also important to know about any foreign transaction fees your bank of choice may have for using your card in another country. It is important that you are aware of your bank's foreign travel policies for card usage before making purchases abroad. This could save you a lot of money during your time in South Korea.
Get an Understanding of the Exchange Rate
South Korea uses a currency called won. Currency exchange rates are constantly changing and shifting, so it is important to keep track of them in order to keep an eye on how much you're spending. Luckily, there are now many apps that keep updated lists of currency exchange rates. One recommendation is the Xe Currency Exchange app, which keeps an active update of the current currency exchange rates around the world.
When Should You Exchange Your Home Currency
Deciding when to exchange your currency can vary. Many banks offer currency exchange. Some offer it to their members for free, while others charge a rate depending on the current exchange rate. You may also be able to exchange through travel companies and agencies.
Many people will commonly wait until getting to the airport either in their home country or when they arrive at their destination. If this is the case, be sure to keep your eye out for the lowest rate you can find. There will be plenty of currency exchange counters at the airport, but your first option may not be your best option. Be sure to keep an eye out for the rates and fees for exchange that are listed.
You don't have to exchange all of the money you will use on-program at the airport! You can exchange some, and then withdraw from the ATM, or exchange some and save some money to exchange at a bank later.
Banks & ATMs
Most banks' business hours are 09:00 to 16:00.
Most ATMs operate until 23:00 but many are open 24 hours. You will find them in Banks and also at convenience stores, which often charge higher transaction fees. ATMs that accept international cards are common and are marked with a “Global” sign or the logo of the international banks they accept cards from. Most offer foreign language services, including English.
Tipping
Tipping is not a Korean custom and will not be expected by service personnel. However, many major hotels and upscale restaurants add a 10 percent service charge to the bill. Taxi drivers do not expect tips, but do appreciate it if you let them keep the change.
Credit and Debit Cards
Korea is a vast country with much to offer in different forms. Whether you are traveling to the electrifying cities, the beautiful countryside, or the mesmerizing islands, it is important to know what to carry and when.
A general rule of thumb is to always have both on you no matter where you are in South Korea. While many places will offer card payments as an option, there will be circumstances where cash will be the only option of payment. You may often see this when going to markets like Gyeongdong or small boutiques and shops.
Some places may accept cards but encourage you to pay in cash. This is common at small shops and beauty stores (hair salons, nail salons, eyelash extensions, facials). This is because there is an extra charge applied when paying by card.
Wiring Money
If you find yourself in an emergency and need to access money, the best option is to use an international wire transfer service such asMoneygramorWestern Union. Both these services provide general information and FAQs on how to perform an international wire transfer on their websites, which can be useful for you to understand the process and fees involved. This method can be a bit slower than an ATM withdrawal but it is an option available to you.