What is the currency in South Korea? Currency and Payment

Are you planning a trip to South Korea? Before flying to Seoul, Busan or Jeju Island, it is important to familiarize yourself with the won, the South Korean currency. Knowing where to change your pounds, anticipating withdrawal fees and knowing the payment methods that can be used locally will avoid unpleasant surprises and money lost in hidden fees.

In this guide, find out everything you need to know about currency in South Korea, how to pay, exchange and withdraw money, for a stress-free stay.

What is the currency in South Korea?

The won has been the official currency in South Korea since 1962,

• Its symbol is: ₩
• Its abbreviation is KRW (Korean Won)
• Each won can be divided into 100 jeons (no longer in circulation)

Note: between 1953 and 1962, the won was replaced by the Hwan to counter high inflation and currency devaluation due to the Korean War.

What are the coins and notes in South Korea?

Korean currency is made up of various coins and notes, ranging from 1 won to 50000 won:

• South Korean coins: 1, 5, 10, 50, 100 and 500 won
• Korean banknotes: 1000, 5000, 10000 and 50000 won

Note: Korean banknotes

Send money to South Korea with Western Union

With Western Union, you can send money to South Korea in just a few clicks.

How do I pay in South Korea?

The bank card is the most popular means of payment in South Korea, accepted almost everywhere. Also, Mobile payments are used more throughout the country. On the other hand, the importance of cash is shrinking.

Pay with cash

Although South Korea has largely become cashless, cash is still widely usable on a daily basis, especially in traditional markets (such as Gwangjang or Namdaemun in Seoul) and street food stalls. If you want to pay with cash in South Korea, remember to take a variety of denominations from the ATM, as 50,000 won notes may be refused for small purchases. Prefer the 10,000 and 5,000 won denominations for your daily purchases.

Pay by credit card (credit or debit)

The bank card is the dominant payment method in South Korea. Visa and Mastercard are accepted as good as everywhere and American Express cards are accepted at most major brands and high-end hotels. However, small traders, some markets and some street stalls only take cash. So remember to always carry some Korean currency with you.

South Korea has also developed a convenient payment method for foreign travellers: the Wowpass. This prepaid bank card, which can be topped up with foreign currency, allows you to pay for your purchases anywhere in the country. The remaining balance can even be recovered in South Korean won from dedicated machines.

Mobile Payments

Mobile payments are increasingly being used in South Korea. There are three main digital wallets in the country: Kakao Pay, Naver Pay, and Toss Pay. Unfortunately, these solutions are not available to travellers, requiring a Korean phone number, a Korean bank account, and a resident ID card.

Can I pay in pounds in South Korea?

No, the pound is not accepted for common payments in South Korea. The vast majority of shops, restaurants, taxis and public services refuse foreign currency.

However, it is still interesting to keep pounds as a backup reserve, as they are very easily exchanged throughout the country.

Where to change money in South Korea?

You can change your money in South Korea:

• In approved or private exchange offices, many of which are in town
• At exchange offices at the airport and ports
• In the banks
• In high-end hotels
• In some tourist places

Currency exchange offices in the city centre remain the best places to change your money, usually offering the competitive rates. In Seoul, the Myeongdong district has a high density of exchange offices with and might have attractive rates. Remember to carry your passport with you and count the banknotes in front of the counter before leaving.

Changing your money at the airport or in hotels might come with less advantageous rates. If necessary, only change a small amount for your first few trips.

No matter where you change your money in South Korea, keep these best practices in mind:

• Compare the exchange rates offered around you, as each rate is determined by the property and may vary from place to place.
• Check for hidden commissions and fixed or variable fees and ask for a receipt for each foreign exchange transaction.

Send money with Western Union to South Korea. With Western Union you can send money in Korean won to a bank account in South Korea. If you want to send cash to South Korea, Western Union offers US dollar as payout currency. While the US dollar is not an accepted currency you can easily exchange US dollars to Korean won throughout the country.

Where can I pick up money in South Korea?

You can withdraw money in South Korea from ATMs identified by the “Global” symbol or by the logo of the credit card networks (Visa, Mastercard, American Express). The limit for withdrawals of Korean currency is usually

You can withdraw money from banks, airports, 7-Eleven stores, and more. Banks Woori Bank, KB Kookmin, KEB Hana, Shinhan Bank, Citibank, HSBC and Standard Chartered offer safe and reliable ATMs for your withdrawals.

Each withdrawal of money in South Korea involves a commission from the bank, generally between ₩2,000 and ₩6,000 depending on the ATM and may result in fees from your bank in France (withdrawal fees and commissions on exchange rates). possible at once, which saves you from multiple withdrawals and reduces the fixed fees charged each time.

Withdraw preferably from ATMs located inside banks or shopping malls. Also check that your card is accepted at the ATM. As with card payments, decline dynamic conversion to avoid an unfavourable exchange rate. Never accept assistance from unknown people around a distributor, even if they seem well-intentioned.

This blog post is provided for informational purposes only and does not constitute legal advice. Although we strive to ensure accuracy, the information provided may change. For advice tailored to your particular situation, please consult a qualified legal or professional advisor and refer to official sources.