Currency Guide South Korea

Currency

South Korean Won = 100 jeon. Notes are in denominations KRW10000, 5000, 1000

To view images and descriptions of all these denominations [click here]

Credit Cards

Most merchants in the cities accept Visa, MasterCard and American Express credit cards, but Korea is generally a cash based economy.

Banks

Banking Hours in South Korea are generally Monday to Friday 9:30 am-5 pm.

Currency Regulations

The import and export of local and foreign currencies is free. However, you must declare amounts over USD10,000 or equivalent.

The export of foreign currency by foreigners cannot exceed the amount declared as imported.

Reconversion on departure requires proof of prior exchange.

[Click Here] for more information on doing a money transfer to South Korea.

Currency Exchange

In some tourist areas, merchants may be willing to accept U.S. dollars or Japanese yen, but the exchange rate will be worse than the official rate. Most banks and hotels can exchange money, and most will also take travelers cheques. Cash advances on non-Korean credit cards can be made in most subway stations and banks. Remember to keep cash handy for the weekends when it is extremely difficult to change money.

Exchange Rate History

Date KRW Rate
01/01/02 1816.875
01/01/03 1815.720
01/01/04 2025.581
01/01/05 1961.845
01/01/06 1684.654
A rough guide to the tourists rates for the South Korean Won since the beginning of 2002

View South Korean Won exchange Rate

Order South Korean Won or South Korean Travellers Cheques

Register for an international money Transfer to South Korea