Currency, Credit Cards and ATMs

Currency

The South Korean unit of currency is the ‘won’ (KRW).

It comes in 10, 50, 100 and 500 coins, and notes come in denominations of 1,000, 5,000, 10,000 and 50,000 won.

Obviously exchange rates vary. As a loose guide, as of Feb 2011, 1USD=1,100 won, 1Euro= 1,500 won, 1GBP=1,800 won and 1JP Yen=13.4 won.

For more exact, current rates, visit one of the many online exchange rate sites – click here for a list of some options.

Credit Cards

Major hotels,motels, shops and restaurants in the cities and tourist areas accept credit cards, including VISA, American Express, Diner’s Club, Master Card and JCB. However, there are still inns, restaurants, and small businesses that do not accept credit cards.

ATMs

ATMs are installed at airports, major hotels, department stores, convenience stores, subway stations and tourist attractions. Please be aware than many ATMs in Korea will not accept non-Korean credit cards. If you have a foreign credit card, look for ATMs that have a ‘Global’ sign or logo of your credit card company. NICE ATMs often accept foreign cards. Most ‘Global’ ATMs have basic English instructions and operate in units of 10,000.

To open a bank account in Korea, simply bring your Alien Registration Card to branch offices of bank service, register accordingly and ask for an English speaking staff member.

Tipping and VAT

Tipping is not a traditional Korean custom. A 10% service charge (or value added tax) is usually added to your bill at all toursit hotels and some major restuarants. VAT is also included on shopping retail items. See our “Tipping, VAT and Tax” section for more information.