Getting Korean Won

South Korea is a highly developed, tech-savvy country where card payments are the norm. The Korean Won (₩ or KRW) comes in large denominations — the highest note is ₩50,000 (about £30) — and you'll quickly get used to dealing in tens of thousands.

While Korea is very card-friendly, having some cash is useful for traditional markets, small eateries, and some transport. The good news is that exchange rates in Korea (particularly in tourist areas like Myeongdong) are excellent.

Key insight for 2026: Korea has embraced digital payments extensively. KakaoPay and Naver Pay are everywhere, but tourists typically can't use these. International contactless cards work widely, including on Seoul's metro system, making a fee-free travel card the ideal solution.

Best Ways to Get Korean Won

1. Money changers in Myeongdong (Seoul) — Famous for excellent rates. Multiple exchanges compete, giving rates close to mid-market. Open late.
2. Fee-free travel card (Wise, Revolut) — Best overall option. Use for card payments everywhere and ATM withdrawals when needed.
3. Global ATMs — Look for "Global ATM" machines in convenience stores (7-Eleven, CU, GS25). Lower fees than bank ATMs.
4. Incheon Airport exchange — Rates are decent. Better than most airports. Fine for arrival cash.
5. Korean bank ATMs — Work but typically charge ₩3,000-4,000 per withdrawal.
6. UK bureaux (avoid) — Won is hard to find and rates are poor.

Using Cards in South Korea

Korea loves cards. Koreans have the highest credit card usage per capita globally.

Where Cards Work

• Everywhere in cities: Restaurants, shops, convenience stores, cafes
• Public transport: Seoul metro accepts contactless cards (tap on/off)
• Convenience stores: CU, GS25, 7-Eleven all accept cards (even for small amounts)
• Department stores: 100% acceptance
• Taxis: All accept cards

Where You Might Need Cash

• Traditional markets: Namdaemun, Dongdaemun food stalls often cash-only
• Small street food vendors: Some are cash-only
• Very old restaurants: Rare, but some traditional places prefer cash
• Vending machines: Some only take cash or T-money

T-money Card

T-money is Korea's rechargeable transport card. While not essential (contactless cards work on metro), it's convenient.

Benefits of T-money

• Public transport: Works on all metro, buses, and some taxis
• Slight discount: Small savings vs cash fares
• Convenience stores: Pay at 7-Eleven, CU, GS25
• Transfer discounts: Free transfers between bus and metro within time limits

Where to Get T-money

• Convenience stores (CU, GS25, 7-Eleven) — buy card for ₩2,500-4,000
• Metro station vending machines
• Incheon Airport arrivals

Alternative: Just tap your contactless Visa/Mastercard on Seoul metro gates — works via "ZIPPY" system.

ATMs in South Korea

Best ATMs for Foreign Cards

• Global ATMs: Found in convenience stores (7-Eleven, CU, GS25). Usually lower fees. Look for "Global ATM" or "Foreign Card" signs.
• Citibank: Often no fees for foreign cards (branches being reduced)
• Hana Bank: Some locations have Global ATMs
• KEB Hana "Global ATMs": Lower fees than regular bank ATMs

ATM Tips

• Fees: Regular bank ATMs charge ₩3,000-4,000 (~£2). Global ATMs often less.
• Withdrawal limits: Typically ₩600,000-1,000,000 per transaction.
• Decline DCC: Choose Korean Won, not pounds.
• 24/7 access: Convenience store ATMs are available round the clock.

How Much Does South Korea Cost?

• Budget: ₩60,000-100,000/day (£35-60) — guesthouses, street food, public transport
• Mid-range: ₩120,000-200,000/day (£70-120) — hotels, restaurants, activities
• Luxury: ₩300,000+/day (£180+) — high-end hotels, fine dining

Typical Prices

• Bibimbap: ₩8,000-12,000 (£5-7)
• Korean BBQ (per person): ₩15,000-30,000 (£9-18)
• Convenience store meal: ₩4,000-7,000 (£2.40-4.20)
• Coffee (café): ₩4,500-6,500 (£2.70-3.90)
• Soju (bottle): ₩4,000-5,000 (£2.40-3)
• Metro ride: ₩1,400-2,500 (£0.85-1.50)