Currency in South Korea
The complete South Korean Won (KRW) travel guide
The South Korean Won (KRW, symbol ₩) is the official currency of South Korea. Issued by the Bank of Korea, banknotes come in ₩1,000, ₩5,000, ₩10,000, and ₩50,000 denominations; coins in ₩10, ₩50, ₩100, and ₩500. The won uses no decimal subunits — the smallest practical unit is ₩10. Because each won is worth a fraction of a US cent (roughly ₩1,350 per USD), prices look intimidatingly large: a ₩15,000 meal is about $11, and a ₩1,000,000 hotel night is about $740.
Cash, cards, and ATMs in South Korea
South Korea is one of the world's most cashless societies, especially for younger generations. Credit cards (KB, Samsung, Visa, Mastercard) work nearly everywhere — even at street food stalls in Myeongdong. T-money cards (the transit IC card) double as a contactless payment system for convenience stores, vending machines, and many cafes. ATMs at KEB Hana, Woori, Shinhan, and KB Kookmin Bank branches accept foreign cards; look for the "Global ATM" sticker. Avoid standalone ATMs in tourist areas (Itaewon, Gangnam stations) — fees of ₩3,500–5,500 per transaction are common and rates are worse.
Tipping culture in South Korea
Tipping is not customary in South Korea and can be confusing for staff. Restaurants do not expect tips; high-end Western-style restaurants in Gangnam sometimes add a 10% service charge automatically. Taxis: no tip expected — rounding up to the nearest ₩1,000 is the maximum gesture. Hotels: ₩2,000–5,000 per bag at international chains; locally-run hotels often don't have a tipping infrastructure. Tour guides at private tours: ₩20,000–50,000 per person per day is appreciated. The cultural assumption is that service is included in the price, not earned through gratuities.
Best way to get South Korean Won (KRW)
For USD-to-KRW, the best rates come from multi-currency cards (Wise, Revolut) — typically within 0.5–0.8% of mid-market. KEB Hana branches (now KEB Hana Bank under Hana Financial Group) offer competitive rates for in-person conversion. Avoid airport currency-exchange counters at Incheon — spreads exceed 5–8% above mid-market. For larger transfers (₩10,000,000+), Wise, OFX, and Remitly all beat the major Korean banks. South Korean residents face capital-control restrictions on outbound currency transfers above $10,000 USD annually without business documentation.
Practical money tips for South Korea
- •Get a T-money card immediately — works for all Seoul metro, buses, taxis (cab type), and convenience stores
- •Naver Maps and KakaoMap work better than Google Maps in Korea (some Google features are restricted)
- •Tax-free shopping for tourists at participating stores (over ₩30,000 minimum); refund at Incheon airport or via Global Blue kiosks
- •KakaoTalk is the dominant messaging app — useful for ordering taxi (KakaoT), food (KakaoMap), and shopping
- •Korean plug type C/F (220V/60Hz, different from China and Japan) — bring an adapter
- •Convenience store ATMs (CU, GS25) accept foreign cards but with higher fees than bank ATMs
- •Free public Wi-Fi is excellent at subway stations, parks, and most cafes — Seoul has near-universal coverage
Common money scams to avoid in South Korea
Tourist scams in South Korea are relatively rare. The main risks: overpriced taxi fares from Incheon airport (use the official taxi queue or AREX train, never accept tout offers); aggressive "free Korean lesson" or "free coffee" approaches in Hongdae and Itaewon that turn into sales pitches; rigged taxi meters in older cabs (always check the meter is running); some Itaewon and Hongdae bars run "open tab" schemes with hidden minimum charges; and aggressive street touts for room salons or hostess bars in Gangnam (avoid entirely).
Frequently asked questions
Can I use US dollars in South Korea?
No. KRW is the only accepted currency. A few luxury hotels in Seoul will quote prices in USD on websites but charge in KRW. Convert before arriving or withdraw from a bank ATM in the airport.
How much cash should I bring to Korea?
Less than most Asian countries. With cards accepted nearly everywhere, ₩100,000–200,000 in cash per week is sufficient for casual spending. Korean ATMs allow withdrawals up to ₩600,000 per transaction at most banks.
Why does the won have such large numbers?
After post-war hyperinflation in the 1950s, the won was redenominated multiple times but the modern denominations remained small relative to USD. A ₩50,000 banknote is roughly $37 — the largest practical denomination. The Bank of Korea has discussed redenominating (knocking off three zeros) but no plan has been implemented.
What's the best card to use in South Korea?
For non-Korean visitors: a no-foreign-transaction-fee credit card (Capital One Venture, Chase Sapphire Preferred) for payments, plus a Wise or Charles Schwab debit card for ATM withdrawals. For locals: Samsung Pay is widely supported and integrated with most Korean cards.
Is the South Korean Won the same as the North Korean Won?
No — they are entirely separate currencies. KRW (South Korean Won) is freely traded and managed by the Bank of Korea. KPW (North Korean Won) is a closed currency, not traded internationally, and rarely encountered outside DPRK. The two have no exchange relationship in practice.
Convert to and from KRW
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Exchange rates refresh hourly from Frankfurter (European Central Bank reference data). Travel money information was compiled in 2026 and reflects current cash/card culture, tipping norms, and common scam patterns.