South Korea runs almost entirely on Korean won, and the gap between visitors who understand the currency and those who don’t shows up fast — usually at the first convenience store or taxi ride. After dozens of trips and years of living here, here’s what I wish someone had told me before my first visit.
Understanding Korean Won Denominations
The Korean won (₩, KRW) comes in coins and bills. The coins you’ll actually use are ₩100 and ₩500 — the ₩10 and ₩50 coins are practically worthless and mostly disappear into your pocket. Bills run ₩1,000, ₩5,000, ₩10,000, and ₩50,000. That ₩50,000 note is your workhorse; ATMs dispense them by default.
A quick mental anchor: ₩1,000 is roughly $0.75 USD. So ₩10,000 is about $7.50 and ₩50,000 is about $37. Once that ratio clicks, pricing becomes intuitive. A bowl of gukbap (국밥) at a local restaurant in Busan costs ₩8,000–₩10,000. A Starbucks Americano runs ₩5,100. A subway ride anywhere in Seoul is ₩1,450 with a T-money card. These anchors help you stop converting every price and just react like a local. (Prices above are current as of 2026 and can change — verify before you visit.)
Where and How to Get Won
The single best exchange rate in Korea is almost always at the airport’s currency exchange counters — specifically the ones past immigration, not the ones before. Incheon Airport’s main exchange desks in Arrival Hall 1 and Hall 2 offer competitive rates with no hidden fees. Many visitors don’t realize that the Incheon counters regularly beat rates you’ll find in Myeongdong or Namdaemun, which are tourist-zone operations with built-in margins.
For ATM withdrawals, look for these networks:
- GS25 and CU convenience store ATMs — widely available 24/7, accept most foreign Visa/Mastercard
- Woori Bank and KEB Hana Bank ATMs — found at most subway stations, reliable for international cards
- Global ATM (blue machines) — branded for international use, often in tourist areas; fees around ₩3,000–₩5,000 per transaction
- Post office ATMs (우체국) — excellent for international cards, especially Maestro and lesser-known networks
Avoid dynamic currency conversion (DCC) at every opportunity. When an ATM or card terminal asks if you want to pay in your home currency, always choose Korean won. DCC rates are typically 3–7% worse than your bank’s rate, and that adds up over a ten-day trip.
Cash vs. Card: What Korea Actually Accepts
Korea is one of the most cashless societies on earth — domestic card penetration is over 90%. But the story for foreign visitors is more complicated. Most large restaurants, convenience stores, major shopping malls, and hotel restaurants accept foreign Visa/Mastercard without issue. The problem zones are:
- Small local restaurants and pojangmacha (street tents) — cash only, no exceptions
- Traditional markets — Jagalchi Fish Market in Busan, Gwangjang Market in Seoul: assume cash for individual vendors
- Local taxis outside app-hailing — some older drivers don’t take foreign cards reliably; having ₩10,000–₩20,000 cash avoids problems
- Coin-operated lockers at train stations and attractions — require ₩500 or ₩1,000 coins
- Temple entrance fees and rural attractions — many Buddhist temples charge ₩3,000–₩5,000 entry in cash only
The practical strategy: keep ₩50,000–₩100,000 in cash at all times, and pair it with a bit of daily budget planning so you know when to reload. That covers two or three meals, a taxi ride, and a locker without any stress. Reload at any convenience store ATM when you drop below ₩30,000.
T-Money Card: The One Purchase You Must Make
A T-money card is a rechargeable transit card that works on subways, buses, and even some taxis across Korea. Buy one at any convenience store (GS25, CU, 7-Eleven, Emart24) for ₩4,000–₩5,000. Top it up at the same stores or at subway station kiosks in ₩5,000 or ₩10,000 increments.
The discount is real: Seoul subway with T-money costs ₩1,450 versus ₩1,500 for a single-use card — small per ride, but T-money also gives a 100-won transfer discount when switching between subway and bus within 30 minutes. On a week of city travel, that’s several thousand won back in your pocket.
Leftover balance can be refunded at convenience stores (up to ₩20,000 at once) or at subway station service centers with no limit. The card itself isn’t refundable, but ₩4,000 for a week of seamless transit is the best value purchase in Korea.
One extra tip: T-money works in Busan, Daegu, Gyeongju, and most other cities, not just Seoul. You don’t need a separate card for each city — one card handles the whole trip.
Mobile Payment Apps and QR Codes: Are They Worth Setting Up?
Locals increasingly pay with Kakao Pay or Naver Pay QR codes rather than a physical card, especially at cafes, small retailers, and even some market stalls — see our full guide to mobile payments for visitors for the setup details. For a short visit, setting these up usually isn’t worth the hassle — both require a Korean phone number for verification, which most tourists don’t have, and linking a foreign card is inconsistent at best. The exception is longer stays: if you’re in Korea for a month or more, a foreign-resident registration card (ARC) lets you register for Kakao Pay properly, and once it’s linked, tap-to-pay becomes faster than fumbling with cash or a foreign card that occasionally gets declined. For a one- or two-week trip, skip the setup entirely and stick with a physical card plus cash — the time spent troubleshooting app verification rarely pays off.
Where mobile payments genuinely help visitors is Samsung Pay and Apple Pay, which work at any terminal that already accepts contactless card payments — no Korean bank account needed. If your phone and card support it, this is the closest thing to a “best of both worlds” option, since it uses your existing foreign card’s network rather than a Korean-only wallet. That said, coverage still lags behind card readers: small restaurants and traditional markets that are cash-only for card payments will usually be cash-only for phone taps too, since the underlying issue is the merchant’s payment terminal, not the payment method.
A local tip that isn’t in most guides: convenience store staff will often let you use their in-store Kakao Pay QR terminal for topping up a T-money card even if your own app isn’t linked to a payment method — just ask “T-money chungjeon dwaeyo?” (T머니 충전 되요?) and hand over cash. It’s faster than working through the touchscreen menu yourself, and staff are used to helping tourists with this specific request.