All about Korean Currency
Korea’s currency is the won (KRW). 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).
1,000 won (cheon won)
5,000 won (oh cheon won)
10,000 won (man won)
50,000 won (oh man won)
(oh sip won)
500 won(oh beak won)
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,but oftencharge 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,andJapanese.
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 with the word“Certified” and currency symbols. Visitors should avoid exchanging money at uncertified booths.
Global Tax Free
In Korea, a 10 percent VAT is included in the price of many purchases. At stores displaying a “Tax Free” sign, foreigners are eligible for a tax refund on purchases greater than KRW 30,000. In order to receive your refund, visitors should do the following:
- 1. Purchase merchandise of total value greater than KRW 30,000 at stores displaying the “Tax Free” sign.
- 2. Show your passport and ask for a refund check when paying.
- 3. Present your passport, refund check, receipt, and unopened merchandise at airport customs when leaving the country.
- 4. Receive your cash, check, or credit card refund at the refund counter located near the departure gates.
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 do appreciate itif you let them keep the change.