South Korea Travel: KRW Exchange & Money Guide
Everything you need to know about Korean Won exchange for your South Korea trip, including exchange locations, T-money cards, card culture, and detailed price guides.
Money in South Korea: A Tech-Forward Experience
South Korea is a fascinating blend of ancient temples and cutting-edge technology, K-pop culture and traditional markets, serene countryside and buzzing megacity energy. It is also one of the most digitally advanced countries when it comes to payments, with credit cards accepted almost universally and mobile payments integrated into daily life.
Understanding the Korean Won (KRW) and South Korea's payment ecosystem will help you navigate everything from Seoul's street food stalls to Busan's fish markets to the ski slopes of Gangwon Province.
Understanding the Korean Won (KRW)
Exchange Rate
The Korean Won trades at approximately 1,300-1,400 KRW per 1 USD. Like the Vietnamese Dong, the large numbers can initially feel confusing, but a quick mental math approach makes it manageable.
Mental math shortcut: Divide by 1,300 or, for quick estimates, drop three zeros and multiply by 0.77 (or roughly divide by 1,000 and subtract a quarter). For very rough estimates, just divide by 1,000 and know the actual value is about 25-30% less.
- 10,000 KRW is roughly $7.50 USD
- 50,000 KRW is roughly $38 USD
- 100,000 KRW is roughly $77 USD
Denominations
Banknotes:
| Denomination | Color | Approximate USD |
|---|---|---|
| 1,000 KRW | Blue | ~$0.77 |
| 5,000 KRW | Red/Brown | ~$3.85 |
| 10,000 KRW | Green | ~$7.70 |
| 50,000 KRW | Yellow | ~$38.50 |
Based on approximate rate of 1,300 KRW = 1 USD
Coins: 10, 50, 100, 500 KRW
The 50,000 KRW note is the largest denomination and is widely used. Unlike some countries where large bills are hard to break, Korean shops and restaurants readily accept 50,000 KRW notes.
Where to Exchange Korean Won
Myeongdong Money Changers (Best Rates in Seoul)
Myeongdong, Seoul's premier shopping district, has numerous licensed money changers offering some of the best rates in the country. Competition between the many exchange booths keeps rates very close to mid-market — typically within 0.2-0.5%.
Notable exchange locations:
- Korea Exchange Bank (KEB) branches
- Money Box in Myeongdong
- Big Tree Money Exchange
- Various shops along the main Myeongdong streets displaying rate boards
Dongdaemun and Itaewon
Both neighborhoods have competitive money changers, though with slightly fewer options than Myeongdong.
Banks
Korean banks exchange foreign currency with reasonable rates. Woori Bank, Shinhan Bank, KB Kookmin Bank, and KEB Hana Bank all offer exchange services. Banks typically charge a commission of 1-2%, and you will need your passport.
Pro tip: Some Korean banks offer preferential exchange rates if you book online through their app or website in advance. KEB Hana Bank's "FX Coupon" system, for example, can give you rates 50-90% better than their standard counter rate.
ATMs
ATMs in South Korea accept international cards, but not all of them. Look for ATMs specifically labeled as accepting foreign cards:
- Global ATMs at convenience stores (CU, GS25, 7-Eleven)
- Citibank ATMs (Citigroup partnership)
- KEB Hana Bank ATMs
- Shinhan Bank ATMs (many accept foreign cards)
ATM fees: Korean ATMs typically charge 1,000-3,000 KRW ($0.77-2.30) for foreign card transactions. Your home bank adds its own fees on top.
Incheon Airport
Incheon International Airport has multiple exchange counters throughout the arrivals area. Rates are 1-3% below mid-market, which is acceptable for an initial exchange of 50,000-100,000 KRW for transport to Seoul.
Exchange Comparison
| Location | Typical Spread | Best For |
|---|---|---|
| Myeongdong changers | 0.2-0.5% | Best cash rates |
| Bank online coupon | 0.3-1% | Pre-arranged exchange |
| Wise/Revolut card | 0.3-0.6% | Card payments |
| Bank counter | 1-2% | Reliable, receipted |
| Incheon Airport | 1-3% | Arrival cash |
| Hotel exchange | 3-6% | Emergency only |
Card Culture in South Korea
One of the World's Most Card-Oriented Societies
South Korea has one of the highest credit card usage rates in the world, with cards accounting for over 70% of all consumer transactions. Card payments are accepted virtually everywhere, including:
- Restaurants and cafes (even tiny local ones)
- Convenience stores
- Street food vendors (many accept cards)
- Traditional markets (increasingly card-friendly)
- Taxis
- Public transit (T-money)
- Vending machines
- Online shopping
Where cash is still needed:
- Some very small traditional market vendors
- Temple stays and rural accommodations
- Certain parking areas
- Some older local restaurants in rural areas
Samsung Pay and Mobile Payments
While international visitors cannot use KakaoPay or Naver Pay (which require Korean phone numbers and bank accounts), you can use Samsung Pay or Apple Pay at compatible terminals. Samsung Pay works at any card terminal in Korea thanks to its MST (Magnetic Secure Transmission) technology.
T-money Card: Your Transit Essential
What Is T-money?
T-money is a rechargeable smart card used for public transit and small purchases throughout South Korea. While cards can tap directly on some newer bus and subway readers, T-money remains the most reliable and cost-effective transit option.
Where to Buy
- Convenience stores (CU, GS25, 7-Eleven, Ministop) — 2,500 KRW for the card
- Incheon Airport convenience stores
- Seoul subway station vending machines
Where T-money Works
- All Seoul Metro subway lines
- All city buses nationwide
- KTX (high-speed rail) stations for ticket purchases
- Taxis (most accept T-money)
- Convenience stores
- Some vending machines and parking facilities
T-money Benefits
- Transfer discounts: Free or discounted transfers between subway and bus within 30 minutes
- Cheaper fares: 100 KRW discount per ride compared to single-trip tickets
- Convenience: No need to buy individual tickets for each trip
Recharging
Recharge at any convenience store or subway station machine. Machines accept cash and sometimes cards. Minimum recharge is typically 1,000 KRW.
What Things Cost in South Korea (2025)
Food and Drinks
| Item | Price (KRW) | Approximate USD |
|---|---|---|
| Kimbap (roll, street/shop) | 3,000-5,000 | $2.30-3.85 |
| Bibimbap (restaurant) | 8,000-12,000 | $6.15-9.23 |
| Korean BBQ (per person) | 15,000-30,000 | $11.50-23.08 |
| Fried chicken (whole) | 18,000-25,000 | $13.85-19.23 |
| Tteokbokki (street food) | 3,000-5,000 | $2.30-3.85 |
| Convenience store meal | 3,000-6,000 | $2.30-4.62 |
| Americano coffee | 4,000-5,500 | $3.08-4.23 |
| Specialty coffee | 5,500-8,000 | $4.23-6.15 |
| Soju (bottle, store) | 1,500-2,500 | $1.15-1.92 |
| Beer (bar) | 5,000-8,000 | $3.85-6.15 |
| Makgeolli (rice wine) | 3,000-6,000 | $2.30-4.62 |
Transportation
| Mode | Price (KRW) | Notes |
|---|---|---|
| Seoul Metro (base fare) | 1,400 | T-money; 1,500 for single-trip |
| Seoul bus | 1,200 | T-money |
| KTX (Seoul-Busan) | 59,800 | ~2.5 hours |
| KTX (Seoul-Gyeongju) | 47,600 | ~2 hours |
| Express bus (Seoul-Busan) | 23,000-34,000 | ~4.5 hours |
| Taxi (base fare, Seoul) | 4,800 | First 1.6km |
| Taxi (10km, Seoul) | 10,000-15,000 | Estimate |
| Incheon Airport to Seoul (AREX express) | 9,500 | 43 minutes |
| Incheon Airport to Seoul (AREX all-stop) | 4,750 | ~56 minutes |
Accommodation
| Type | Seoul | Busan | Other Cities |
|---|---|---|---|
| Hostel/Guesthouse | 20,000-40,000 | 15,000-30,000 | 15,000-25,000 |
| Budget hotel/motel | 40,000-80,000 | 35,000-65,000 | 30,000-50,000 |
| Mid-range hotel | 80,000-200,000 | 60,000-150,000 | 50,000-120,000 |
| Hanok stay (traditional) | 60,000-200,000 | 50,000-150,000 | 40,000-100,000 |
| Luxury hotel | 200,000-600,000+ | 150,000-400,000+ | 100,000-300,000+ |
Per night in KRW
Activities
| Activity | Price (KRW) | Notes |
|---|---|---|
| Gyeongbokgung Palace | 3,000 | Free in hanbok |
| Bukchon Hanok Village | Free | Walking area |
| Jjimjilbang (spa/sauna) | 10,000-15,000 | Often 24-hour |
| DMZ Tour | 50,000-80,000 | Half-day guided |
| K-pop concert | 80,000-200,000+ | Depends on artist |
| Nami Island + Petite France | 40,000-80,000 | Day trip from Seoul |
| Cooking class | 40,000-80,000 | Korean cuisine |
| Temple stay (1 night) | 50,000-80,000 | Includes meals |
Daily Budget Estimates
| Travel Style | Daily Budget (KRW) | Daily Budget (USD) |
|---|---|---|
| Backpacker | 50,000-80,000 | $38-62 |
| Budget | 80,000-150,000 | $62-115 |
| Mid-range | 150,000-300,000 | $115-231 |
| Luxury | 300,000-700,000+ | $231-538+ |
Tipping in South Korea
Not Part of the Culture
South Korea does not have a tipping culture. Tipping is not expected at restaurants, cafes, taxis, hotels, or for any other service. Some high-end international hotels may accept tips, but it is not customary.
In fact, offering a tip at a local restaurant might cause confusion. Service charges are included in prices at restaurants, and workers are paid accordingly.
Practical Tips
Convenience Store Culture
Korean convenience stores (CU, GS25, 7-Eleven, Emart24) are incredibly well-stocked, offering meals, snacks, drinks, and even basic supplies. Budget travelers can eat well for 3,000-6,000 KRW per meal using convenience store options like triangle kimbap, cup ramyeon, and microwave meals.
Free Wi-Fi Everywhere
South Korea has ubiquitous free Wi-Fi in cafes, restaurants, subway stations, buses, and many public areas. This makes it easy to check exchange rates, use maps, and communicate without needing expensive roaming plans.
KORAIL Pass for Train Travel
The Korea Rail Pass (KR Pass) offers unlimited KTX and rail travel for 2, 3, 4, or 5 days. The 3-day pass costs approximately 138,000 KRW ($106 USD). This can offer significant savings if you plan to travel between multiple cities by train.
Shopping Tax Refund
Foreign visitors can claim a tax refund (10% VAT) on purchases over 15,000 KRW at participating "Tax Free" stores. Get a refund form at the store and claim it at the airport before departure.
Key Takeaways
South Korea's advanced card infrastructure makes it one of the easiest countries to visit from a payment perspective. Get a T-money card for transit, use your travel debit card for purchases, and keep a small amount of cash for traditional markets. Exchange money at Myeongdong changers for the best cash rates, and take advantage of the incredible value offered by Korean food and public transit.
Check the latest KRW exchange rates at hwanyul.com to plan your South Korea trip budget.
Check exchange rates now
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