In South Korea, the local currency is the Korean Won (KRW), with paper money in denominations of 1,000, 5,000, 10,000, and 50,000 won, and coins in 1, 5, 10, 100, and 500 won. While credit cards are widely accepted, it’s recommended to have some cash for smaller purchases, transport cards (like T-Money), and backup. You can exchange money at airports, banks, and certified money changers, but it’s often best to get a small amount at the airport and exchange the rest in cities. ATMs are widely available in cities, though check if your foreign card is compatible. 

Currency and Denominations 

• Currency: South Korean Won (KRW)
• Symbol: ₩
• Bills: 1,000, 5,000, 10,000, and 50,000 won
• Coins: 1, 5, 10, 100, and 500 won

Getting and Exchanging Money

• At the Airport: 
  You can exchange some cash at Incheon Airport for immediate needs, but expect worse exchange rates compared to in-city exchanges. 
• In the City: 
  Head to banks or certified money exchange booths (look for a “Certified” sign) in larger towns and cities for better rates. 
• ATMs: 
  Most large cities have ATMs, but not all of them accept foreign debit cards. 
• Before You Travel: 
  Consider getting a travel card (like Wise or Revolut) for flexibility and to get cash from ATMs locally. 

Payment Methods

• Credit/Debit Cards: 
  Widely accepted in hotels, restaurants, shops, and for taxis, especially in cities. 
• Cash: 
  Still essential for small purchases, street food, souvenirs, and buying transport cards like the T-Money card, which requires cash for the machine at some locations. 

Important Tips

• Bring a Mix: 
  A combination of cash and a card provides the most flexibility and security. 
• Be Prepared for Tipping: 
  Tipping is not a Korean custom and is not expected, though many major hotels or restaurants may include a service charge. 
• Track Your Spending: 
  Using cash can help you keep track of your expenses. 
• Tax Refunds: 
  Foreigners can get a tax refund on qualifying purchases (over 30,000 won) at stores displaying a “Tax Free” sign. You’ll need to show your passport and present your refund checks at the airport.