🇰🇷 South Korea · KRW
South Korea uses the Korean won (KRW), and it is one of the most card-friendly countries in the world, with cards accepted almost everywhere, even for tiny purchases. Cash is rarely essential, but a small amount is handy for traditional markets, street food, and some small independent vendors.
The won has no commonly used subunit in practice; prices are quoted in whole won. Banknotes are 1,000, 5,000, 10,000, and 50,000 won, and coins are 10, 50, 100, and 500 won. The 50,000 won note is the largest and very useful, while small coins are used little. Note that won values have many zeros, so double-check amounts.
Korea is extremely card-centric, and Visa/Mastercard are accepted at the vast majority of shops, restaurants, taxis, and convenience stores, including contactless. Many locals use mobile payments, though some Korean apps require a local bank account. Keep a little cash for traditional markets, street food stalls, and the occasional small cash-only vendor.
In Seoul, licensed money changers in areas like Myeongdong and Itaewon often give noticeably better rates than banks for cash exchange. Paying by foreign card or withdrawing from ATMs also gives competitive rates. Compare a couple of changers and always confirm the won total before exchanging.
Incheon and Gimpo airport exchange counters offer weaker rates than downtown money changers. Change just enough at the airport to cover transport into the city, then use a city changer or ATM for the rest. A T-money transit card can be loaded with a small amount of cash for immediate travel.
Look specifically for ATMs marked 'Global' or 'Foreign Card', as many domestic ATMs do not accept foreign cards. Machines at convenience stores (like those in GS25 and CU) and major banks usually work with international cards. Decline dynamic currency conversion and choose to be charged in won.
Tipping is not part of Korean culture and is generally not expected anywhere, including restaurants and taxis. Service charges may be included at upscale hotels and some fine-dining venues, but otherwise you simply pay the listed price. Attempting to tip can sometimes cause confusion.
The main frustration is foreign cards being declined at domestic-only ATMs, so seek out 'Global' machines. Watch for dynamic currency conversion at terminals and ATMs and always pick won. Korea is generally very safe with low scam risk, but still confirm rates and totals when exchanging cash.
You can get by with very little cash thanks to near-universal card acceptance. Bringing or withdrawing the equivalent of 50,000-100,000 won is enough for markets, street food, and small vendors. Rely on cards for nearly everything else and top up cash only as needed.
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