# **Korean Currency and Banking: A Detailed Travel Guide**
Planning a trip to South Korea? Understanding the local currency and banking system will help you manage your money efficiently. This guide covers everything you need to know about the **South Korean Won (KRW)**, ATMs, currency exchange, and banking services.
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## **1. South Korean Currency: The Won (KRW)**
### **1.1. Basic Information**
– **Currency Name:** South Korean Won (KRW)
– **Symbol:** ₩ (or KRW in digital transactions)
– **Subunit:** 1 Won = 100 Jeon (rarely used in practice)
– **Coins in Circulation:**
– ₩10, ₩50, ₩100, ₩500
– **Banknotes in Circulation:**
– ₩1,000, ₩2,000, ₩5,000, ₩10,000, ₩50,000
### **1.2. Denomination Breakdown**
| **Banknote** | **Color** | **Size** | **Features** |
|————-|———-|———|————-|
| ₩1,000 | Blue | 136 × 68 mm | Yi Hwang (Confucian scholar) |
| ₩2,000 | Green | 140 × 75 mm | Yi Sun-sin (admiral) |
| ₩5,000 | Red | 142 × 76 mm | Yi I (Confucian scholar) |
| ₩10,000 | Brown | 148 × 80 mm | King Sejong (creator of Hangul) |
| ₩50,000 | Yellow | 154 × 82 mm | Shin Saimdang (artist & mother of Yi I) |
### **1.3. Exchange Rate (Approximate as of 2024)**
– **1 USD ≈ ₩1,350–1,400**
– **1 EUR ≈ ₩1,450–1,500**
– **1 GBP ≈ ₩1,700–1,750**
– **1 JPY ≈ ₩9–10**
– **1 CNY ≈ ₩190–200**
*Check real-time rates on [XE](https://www.xe.com/) or [Google Finance](https://www.google.com/finance/).*
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## **2. Where to Exchange Currency in Korea**
### **2.1. Best Places to Exchange Money**
✅ **Banks (Most Reliable & Best Rates)**
– **Woori Bank, KB Kookmin Bank, Shinhan Bank, KEB Hana Bank**
– **Pros:** Lowest fees, official rates, safe
– **Cons:** May require passport for large exchanges
✅ **Currency Exchange Counters (Airports & Cities)**
– **Incheon International Airport (ICN)** – Best rates in Korea
– **Myeongdong, Dongdaemun, Hongdae** – Convenient but slightly higher fees
– **Pros:** Open 24/7 at airports, no appointment needed
– **Cons:** Slightly worse rates than banks
❌ **Avoid:**
– **Street money changers** (risk of scams)
– **Hotels** (highest fees)
– **Unauthorized exchange booths** (may give fake bills)
### **2.2. Exchange Rates Comparison**
| **Location** | **₩ per 1 USD** | **Fees/Commission** |
|————-|—————-|———————|
| **Banks** | ~₩1,350–1,360 | Minimal or free (for large amounts) |
| **Airport (ICN)** | ~₩1,340–1,350 | Slightly better than city centers |
| **Myeongdong/Dongdaemun** | ~₩1,320–1,340 | Small commission (~1–2%) |
| **Hotels** | ~₩1,300–1,320 | High fees (~3–5%) |
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## **3. Using ATMs in South Korea**
### **3.1. Types of ATMs**
– **Global ATMs (Best for Foreigners):**
– **Woori Bank, KEB Hana Bank, Shinhan Bank, KB Kookmin Bank**
– **Locations:** Airports, major malls, subway stations
– **Local Bank ATMs:**
– **Nonghyup Bank, Suhyup Bank** (less foreigner-friendly)
– **Convenience Store ATMs (CU, GS25, 7-Eleven):**
– **Pros:** Open 24/7
– **Cons:** May charge high fees (~₩2,000–5,000 per withdrawal)
### **3.2. ATM Fees & Limits**
| **Bank** | **Foreign Card Fee** | **Daily Withdrawal Limit** |
|———|———————|—————————|
| **Woori Bank** | ₩5,000 | ₩1,000,000 (~$750) |
| **KEB Hana Bank** | ₩2,000–5,000 | ₩1,000,000 |
| **Shinhan Bank** | ₩5,000 | ₩1,000,000 |
| **KB Kookmin Bank** | ₩5,000 | ₩1,000,000 |
| **Convenience Store ATMs** | ₩2,000–5,000 | ₩300,000–500,000 |
### **3.3. Tips for Using ATMs**
✔ **Use global bank ATMs** (Woori, KEB Hana, Shinhan) for the best rates.
✔ **Notify your bank** before traveling to avoid card blocks.
✔ **Carry multiple cards** (Visa, Mastercard, UnionPay) in case one fails.
✔ **Avoid 7-Eleven ATMs** (often have higher fees).
✔ **Withdraw larger amounts** to minimize fees.
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## **4. Credit & Debit Cards in Korea**
### **4.1. Accepted Cards**
– **Visa & Mastercard** (widely accepted in cities)
– **UnionPay** (common in tourist areas)
– **American Express** (limited acceptance)
– **JCB** (rare, mostly in upscale hotels)
### **4.2. Where Cards Are Accepted**
✅ **Accepted Everywhere:**
– Department stores (Lotte, Shinsegae)
– Major restaurants & cafes
– Hotels & guesthouses
– Subway stations (for T-money top-ups)
❌ **Not Accepted:**
– Small street food stalls
– Traditional markets (Namdaemun, Gwangjang)
– Taxis (cash preferred)
– Convenience stores (CU, GS25 – some accept cards, but cash is better)
### **4.3. Contactless Payments (T-Money, Mobile Wallets)**
– **T-Money Card** (₩2,500 deposit + charge)
– Used for **subway, buses, taxis**
– Can be bought at **subway stations, convenience stores**
– **Mobile Payments (KakaoPay, Naver Pay, Samsung Pay)**
– Requires a **Korean bank account or credit card**
– Useful for **small purchases in convenience stores**
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## **5. Banking Services for Foreigners**
### **5.1. Opening a Bank Account in Korea**
**Requirements:**
– **Passport** (with ARC if staying long-term)
– **Alien Registration Card (ARC)** (for stays >90 days)
– **Proof of address** (hotel booking or rental contract)
– **Minimum deposit** (varies by bank, ~₩10,000–50,000)
**Recommended Banks for Foreigners:**
1. **KEB Hana Bank** (English-friendly, many branches)
2. **Woori Bank** (good for tourists)
3. **KB Kookmin Bank** (supports foreign accounts)
4. **Shinhan Bank** (international services)
### **5.2. International Wire Transfers**
– **Incoming Transfers:** Possible but may take **1–3 business days**
– **Outgoing Transfers:** Requires **ARC & bank verification**
– **Fees:** ~₩5,000–20,000 per transfer
### **5.3. Traveler’s Cheques & Prepaid Cards**
– **Traveler’s Cheques** (rarely used, banks may not accept)
– **Prepaid Cards (e.g., K-Cash, Mybi Card)**
– Can be loaded with foreign currency
– Accepted at **subway stations, convenience stores**
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## **6. Safety & Scams to Avoid**
### **6.1. Common Scams**
⚠ **Fake ATMs** (skimming devices) – Use **bank-branded ATMs only**.
⚠ **Currency Exchange Scams** – Always count your money before leaving.
⚠ **Taxi Overcharging** – Use **KakaoTaxi (app)** or insist on meter.
⚠ **Fake Police Scams** – Real police **never ask for cash on the spot**.
### **6.2. Emergency Contacts**
– **Police:** 112
– **Ambulance/Fire:** 119
– **Tourist Helpline:** 1330 (English support)
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## **7. Final Tips for Managing Money in Korea**
✔ **Carry some cash** (₩50,000–100,000) for small purchases.
✔ **Use T-Money** for public transport.
✔ **Notify your bank** before traveling to avoid card blocks.
✔ **Avoid exchanging money at airports** unless necessary (rates are better in the city).
✔ **Use mobile payments (KakaoPay, Naver Pay)** where possible.
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## **8. Useful Korean Banking & Currency Phrases**
| **English** | **Korean (Hangul)** | **Romanization** |
|————|——————-|—————–|
| How much is this? | 얼마예요? | *Eolmayeyo?* |
| Do you accept credit cards? | 신용카드 되나요? | *Sinyong kadeu doenayo?* |
| Where is the nearest ATM? | 제일 가까운 ATM 어디예요? | *Jeil gakkaun ATM eodieyo?* |
| Can I exchange money here? | 여기에서 환전할 수 있나요? | *Yeogieeseo hwanjeonhal su innayo?* |
| What’s the exchange rate? | 환율은 얼마예요? | *Hwanyureun eolmayeyo?* |
| I’d like to withdraw cash. | 현금 인출하고 싶어요. | *Hyeongeum inchulhago sipeoyo.* |
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## **Conclusion**
South Korea is a **cash-friendly** country, but digital payments are becoming more common. By understanding the **Korean Won, best exchange methods, ATM usage, and banking options**, you can manage your money efficiently during your trip.
**Safe travels and enjoy your time in Korea!** 🇰🇷✨
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