South Korea, a captivating blend of ancient traditions and cutting-edge technology, offers travelers a unique experience in East Asia. From the bustling streets of Seoul to the serene temples nestled in mountainous landscapes, this dynamic country has something for everyone. As you prepare for your journey to the Land of the Morning Calm, understanding the local currency is essential for a smooth and enjoyable trip.

The official currency of South Korea is the South Korean won (KRW), symbolized as ₩. Introduced in 1945 after World War II, the won has a rich history that reflects the country’s economic journey. Initially pegged to the US dollar, the won has undergone several changes, including a brief replacement by the hwan in the 1950s, before being reintroduced in 1962. Today, it stands as a stable currency in the global market, making South Korea an attractive destination for international travelers.

Currency Guide

Denominations

The South Korean won comes in both coins and banknotes:

• Coins: 1, 5, 10, 50, 100, and 500 won
• Banknotes: 1,000, 5,000, 10,000, and 50,000 won

Exchange Rates

As of January 2025, the exchange rate is approximately:

• 1 USD = 1,384 KRW
• 1 EUR = 1,500 KRW
• 1 GBP = 1,784 KRW

However, exchange rates fluctuate, so it’s advisable to check the current rates before your trip.

Tips for Travelers

1. Cash is king: While credit cards are widely accepted in urban areas, it’s wise to carry cash for small purchases and in rural regions.
2. ATMs: Look for ATMs with “Global” or “Foreign Cards” signs for international withdrawals.
3. Exchange options: You can exchange currency at banks, hotels, and official exchange bureaus. Airport exchanges often offer competitive rates.
4. Tipping: Tipping is not customary in South Korea, but some high-end establishments may add a service charge.
5. Counterfeit concerns: While rare, be cautious with large denominations. Familiarize yourself with the security features of genuine notes.

Major Banks in South Korea

Just in case you need to interact with financial institutions when you travel, it is essential to know what the major banks are in the country, e.g., to use ATMs etc. Here are some of the leading banks in South Korea:

1. KB Kookmin Bank:
   • As one of the largest banks in South Korea, KB Kookmin Bank offers a wide range of services and has an extensive network of branches and ATMs across the country. It’s known for its strong retail banking presence and digital banking solutions.
2. Shinhan Bank:
   • With a significant presence both domestically and internationally, Shinhan Bank provides comprehensive banking services. It’s recognized for its innovative approach to banking technology and customer service.
3. Woori Bank:
   • One of the oldest banks in Korea, Woori Bank has a rich history and a strong presence in both retail and corporate banking sectors. It offers a variety of services tailored to both local and international customers.
4. Hana Bank:
   • Part of the Hana Financial Group, Hana Bank is known for its extensive international network and specialized services for foreign customers, making it a popular choice among expatriates and travelers.
5. NH Bank (Nonghyup Bank):
   • Originally focused on agricultural banking, NH Bank has expanded to offer a full range of banking services. It has a strong presence in rural areas as well as major cities.
6. Industrial Bank of Korea (IBK):
   • While primarily focused on serving small and medium-sized enterprises, IBK also offers personal banking services and has a good network of ATMs throughout the country.
7. Citibank Korea:
   • As an international bank with a significant presence in South Korea, Citibank offers services that might be familiar to many foreign visitors, including English-language banking options.
8. Standard Chartered Bank Korea:
   • Another international bank with a strong presence in South Korea, Standard Chartered offers a range of services that cater to both local and international customers.

These banks not only provide essential services for travelers such as currency exchange and ATM access but also offer online and mobile banking platforms. Many have English-language services, which can be particularly helpful for international visitors. When using ATMs, look for those affiliated with these major banks, as they are more likely to accept international cards and offer service in multiple languages.

Remember to inform your home bank about your travel plans to ensure your cards work smoothly in South Korea. Additionally, it’s a good idea to carry the contact information of your home bank in case you need to report any issues with your cards while traveling.

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Explore South Korea Further

• Basic Language Learning Guide for Travelers to Korean Speaking Countries
• Common Misconceptions – South Korea
• Currency Guide – South Korea
• Essential Travel Tips for South Korea
• Geographical Regions of South Korea
• Popular Cities To Visit In South Korea
• Popular Foods In South Korea, Asia
• Popular Museums To Visit In South Korea
• Safety Guide For Travelers To South Korea
• South Korea [Country Info]
• Top 50 Things To Do In South Korea
• Top Historical Places To Visit In South Korea