South Korea
Currency in South Korea: what to use and how to exchange
South Korea uses the Korean won (KRW, ₩), with notes of ₩1,000–50,000 and coins of ₩10–500. Cards work almost everywhere, so carry only a small cash float for markets, small eateries and transit top-ups; exchange at a bank or a licensed booth in Seoul rather than at the airport.
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GuideSouth Korea
Key facts
- Currency
- Korean won (KRW, ₩)
- Notes
- ₩1,000 · ₩5,000 · ₩10,000 · ₩50,000
- Coins
- ₩10 · ₩50 · ₩100 · ₩500
- Cards accepted
- Widely, including small shops and taxis
- Cash still needed
- Traditional markets, some small eateries, transit card top-ups
- Best exchange
- Bank branch or licensed booth in Seoul; airport rates are usually worse
- Tipping
- Not expected anywhere
- Time zone
- UTC+9 all year (KST), no daylight saving
Details
The won is a closed currency: you cannot buy it before you arrive in most home countries, and you generally cannot change leftover won back at a good rate once you leave. Plan to arrive with a card and a small amount of US dollars or euros as a backup, then withdraw or exchange in the city.
Cash machines at Incheon (ICN) and Gimhae (PUS) work with foreign cards, but the exchange counters there and in Myeongdong-style tourist strips quote noticeably worse rates than a bank branch. A bank in Seoul during opening hours, or a licensed money changer in a busy district, is the usual answer. Bring your passport: banks ask for it, and some booths do too.
For day-to-day spending, a card is the default. Convenience stores, cafés, chain restaurants, hotels, taxis and the subway all take cards or a transit card, and many places now prefer card over cash. Keep ₩30,000–50,000 in notes for traditional markets, small family restaurants, temple entry and topping up a T-money transit card at a machine that only takes cash.
ATMs are everywhere, but not all accept foreign cards. Look for machines marked with international network logos, usually at banks, convenience stores and subway stations; if one rejects your card, try another rather than assuming the card is blocked. Your bank's foreign transaction fee and the machine's own fee both apply, so a single larger withdrawal usually beats several small ones.
| Situation | Best move | Notes |
|---|---|---|
| Arriving at ICN or PUS | Small withdrawal or card payment | Airport exchange rates are usually poor |
| Staying in Seoul | Bank branch or licensed booth | Bring your passport |
| Markets and small eateries | Cash in ₩10,000 notes | Cards may not be accepted |
| Transit card top-up | Cash at a station machine | Some machines are cash-only |
| Leftover won | Spend it or change before departure | Poor rates outside Korea |
Rates and card acceptance change; confirm locally.
Tips
Carry a mix: a card for most spending and ₩30,000–50,000 in cash for the gaps. Do not arrive with a large amount of won you bought at home, since the rate is usually worse than changing on arrival.
Keep small notes for markets and transit. A ₩50,000 note can be awkward at a street stall early in the day.
Tell your bank you are travelling, and carry a second card from a different network in case one is declined.
Tipping is not expected anywhere in South Korea, so there is no need to hold back cash for it.
- Withdraw once, larger, rather than several small amounts
- Use bank-branded ATMs with international logos
- Keep your passport for bank exchanges
- Spend leftover won before you fly out
Questions people ask
What currency is used in South Korea?
The Korean won (KRW, ₩). Notes come in ₩1,000, ₩5,000, ₩10,000 and ₩50,000, and coins in ₩10, ₩50, ₩100 and ₩500. It is a closed currency, so you normally cannot buy it before you arrive.
Where is the best place to exchange money in South Korea?
A bank branch or a licensed money changer in a busy Seoul district usually beats the airport counters. Bring your passport. For most trips, withdrawing won from an ATM with a foreign-card logo is simpler than carrying cash to exchange.
Is it better to bring cash or use a card in South Korea?
Use a card for most spending: shops, cafés, hotels, taxis and transit accept them widely. Carry ₩30,000–50,000 in cash for traditional markets, small eateries and transit card top-ups, where cards may not work.
Deep dive
Every source; changeable facts are marked check
Sources
- officialBank of Korea
- officialKorea Tourism Organization – Visit Korea
- officialIncheon International Airport
- secondaryWikivoyage – South Korea