South Korea's currency is the Korean won (₩), and it's important to understand the basics of currency and money in South Korea before you travel. From exchanging money to using credit cards, here's what you need to know.


₩50,000 banknotes. © iStock


Korean Currency

South Korea's currency is the Korean "Won" and uses the symbol ₩.  Officially, it is called the Korean Republic Won (KRW). The "won" is originally from a Hanja character meaning 'round', because of the round shape of the Korean brass coin (Yeopjeon) used in the Joseon Dynasty.

1 US Dollar is usually 1,100-1,200 Korean Won and 1 Euro is usually 1,300-1,400 Korean Won. For rough calculation, you can remove the last three zeros in Korean currency when you convert Korean Won to US dollars or euros.


Exchange Currency

  1. Currency Exchange: You can exchange your foreign currency at exchange booths, banks, or hotels.
  2. Best Rates: It's best to compare rates at different exchange booths or banks to get the best rate for your money.
  3. Bring Cash: It's a good idea to bring some cash in your home currency in case of emergency.
  4. ATMs: You can also use ATMs to withdraw Korean won. Most ATMs accept international debit and credit cards.


Types of Korean Cash

  1. Banknotes: The Korean won comes in denominations of ₩1,000, ₩5,000, and ₩10,000, ₩50,000 banknotes.
  2. Coins: The won is also available in coins of ₩10, ₩50, ₩100, and ₩500.
  3. Designs: Banknotes and coins feature images of historical figures and landmarks.


Types of Korean Cash. ₩1 and ₩5 coins are not used anymore. © Wikipedia


Use Credit Cards

  1. Popular: Credit cards are widely accepted in South Korea, especially in larger cities like Seoul.
  2. Types of Cards: Visa, Mastercard, and American Express are the most widely accepted credit cards.
  3. Fees: Some credit card companies may charge a foreign transaction fee for using your card abroad.
  4. Contact your Bank: It's a good idea to contact your bank before you travel to notify them of your travel plans and to find out about any fees.


Tipping

  1. Not Required: Tipping is not a common practice in South Korea. People might even be offended if you offer tips.
  2. Taxis: In taxis, rounding up the fare is sufficient.


Budgeting

  1. Average Costs: The cost of living in South Korea can vary, but a budget of around ₩50,000 to ₩80,000 per day should be sufficient for most travelers.
  2. Accommodation: Accommodation can be the largest expense, but there are options for all budgets, from budget hotels to luxury hotels.
  3. Food: Korean street food and traditional Korean meals are relatively cheap and delicious.
  4. Transportation: Public transportation in South Korea is efficient and affordable.


In conclusion, understanding the currency and money in South Korea can make your trip easier and more enjoyable. Make sure to plan your budget and bring the right mix of cash and credit cards.