If you are traveling to Korea for the first time, understanding the local currency will make your trip smoother and more convenient. Korea uses the South Korean won (KRW), and while card payments are widely accepted, cash is still needed in certain situations.
This guide explains the basic structure of Korean money, how to pay in shops and restaurants, where to exchange currency, and practical tips for visitors.
1. Basic Information About Korean Currency
The official currency of South Korea is the Korean won (KRW, ₩). Prices in stores, menus, and transportation apps are all written in won. It is a decimal currency with no cents — only whole numbers.
2. Korean Banknotes (Paper Money)
There are four main bills used in Korea:
- ₩1,000 – blue, used for small purchases or convenience stores
- ₩5,000 – orange, common for cafés and small meals
- ₩10,000 – green, most widely used bill
- ₩50,000 – yellow, high-value bill for larger payments
You will most frequently use the ₩10,000 and ₩1,000 notes during daily travel. The ₩50,000 note is useful for large purchases but sometimes avoided in small markets because they may not have enough change.
3. Korean Coins
Coins are used less often these days due to widespread card and mobile payments, but they still exist in daily transactions.
- ₩10 – bronze
- ₩50 – silver with a hole-free simple design
- ₩100 – silver, larger than ₩50
- ₩500 – large silver coin, often used in vending machines
Most travelers will only receive ₩100 or ₩500 coins as change.
4. Card Payments in Korea
Korea is one of the most card-friendly countries in the world. Credit cards, debit cards, and even foreign cards (Visa, Mastercard, JCB) are widely accepted.
You can use cards for:
- Restaurants and cafés
- Subway and bus transportation
- Convenience stores
- Hotels and department stores
- Most tourist attractions
Some very small shops or traditional markets may prefer cash, but this is becoming less common each year.
5. Mobile Payment Options
Many locals use mobile systems such as Samsung Pay, KakaoPay, and Naver Pay. However, some mobile systems require a Korean phone number and may not work for short-term visitors.
Foreign travelers can usually use:
- Apple Pay (available in many stores)
- Google Pay (in selected stores)
- Tap-to-pay credit cards
6. Currency Exchange Tips
- Airport exchange counters are convenient but may have higher fees.
- Major banks in Seoul and Busan offer good exchange rates.
- Myeongdong currency exchange shops are known for competitive rates.
- Exchange only small amounts at the airport and more after reaching the city.
Important: Always bring your passport when exchanging money at a bank.
7. ATM Withdrawals
If you prefer withdrawing cash, look for ATMs marked with:
- Global ATM
- Foreign card accepted
Convenience store ATMs (especially at 7-Eleven and GS25) are traveler-friendly and usually accept international cards.
8. Situations Where Cash Is Still Useful
- Traditional markets (e.g., Gukje Market, Dongmun Market in Jeju)
- Some street food vendors
- Taxi rides in smaller cities
- Small family-run shops
Overall, you do not need to carry large amounts of cash in Korea, but having ₩10,000 bills and ₩1,000 bills is helpful.
9. Understanding Prices in Korea
Korean prices are generally written without commas when small, for example:
- 4500 = ₩4,500
- 8000 = ₩8,000
Many menus and stores round to the nearest hundred won, making transactions simpler.
10. Tipping Culture in Korea
Korea does not have a tipping culture. You do not need to tip in:
- Restaurants
- Cafés
- Taxis
- Hotels (except rare premium services)
Service charges are already included in prices.
Final Thoughts
Korean currency is simple to understand, and the country’s strong card payment system makes travel easy. By knowing the basic bills, payment rules, and where to exchange money, you can enjoy a smooth and comfortable trip without worrying about cash.
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