seoul convetion bureau

Money
WHY SEOUL Overview of Seoul Money

All about Korean Currency

Currency

Korea’s currency is the won. Paper money comes in denominations of 1,000; 5,000; 10,000; and 50,000 won bills. Coins come in 1, 5, 10, 100, and 500 won (1 and 5 won coins are not widely circulated).
Korea's Bills
  • 1,000 won (cheon won)

    천원지폐 Front,Back
    Front
    Back
  • 5,000 won(oh cheon won)

    오천원지폐 Front,Back
    Front
    Back
  • 10,000 won(man won)

    일만원지폐 Front,Back
    Front
    Back
  • 50,000 won(oh man won)

    오만원지폐 Front,Back
    Front
    Back
  • 1 won
    (il won)

    일원 Front,Back
    Front
    Back
  • 5 won
    (oh won)

    오원 Front,Back
    Front
    Back
  • 50 won
    (oh sip won)

    오십원 Front,Back
    Front
    Back
  • 100 won
    (beak won)

    백원 Front,Back
    Front
    Back
  • 500 won(oh beak won)

    오백원 Front,Back
    Front
    Back

Banks

Banks usually offer the best exchange rates to travelers. Banking hours can vary, but most have business hours from 09:00 to 16:00. ATMs typically operate until 23:00, but many are open 24 hours a day. ATMs can also be found at convenience stores,butoften charge higher transaction fees. ATMs that accept international cards are common and are marked with a “Global” sign or the logo of the international banks they accept cards from. Most ATMs offer foreign language services, including English,Chinese,and Japanese.
Currency Exchange
Most banks offer currency exchange services. Government-certified currency exchange booths also offer exchange outside of regular banking hours, and are usually located in areas frequented by international visitors. Certified booths have a sign withtheword “Certified” and currency symbols. Visitors should avoid exchanging money at uncertified booths.

Global Tax Free

In Korea, a 10 percent VAT is added on to the price of many purchases. At stores displaying a “Tax Free” sign, foreigners are eligible for a tax refund on purchases greater than 30,000 won. In order to receive your refund, visitors should do the following:
tax free
  • 1. Purchase merchandise of total value greater than30,000 wonat stores displaying the “Tax Free” sign.
  • 2. Show your passport and ask for arefund checkwhen paying.
  • 3. Present yourpassport, refund check, receipt, and unopened merchandiseat airport customs when leaving the country.
  • 4. Receive yourcash, check, or credit card refund at the refund counter locatednear the departure gates.

Tipping

Tipping is not a Korean custom and will not be expected by service personnel. However, many major hotels and upscale restaurants add a 10 percent service charge (in addition to the 10 percent VAT) to the bill. Taxi drivers do not expect tips, but doappreciateif you let them keep the change.