Everything You Need to Know About Korean Currency (+ Money Exchange Tips!)
So you're planning a trip to Korea?
Amazing! One of the first things you need to figure out is the whole money situation, right?
Don't worry—I'm breaking it all down for you in this super easy guide.
Trust me, once you understand the currency, navigating Korea becomes SO much easier!
Meet the Won: Korea's Currency 💰
Korea's currency is called the Won (원). It's pretty straightforward, honestly! You'll see it everywhere, and the symbol is ₩.
Banknotes
Korea uses four main banknote denominations:
₩1,000 (Cheon-won)
₩5,000 (O-cheon-won)
₩10,000 (Man-won)
₩50,000 (O-man-won)
Coins
You'll also encounter coins in these amounts:
₩1 (Il-won)
₩5 (O-won)
₩10 (Sip-won)
₩50 (O-sip-won)
₩100 (Baek-won)
₩500 (O-baek-won)
Where to Exchange Money 🏦
Banks (Your Best Friend!)
Honestly? Banks typically offer the best exchange rates for travelers. Literally, I always go to a bank first when I arrive somewhere new.
Banking Hours: Most banks operate from 9 AM to 4 PM, though hours vary by bank.
ATMs: These are literally everywhere! Most ATMs operate until 11 PM, but many stay open 24/7. You can also find them in convenience stores (though the fees are a bit higher). Most ATMs accept international cards—just look for the "Global" marking or your card's logo.
Bonus: Most ATMs offer English, Chinese, and Japanese language options, which is super helpful!
Government-Certified Money Exchange Booths
If you're exchanging money outside of regular banking hours, no stress! There are government-certified money exchange booths all over, especially in areas where tourists hang out. Look for booths with "Certified" markings or currency symbols displayed. Just make sure you avoid non-certified booths—seriously, stick with the official ones only!
Tax-Free Shopping = FREE MONEY 💳
Okay, this is one of my favorite tips! Korea charges a 10% VAT (that's Value Added Tax, basically sales tax) on most purchases. BUT—here's the good part—if you shop at stores with a "Tax Free" mark, you can actually get that tax refunded!
How to Get Your Tax Refund:
- Step 1: Shop at stores displaying the "Tax Free" mark and spend at least ₩30,000 (about $25 USD).
- Step 2: When you're paying, show your passport and ask for a tax refund receipt.
- Step 3: Before you leave Korea, head to the airport customs area and present your passport, refund receipt, receipt from the store, and unopened items.
- Step 4: Go to the refund counter near your departure gate and collect your refund! You can get it in cash, check, or charged to your credit card.
Honestly, this is such a vibe.
It's like getting money back just for shopping—what's not to love? 😍
The Tipping Situation ☕
Here's something that might surprise you if you're coming from the US: tipping isn't really a thing in Korea! Like, at all. Service staff don't expect tips, and honestly, it's pretty refreshing.
That said, some upscale hotels and fancy restaurants might add a 10% service charge to your bill (along with the 10% VAT), so just check your receipt to be sure.
Pro tip: Taxi drivers don't expect tips either, but if you're feeling generous and want to let them keep the change, they'll usually really appreciate it! It's totally optional though.
Getting Around: Airport Bus Info 🚌
Real quick—since we're talking about money, might as well mention how to budget for transportation! Airport buses run to all the major areas of Seoul and cost between ₩5,000 to ₩15,000. The ride usually takes about 60-80 minutes depending on traffic and where you're heading.
You can buy tickets at ticket booths outside the passenger terminal, and they accept cash, T-money cards, and credit cards.
For more details on routes and schedules: Check out https://www.airport.kr/ap/ko/tpt/busRouteList.do
Bottom line? Korea makes handling money pretty easy for travelers! The exchange rates are solid, ATMs are everywhere, and honestly, the lack of tipping culture is chef's kiss. Just stick with certified banks and exchange booths, grab that tax refund before you leave, and you're golden!
Have an amazing trip to Korea! 🇰🇷✨
