Navigating a foreign country becomes significantly easier when you understand its currency. In South Korea, the official currency is the Won Korean Money (KRW). This guide will provide you with essential information about Korean won banknotes and coins, where to exchange currency, using banks and ATMs, tax refunds, and tipping etiquette, ensuring you’re financially prepared for your visit.
The Korean won is issued in both banknotes and coins. Banknotes are more commonly used for larger transactions, while coins are useful for smaller purchases and vending machines.
Front view of 1000 Korean Won banknote, featuring Toegye Yi Hwang, a prominent Confucian scholar of the Joseon Dynasty.
Korean banknotes come in four denominations, each easily distinguishable by color and size:
- 1,000 Won (천원 – cheon won): The smallest banknote, often blue in color, features Toegye Yi Hwang, a prominent Confucian scholar, and Plum Blossoms.
Back view of 1000 Korean Won banknote, showcasing Gyesangjeonggak Pavilion and the serene landscape painting by Jeong Seon.
- 5,000 Won (오천원 – oh cheon won): This reddish-brown banknote depicts Yulgok Yi I, another renowned Confucian scholar and statesman, along with his mother Shin Saimdang, a celebrated artist and writer.
Front side of a 5,000 South Korean Won bill, presenting Yulgok Yi I and Shin Saimdang, significant figures in Korean history and culture.
- 10,000 Won (만원 – man won): The green 10,000 won bill features King Sejong the Great, who created the Korean alphabet, Hangeul, a symbol of Korean cultural identity.
Reverse side of the 5,000 Korean Won note, illustrating Ojukheon House and 'Wolmaeodo', a painting of plum blossoms and the moon by Shin Saimdang.
- 50,000 Won (오만원 – oh man won): The largest denomination, yellow in color, also features Shin Saimdang and bamboo, highlighting her artistic contributions.
Obverse side of a 10,000 KRW banknote, highlighting King Sejong, the inventor of the Korean alphabet, and traditional Korean script.
Korean coins are available in six denominations, though some are less frequently seen in circulation:
- 1 Won (일원 – il won): Made of white bronze, it features a Rose of Sharon, the national flower of South Korea. These are very rarely used in daily transactions.
Back of the 10,000 Won banknote, displaying Honcheonsigye, an astronomical clock, and a celestial chart, reflecting Korea's scientific heritage.
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5 Won (오원 – oh won): A brass coin, also featuring the Rose of Sharon, and similarly not widely circulated.
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10 Won (십원 – sip won): This bronze coin is slightly more common and features the Dabotap Pagoda, a famous stone pagoda in Bulguksa Temple.
Front of the 50,000 Won note, prominently featuring Shin Saimdang and 'Mukmodo', a painting of grapes, celebrating Korean artistry.
- 50 Won (오십원 – oh sib won): A copper-nickel coin depicting rice stalks, representing agriculture, a fundamental aspect of Korean society.
Reverse of the 50,000 Korean Won banknote, showcasing 'Wolmaedo' (Plum Tree and Moon) by Shin Saimdang and 'Pungjukdo' (Bamboo) by Yi Hwang, underscoring artistic legacy.
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100 Won (백원 – baek won): This white bronze coin shows Admiral Yi Sun-sin, a celebrated naval commander, a national hero of Korea.
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500 Won (오백원 – oh baek won): The highest value coin, made of copper-nickel, features a crane, symbolizing longevity and peace in Korean culture.
When it comes to managing your won korean money, banks in Korea generally offer competitive exchange rates. Most banks operate from 9:00 AM to 4:00 PM on weekdays. ATMs are widely available, often operating until 11:00 PM, and many are accessible 24/7. You can find ATMs at bank branches, subway stations, and even convenience stores. However, be aware that ATMs in convenience stores may sometimes have higher transaction fees. Look for ATMs displaying “Global” signs or logos of international networks like Visa or Mastercard to ensure they accept foreign cards. Many ATMs provide multilingual services, including English, Chinese, and Japanese, making transactions easier for international visitors.
For currency exchange, banks are a reliable option. In tourist areas, you’ll also find government-certified currency exchange booths, which can be convenient for exchanging money outside of regular banking hours. These certified booths are identified by a “Certified” sign along with currency symbols. It is advisable to avoid uncertified exchange booths to ensure you receive fair rates and avoid potential scams.
As a visitor, you can also benefit from the Tax-Free shopping system in Korea. A 10% Value Added Tax (VAT) is included in many purchases. If you shop at stores displaying a “Tax Free” sign and spend over 30,000 won, you are eligible for a tax refund. To claim your refund, remember to:
- Make purchases totaling more than 30,000 won at “Tax Free” stores.
- Present your passport and request a refund check at the time of payment.
- At the airport upon departure, present your passport, refund check, receipts, and unopened goods to customs.
- Collect your refund in cash, via check, or credited back to your card at the designated refund counter near the departure gates.
Finally, understanding tipping culture is important. Tipping is not a customary practice in Korea and is generally not expected in most service settings. However, some major hotels and upscale restaurants may add a 10% service charge to your bill, in addition to the 10% VAT. For taxi services, tipping is not required, but drivers will appreciate it if you allow them to keep the small change.
Being informed about won korean money and financial customs will contribute to a smoother and more enjoyable travel experience in South Korea. From understanding the denominations to managing exchanges and refunds, this guide aims to equip you with the essential monetary knowledge for your trip.
