By Alexander Wright, March 10, 2026

Hai ha money transfer

Modern, vibrant, and fast-paced, South Korea has increasingly captivated the attention of tourists and expatriates alike. Ranked as the sixth most visited country in Asia, it is no surprise that many are drawn to its unique blend of culinary delights, exuberant nightlife, and picturesque landscapes ranging from rugged mountains to sandy beaches. With a relatively low cost of living, South Korea stands as an attractive destination for those in search of a memorable vacation or a new residence.

For anyone traveling to or considering making South Korea their new home, understanding the local currency is an essential part of the preparation process. Below, you will find an in-depth guide to managing money in South Korea, which covers everything from the currency itself to effective money management practices.

Understanding the Currency in South Korea

The official currency of South Korea is the South Korean won, abbreviated as KRW. Here are some key characteristics of the won:

Characteristics of the South Korean won (KRW)
Symbol	?
1 KRW	One South Korean won is divided into 100 jeon. Note that the jeon is no longer used in daily transactions.
Coins	Available denominations include ?1, ?5, ?10, ?50, and ?100. However, the ?1 and ?5 coins are seldom used and difficult to find.
Banknotes	Available denominations include ?1,000; ?5,000; ?10,000; and ?50,000.

In practice, the South Korean won is the most reliable currency for transactions in the country. While some establishments in larger urban areas may accept US dollars, they will generally provide change in won.

Exchanging Currency in South Korea

Exchanging your money in South Korea is a straightforward process, akin to what one might experience in other countries. However, to maximize your financial advantage, consider the following key strategies:

Find Fair Exchange Services

Locating an exchange service that offers competitive rates can be challenging. The following options are generally advisable:

• Your home bank
• A local bank ATM in South Korea
• Exchange kiosks located in urban areas
• Online currency exchange services

While utilizing your bank or an ATM may often yield better exchange rates, be cautious of the associated costs. Exchange kiosks and online services typically charge fees in the form of marked-up rates relative to the real exchange rates you can find online. Always conduct your research to understand how these services earn their profit.

Assessing Exchange Rates from Home vs. South Korea

Deciding whether to exchange money prior to your journey often depends on your home currency. Generally, banks in countries like the US, UK, Australia, and many European nations may not keep won in stock, leading to additional fees for ordering the currency. For that reason, it is often more advantageous to wait until you arrive in South Korea to handle currency exchange.

ATMs and exchange kiosks are readily available throughout South Korea. Checking the displayed rates at different kiosks before making a transaction can save you money, as rates may vary even within the same vicinity. Although ATMs typically offer favorable rates, be mindful of additional fees imposed by your bank for foreign withdrawals.

Inspect Your Banknotes for Damage

When withdrawing cash, whether from an ATM or via a bank, ensure that the banknotes you receive are in good condition. Many merchants in South Korea are unwilling to accept damaged bills, so always inspect your notes before proceeding with transactions.

Utilizing a Local Bank Account

If you happen to have a friend or relative with a bank account in South Korea, transferring funds to them can allow you to access superior exchange rates. By withdrawing cash from a local account, you capitalize on local rates without incurring excessive fees.

Transferring money through Wise offers the advantage of receiving the mid-market rate, which can be significantly better than what banks provide, in addition to a nominal fee. A Wise Borderless account further allows you to manage multiple currencies, including won.

Travelers Cheques: Are They Worth It?

Today, travelers cheques are largely considered obsolete, providing unfavorable exchange rates compared to alternative methods of acquiring local currency. Instead, utilizing a credit or debit card at local ATMs is typically more beneficial.

Using Debit and Credit Cards in South Korea

In South Korea, credit cards are widely embraced, with the average South Korean possessing around five cards. Visa, MasterCard, Maestro, and Cirrus are commonly accepted across most shops and restaurants, while high-end establishments may accept American Express as well. Nevertheless, it’s a good idea to carry some cash for smaller eateries or souvenir shops that may only accept won.

Choose Local Currency for Transactions

When prompted at ATMs or card readers to choose your home currency, opt for processing in South Korean won instead. Choosing to be billed in your home currency often exposes you to higher exchange rates, as this is referred to as Dynamic Currency Conversion (DCC) and can lead to significant losses compared to using the local currency.

Notify Your Bank Before Traveling

Prevent potential inconveniences by notifying your home bank about your travel plans before you depart. Cards can be suspiciously flagged for unusual activity, especially when transactions occur in a different time zone, leaving you without access to funds until the situation is resolved.

Atm Use in South Korea: Best Practices

ATMs are ubiquitous in South Korea and are relatively easy to locate. However, if you are seeking a specific ATM provider, consider the following networks for optimal access:

• Visa
• MasterCard
• Citibank
• NYCE

Remember, while ATMs may provide competitive exchange rates, ensure that you always opt for KRW to avoid paying in your home currency, which can negate any rate advantages.

Major Banks in South Korea

Several international banking institutions operate in South Korea, so it is prudent to verify whether your bank has a presence in the country. In addition, many local and government-run banks furnish a broad range of services to meet diverse banking needs.

Noteworthy Retail Banks

In cases where your bank does not operate within South Korea, consider seeking out one of the following popular local banks:

DGB Financial Group: The largest privately-owned bank in South Korea, DGB Financial Group offers a comprehensive suite of banking and investment services.

Korea Development Bank: Fully state-owned, KDB focuses on investment banking and international financial services.

International Banks in South Korea

If you’re searching for international banks, several reputable institutions can be found in South Korea, including:

• Citibank
• Bank of America
• Bank of China
• United Overseas Bank
• Wells Fargo
• JPMorgan Chase

Banking, spending, and managing money in South Korea are relatively seamless and straightforward. Nevertheless, it is always advisable to research and compare exchange rates across providers to secure the best deals. Enjoy your time in South Korea and make the most of your financial resources!

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Disclaimer: The information provided in this publication is intended for general informational purposes only and does not constitute professional advice. Always consult with a qualified financial advisor for specific guidance tailored to your circumstances.