🌟 Understanding Korean Money is Step One of Your Trip!
The currency used in Korea is the Won (₩, KRW)! 💰 Korea is one of the most card-friendly countries in the world, but you'll still need cash for traditional markets, street food stalls, and T-money card charging! Here's your complete guide to everything money-related in Korea! ✨
📷 Photo source : Korea Tourism Organization (www.visitkorea.or.kr)
💵 Korean Currency — Bills & Coins
💴 Bills (Paper Money)
· ₩50,000 (Oman-won) → Red
→ Largest denomination!
→ Features Shin Saimdang
(the woman from our hanbok post!)
· ₩10,000 (Man-won) → Green
→ Most commonly used bill!
→ Features King Sejong the Great
(creator of the Korean alphabet!)
· ₩5,000 (Ocheon-won) → Yellow
· ₩1,000 (Cheon-won) → Blue
🪙 Coins
· ₩500 → Largest coin
· ₩100 → Used for vending machines
· ₩50 → Rarely used
· ₩10 → Almost never used
💡 Quick Reference
· $1 USD ≈ approximately ₩1,350~1,450
(check current rate before your trip!)
· ₩10,000 ≈ approximately $7~7.50 USD
· ₩50,000 ≈ approximately $35~37 USD🏆 Best Ways to Exchange Money
🥇 #1 · Myeongdong & Euljiro Exchange Shops — CHEAPEST!
If you're planning to exchange a large amount, the specialized exchange shops in Myeongdong and Euljiro offer the best rates in Seoul! Many advertise zero commission, and with just a little comparison shopping you can get rates 1~3% better than at the airport! 💰 Guide H
📍 Where to Find Them
· Around Myeongdong Station &
Euljiro-ipgu Station
· Look for "환전" (exchange) signs!
💡 Myeongdong Exchange Tips!
· Larger bills ($100) = slightly
better exchange rate!
· Count your money immediately
at the counter — before leaving!
· Bring your passport!
· Compare 2~3 shops before deciding!
· Open typically 09:00~20:00!🥈 #2 · Incheon Airport Exchange — Small Amount Only!
At the airport, just exchange enough for same-day transportation and a meal — save the main exchange for Myeongdong! You'll need cash right away for the subway, bus, and T-money card, so exchange about ₩30,000~50,000 at the airport! ✈️ Guide H
📍 Airport Exchange Locations
· Terminal 1 & 2 Arrival floors
· Operating: 24 hours or 07:00~21:00
(varies by booth)
💡 Airport Exchange Tips!
· Exchange ONLY for transport
+ first meal = ₩30,000~50,000!
· Main exchange → do in Myeongdong!
· Airport rates can be ₩5,000~10,000
worse than city rates!
📷 Photo source : Korea Tourism Organization (www.visitkorea.or.kr)
🥉 #3 · ATM Cash Withdrawal
ATMs that accept foreign cards display Visa, Mastercard, Maestro, Plus, or Cirrus logos! The most reliable ATMs for foreign visitors are Woori Bank, Shinhan Bank, KB Kookmin Bank, and GS25 convenience store ATMs! 🏧 Ardentnews
🏧 Best ATMs for Foreign Cards
· Woori Bank ATM → most foreigner-friendly!
· Shinhan Bank ATM → reliable + many locations!
· KB Kookmin Bank ATM → airports & tourist areas!
· GS25 Convenience Store ATM
→ supports cards from 40+ countries!
💡 ATM Pro Tips!
· Bank ATMs = lower fees than
convenience store ATMs!
· City ATMs = better rates than
airport ATMs!
· Withdraw everything in ONE transaction!
(Fees are charged PER transaction!)
· Use a debit card — credit cards
charge cash advance interest!
⚠️ CRITICAL: Reject DCC Every Time!
"Would you like to pay in your
home currency?" → ALWAYS say NO!
→ Select "Korean Won (KRW)" instead!
→ Choosing your home currency =
TERRIBLE exchange rate + extra fees!
→ This one tip can save you
significant money!💳 Card Payment Guide for Korea
✅ Where Cards Work Perfectly
· Department stores & malls → 100%!
· Large supermarkets → 100%!
· Convenience stores → 100%!
· Restaurants & cafes → almost all!
· Taxis → Yes! (Kakao Taxi too!)
· Most retail shops → Yes!
⚠️ Where You NEED Cash!
· Traditional markets
(Namdaemun · Gwangjang · Tongin!)
· Street food stalls & vendors!
· T-money card charging!
· Some small local restaurants!
· Vending machines!
💡 Card Payment Golden Rule!
ALWAYS choose "Korean Won (KRW)"
when the machine asks!
"Pay in dollars?" → ALWAYS NO!
This applies at EVERY card terminal
and EVERY ATM in Korea!💰 Daily Budget Guide for Korea
💚 Budget Travel (per day)
· Accommodation: ₩30,000~50,000
(Guesthouse or jjimjilbang!)
· Meals: ₩20,000~30,000
(Convenience stores · street food!)
· Transport: ₩5,000~10,000
(T-money subway & bus!)
· Total: approx. ₩55,000~90,000
(≈ $40~65 USD)
💛 Mid-Range Travel (per day)
· Accommodation: ₩80,000~150,000
· Meals: ₩40,000~60,000
· Transport: ₩10,000~20,000
· Activities: ₩20,000~50,000
· Total: approx. ₩150,000~280,000
(≈ $110~200 USD)
❤️ Luxury Travel (per day)
· Accommodation: ₩200,000+
· Meals: ₩80,000+
· Transport: ₩30,000+ (taxis!)
· Shopping & activities: ₩100,000+
· Total: approx. ₩410,000+
(≈ $300+ USD)
📷 Photo source : Korea Tourism Organization (www.visitkorea.or.kr)
🌟 WOWPASS — The Ultimate Foreigner Card!
💳 What is WOWPASS?
· Prepaid card made FOR foreign visitors!
· Currency exchange + T-money +
card payment ALL IN ONE!
· Works at convenience stores · marts ·
restaurants — almost everywhere!
🛒 How to Get One
· WOWPASS kiosks at Incheon Airport!
· Kiosks in Myeongdong · Hongdae
and major tourist areas!
· Insert foreign cash → automatically
converted to Korean Won!
· Card issued in under 5 minutes!
💡 WOWPASS Advantages
· Exchange rate as good as banks!
· T-money function built in!
(Subway & bus — no separate card!)
· Remaining balance refundable
in foreign currency!
· Check balance on the WOWPASS app!
· No Korean bank account needed!
⚠️ WOWPASS Notes
· Cash loading only (no credit card!)
· Reload at any WOWPASS kiosk!
· Perfect backup to your credit card!💡 Money & Payment Essential Tips!
💰 Exchange Strategy
1️⃣ Airport: small amount only!
(₩30,000~50,000 for transport!)
2️⃣ Myeongdong: main exchange here!
(Best rates in all of Seoul!)
3️⃣ ATM: backup option only!
(Watch out for per-transaction fees!)
4️⃣ Cards: use as much as possible!
(Most convenient + best rates!)
💳 Card Payment Strategy
· Visa & Mastercard = accepted everywhere!
· ALWAYS select "Korean Won (KRW)"
at card terminals!
· Use a no-foreign-transaction-fee card!
(Wise · Revolut · travel cards!)
· Keep receipts for tax refund claims!
💵 Cash vs Card Ratio
· Cards 70% + Cash 30% recommended!
· Markets & street food = cash!
· Shopping & restaurants = cards!
· Always keep ₩30,000~50,000
cash on you as backup!
⚠️ Important Warnings!
· Only use official exchange shops
and banks — avoid unofficial dealers!
· Leftover Won = exchange back
at the airport before departure!
· Coins CANNOT be exchanged back
→ spend them before you leave!
· Keep some small bills (₩1,000)
for markets and vending machines!
📷 Photo source : Korea Tourism Organization (www.visitkorea.or.kr)
🗺️ Perfect Money Strategy by Situation
🏪 Shopping in Myeongdong
→ Credit card! (Tax Refund available!)
🍜 Eating at Gwangjang Market
→ Cash only! (₩20,000~40,000 enough)
🚇 Taking the Subway
→ T-money card! (Charge with cash!)
🚕 Taking a Taxi
→ Card or T-money both work!
🏛️ Palace Entrance Fees
→ Cash or card both work!
→ Free if wearing hanbok!
🛍️ Buying K-Beauty at Olive Young
→ Credit card! (Tax Refund!)
🍗 Ordering Chimaek Delivery
→ Card payment through delivery app!
→ Cash on delivery also possible!📊 Tipping Culture in Korea
🚫 NO TIPPING IN KOREA!
Unlike many Western countries,
tipping is NOT expected or customary
in Korea — at restaurants, cafes,
taxis, hotels, or anywhere else!
Service charge is already included
in the price. Leaving a tip can
actually make some Koreans
feel awkward or confused!
The ONLY exception:
Some high-end international hotels
may accept tips graciously,
but it is never required or expected.
This is GREAT news for your budget! 🎉📌 This post is based on official information from the Korea Tourism Organization. 📷 Photo source : Korea Tourism Organization (www.visitkorea.or.kr)
