Money & Currency in Seoul

Everything you need to know about handling money during your trip to South Korea.

Korean Won (KRW)

Currency: Korean Won (₩)
Exchange Rate: Check current rates before traveling (approximately 1 USD = 1,300-1,400 KRW)

Currency Exchange

Best Places to Exchange:
- Myeongdong: Best rates, many exchange shops
- Itaewon: Good rates, convenient for tourists
- Airport: Convenient but slightly worse rates
- Banks: Reliable but may have fees

Tips:
- Compare rates at multiple places
- Avoid exchanging at hotels (worst rates)
- Bring USD cash for best rates
- Keep exchange receipts (needed to convert back)

ATMs

International ATMs:
- Available at banks, convenience stores, subway stations
- Accept major international cards (Visa, Mastercard, etc.)
- Usually have English language option
- Withdrawal limits: ₩1,000,000-2,000,000 per day

ATM Fees:
- Your bank's international fee (check with your bank)
- Korean bank fee: ₩3,000-5,000 per transaction

Tips:
- Use ATMs at banks for better security
- Withdraw larger amounts to minimize fees
- Notify your bank before traveling

Credit Cards

Widely Accepted:
- Most restaurants, shops, and hotels accept credit cards
- Visa and Mastercard most common
- American Express less widely accepted

Where Cards May Not Work:
- Small local restaurants
- Street food vendors
- Some taxis
- Traditional markets

Tips:
- Always carry some cash
- Inform your bank of travel plans
- Check for foreign transaction fees
- Use cards with no foreign transaction fees if possible

Tipping Culture

Tipping is NOT customary in South Korea. In fact, it can be considered rude in some situations.

Exceptions:
- Tour guides (optional, 10-15%)
- High-end restaurants (optional, 5-10%)
- Hotel staff (optional for exceptional service)

Money-Saving Tips

1. Use T-Money for transportation (10% discount)
2. Eat at local restaurants (much cheaper than tourist areas)
3. Shop at traditional markets (better prices)
4. Use public transportation (very affordable)
5. Look for combo deals at convenience stores
6. Avoid tourist trap restaurants in Myeongdong
7. Buy SIM cards/data instead of roaming

Budget Planning

Daily Budget Estimates:
- Budget: ₩50,000-80,000 (meals, transport, basic activities)
- Mid-range: ₩100,000-150,000 (comfortable travel)
- Luxury: ₩200,000+ (fine dining, premium experiences)

Cost Breakdown:
- Meals: ₩10,000-30,000 per meal
- Transportation: ₩5,000-15,000 per day
- Accommodation: ₩50,000-200,000 per night
- Activities: Varies widely

Safety Tips

- Keep cash and cards separate
- Use hotel safes for valuables
- Be cautious at ATMs (cover PIN)
- Report lost cards immediately
- Keep emergency contact numbers