Exchanging money

Korea's currency is the won (KRW). Banknotes come in 1,000, 5,000, 10,000 and 50,000 won, and the main coins are 10, 50, 100 and 500 won. Card payments are so common that you will not use coins very often in daily life.

You can exchange money at banks, airport exchange booths and licensed private money changers. The airport is convenient but often offers less favorable rates than the city, so many travelers change just enough for transport there, although rates, fees and promotions vary, so compare. Avoid exchanging money with individuals on the street.

Usually, yes. Foreigners are generally expected to show a passport or alien registration card when exchanging money, though small amounts may be an exception. Many places ask for the original rather than a copy, so take it with you when you leave your accommodation. Exchange kiosks also verify identity in different ways depending on the machine.

Tourist areas like Myeongdong have many licensed private money changers, and some offer better rates than banks. Check the posted rate board and the business registration, and count your money on the spot after exchanging. Keeping the receipt helps if any issue comes up later.

Major currencies such as US dollars, Japanese yen, Chinese yuan and euros can be exchanged at most places. Less common currencies are accepted at fewer outlets and often at worse rates. In that case, bringing US dollars or using cards and ATMs is usually better.

Korean bank branches usually open only on weekday daytime hours and close on weekends and public holidays. Some airport exchange counters operate on holidays, but certain airport bank branches also close on weekends, so check in advance. On weekends, use an airport counter, a private money changer or an exchange kiosk, and exchange ahead of public holidays.

Exchange kiosks at airports, subway stations and tourist areas convert foreign cash into won. After verifying your identity in the way the machine requires, such as a passport scan, you insert foreign currency and follow the on-screen instructions to receive won. Supported currencies, rates and fees vary by machine, so check the screen first.

Yes. Before leaving, you can change remaining won back into foreign currency at airport or city banks. Your original exchange receipt helps, and money changers may ask for the exchange certificate and your passport, so keep them. Some machines take only banknotes, so coins can be harder to change back; try to spend them during your trip.

Card payments are extremely common in Korea, and most shops, restaurants and taxis accept cards. However, traditional markets, street stalls and some small shops may take only cash or prefer it. Carrying a small amount of cash is convenient. Cash-only places sometimes post a notice.

You can check the day's rates on bank websites, at the rate boards outside exchange shops and in finance apps. Buying and selling rates differ and fees are included, so compare the actual amount you will receive. Rates can change even within a day.

Yes. Some prepaid cards for foreigners let you load foreign cash, convert it into won and pay by card. Some also work as transit cards, which is convenient. Fees, top-up methods and refund rules for leftover balances differ by product, so check before buying.

Most shops accept 50,000 won notes, but small stalls may not have enough change for small purchases. When exchanging, ask for some 10,000 and 1,000 won notes as well. Smaller notes are especially handy for taxis and markets. Banks can also break large notes.

Using banks or licensed money changers keeps the risk of counterfeit notes very low. Avoid street exchanges or deals with individuals met online, which carry fraud and counterfeit risks. Korean banknotes have security features such as optically variable elements that shift with the viewing angle and watermarks. If unsure, ask a bank to check a note.

If you bring cash above a certain amount into Korea, you must declare it to customs. When exchanging inside Korea, limits and document requirements also depend on the direction of exchange and your residence status. If you need a large sum, consult a bank in advance, and fill in a customs declaration for cash above the threshold.

Since airport rates are often less favorable, many travelers exchange just enough for the first day's transport and snacks. You need cash to buy and top up a transit card, so prepare at least that much. Use city money changers, cards or ATMs for the rest.

Short-term visitors are not banned outright from opening an account, but depending on the bank, branch and proof of purpose, they are often refused or offered only a limited account. During your trip, combining cards, prepaid cards and cash is more practical. If you plan a long stay, ask banks after completing foreign resident registration.

Exchange fees are usually built into the rate, so they are not shown separately. Compare how much won you actually receive for the same amount at different places. Some banks also run promotions with preferential rates. Rate gaps grow with larger amounts.

Lost cash is hard to recover, so do not keep all your money in one place. If it happens, report it at a nearby police station or on the police lost-and-found portal, and get a report for any insurance claim. Using your hotel safe is also a good idea.

If won is easy to get in your country at a reasonable rate, exchanging a little in advance is fine. Otherwise, bringing a major currency such as US dollars and exchanging in Korea is often better. Card payments are widely accepted, so there is no need to carry large amounts of cash.

Offers of personal exchanges with attractive rates on social media or online forums may be scams. Avoid anyone who asks you to send money first or to meet up to swap cash. Using only banks and licensed money changers is the safest approach.