South Korea

Compare Korean Won Exchange Rates in South Korea

Everything about money in South Korea - from getting Won to using cards, T-money, and finding the best exchange rates. Covers Seoul, Busan & beyond. Updated 2026.

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)

Best Exchange Options for KRW

Top providers by category:

Best Rate

Myeongdong Money Changers

Famous for best rates in Seoul. Multiple competing booths.

Best Bank

KB Kookmin Bank

Largest bank, ATMs accept foreign cards. Global ATM service.

Best Alternative

Shinhan Bank

Good foreign card acceptance. English ATM interface.

Convenient

Incheon Airport

Multiple banks compete. Rates better than most airports.

Avoid

Hotel/Tourist Areas

Poor rates in Itaewon, Hongdae. Go to Myeongdong.

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Frequently Asked Questions

Seoul's Myeongdong district is famous for currency exchange: competing money changers there give rates close to mid-market and stay open late, whereas Itaewon and Hongdae have poor rates. For card payments and cash machines the guide favours a fee-free travel card, with Global ATMs in 7-Eleven, CU and GS25 stores usually cheaper than ordinary bank machines.

Very: Koreans have the highest credit card use per head in the world, and cards are taken in restaurants, shops, cafes, department stores, convenience stores even for tiny amounts, and all taxis. International contactless cards also work on the Seoul metro. Local digital payment services KakaoPay and Naver Pay are ubiquitous, but tourists usually cannot use them.

Some, though not much. Food stalls at traditional markets such as Namdaemun and Dongdaemun are often cash-only, as are some small street food vendors, while a few very old traditional restaurants prefer cash and some vending machines take only cash or T-money. Since the top note is ₩50,000, about £30, you will soon be handling tens of thousands of Won.

Usually: regular Korean bank ATMs typically charge ₩3,000-4,000 (about £2) per withdrawal. Global ATM machines in 7-Eleven, CU and GS25 convenience stores, open round the clock, often charge less, as do KEB Hana Global ATMs, and Citibank frequently charges foreign cards nothing, though its branches are shrinking. Withdrawal limits run about ₩600,000-1,000,000 per transaction; choose Won, not pounds.

Not essential, because contactless Visa and Mastercard work at Seoul metro gates through the ZIPPY system, but T-money is convenient. The rechargeable card covers all metro and bus services and some taxis, gives a small saving over cash fares and free bus-to-metro transfers within time limits, and pays at convenience stores. Buy one for ₩2,500-4,000 at CU, GS25 or 7-Eleven, metro station machines or Incheon Airport arrivals.

It depends how you travel. Budget around ₩60,000-100,000 a day (£35-60) for guesthouses, street food and public transport, ₩120,000-200,000 (£70-120) for mid-range hotels and restaurants, and ₩300,000 or more (£180+) for luxury. Typical prices include bibimbap at ₩8,000-12,000, Korean BBQ at ₩15,000-30,000 per person, a cafe coffee at ₩4,500-6,500 and a metro ride at ₩1,400-2,500.

Nearby Destinations

Planning to visit multiple countries? Check out exchange guides for nearby destinations:

Japan China Taiwan