Money in Korea: Currency, Cards & Payment Tips (2026)

Why You Need to Think About Money Before Landing in Korea

Here's something that surprises a lot of first-time visitors: Korea is one of the most card-friendly countries in the world, but it's not completely cashless. You'll breeze through most restaurants, cafes, and shops with your Visa or Mastercard — but then get caught off guard at a street food stall, a traditional market, or a small local restaurant that only takes cash.

As a Korean, I deal with money stuff here every day, and I've helped plenty of visiting friends figure out the best way to handle payments. This guide covers everything you need to know about currency exchange, cards, digital payments, and all the little money details that can trip up tourists.

Understanding Korean Won (KRW)

South Korea's currency is the Korean Won, written as KRW or symbolized with ₩. The numbers can look intimidating at first because they're much larger than what you're used to with dollars or euros.

Quick Conversion Reference

Korean Banknotes and Coins

You'll encounter these denominations:

• Banknotes: ₩1,000 (blue), ₩5,000 (red/orange), ₩10,000 (green), ₩50,000 (yellow) — the ₩50,000 note is the most commonly used large bill
• Coins: ₩10, ₩50, ₩100, ₩500 — the ₩500 coin is the one you'll use most, the smaller coins are becoming increasingly rare

Korean banknotes are color-coded and different sizes, making them easy to tell apart even if you can't read the Korean text.

Where to Exchange Currency (And Where NOT To)

This is one of the most common questions I get from visiting friends, and the answer makes a big difference in how much money you actually end up with.

Currency Exchange Options Ranked

Best Option: Myeongdong Money Exchange Shops

If you want the absolute best exchange rate, head to Myeongdong (명동). The small, licensed money exchange shops along the main streets consistently offer the best rates in the country — often 2-5% better than banks and significantly better than the airport.

Look for shops with "환전" (hwanjeon, meaning currency exchange) signs. They're everywhere in Myeongdong, usually on the ground floor or basement level of buildings along the main shopping street. No appointment needed — just walk in with your cash and passport.

Airport Exchange: Only for Emergencies

The currency exchange counters at Incheon Airport are convenient but expensive — expect rates 3-8% worse than Myeongdong. My advice: exchange just ₩50,000-100,000 (~$38-75) at the airport to cover your immediate transport and first meal, then exchange the rest in the city.

If you already have a T-money card or plan to take the AREX train, you can even skip the airport exchange entirely and just use your credit card for the first few hours.

ATMs: The Convenient Alternative

ATMs are a great middle-ground option — decent rates and available everywhere. Here's what to know:

• Best ATMs for foreigners: Look for ATMs at convenience stores (CU, GS25, 7-Eleven) — most accept international cards. Also try Hana Bank, Shinhan Bank, or any ATM with the "Global ATM" label
• Fees: Expect ₩3,000-4,000 (~$2-3) per withdrawal from the Korean bank, plus whatever your home bank charges for international ATMs
• Daily limit: Most ATMs limit foreign card withdrawals to ₩600,000-1,000,000 (~$450-750) per transaction
• Always choose "without conversion": When the ATM asks if you want to be charged in your home currency or KRW, always choose KRW. The ATM's conversion rate (called Dynamic Currency Conversion) is always worse than your bank's rate

Credit and Debit Cards in Korea

Korea is incredibly card-friendly. In fact, Koreans are some of the heaviest credit card users in the world — over 70% of all transactions in Korea are cashless. You can use cards at most restaurants, cafes, convenience stores, department stores, and even many taxis.

Which Cards Are Accepted?

Visa and Mastercard are your best bet. If you only bring one card to Korea, make it a Visa or Mastercard. They're accepted at the vast majority of places that take cards.

Where Cards DON'T Work

Despite Korea's card-heavy culture, some places are still cash-only:

• Street food vendors — most pojangmacha (포장마차, street food tents) and market stalls are cash-only
• Traditional markets — Namdaemun Market, Gwangjang Market, and local neighborhood markets mostly take cash
• Small local restaurants — some older, family-run restaurants in non-tourist areas
• Vending machines — some older machines only take coins or T-money
• Coin lockers — at subway stations and tourist spots, some only take coins (though many now accept T-money)
• Temple stays and rural areas — smaller temples and countryside shops

Mobile Payments: Samsung Pay & Apple Pay

Korea is a mobile payments powerhouse — Koreans pay with their phones constantly. But the situation for tourists is a bit more nuanced.

Apple Pay

Apple Pay launched in Korea in 2023 and has been expanding rapidly. As of 2026, it works at most major retailers, convenience stores, and chain restaurants through the Hyundai Card partnership. However, coverage isn't as universal as in the US or UK — some smaller shops and restaurants still don't have Apple Pay-compatible terminals.

If you have Apple Pay set up with a Visa or Mastercard from your home country, it should work at most Apple Pay terminals in Korea. Just look for the contactless payment symbol.

Samsung Pay

Samsung Pay has broader acceptance in Korea than Apple Pay because it uses both NFC and MST (magnetic secure transmission) technology — meaning it works even on older card terminals that don't support contactless payments. However, Samsung Pay with foreign cards has limited functionality in Korea. It may work at some locations, but don't rely on it as your primary payment method.

Kakao Pay & Naver Pay

These are the payment apps Koreans use most, but they require a Korean bank account to set up, so they're not available to short-term tourists. You'll see Kakao Pay and Naver Pay logos everywhere, but unless you have a Korean bank account, you can't use them. Stick with your physical card or Apple Pay.

T-money Card: Essential for Transit (And More)

The T-money card (티머니) is a rechargeable transit card that works on all public transportation in Korea — subway, buses, and even some taxis. But it's also useful beyond transit.

I cover T-money in much more detail in my Seoul subway guide, but the key point for money planning is: budget about ₩5,000-10,000 per day for transit if you're actively sightseeing around Seoul.

Tipping in Korea: The Short Answer Is Don't

This is one of the best things about visiting Korea from a tourist's perspective: tipping is not expected and not part of Korean culture. In fact, trying to leave a tip can sometimes cause confusion.

Tipping Rules by Situation

Coming from the US, this is refreshing. What you see on the menu is what you pay — no mental math for tips and no guilt about percentages. Service charges are already built into prices at restaurants and hotels.

Tax Refund for Tourists

Here's money most tourists leave on the table (literally): you can get a VAT refund of 7-10% on purchases made at participating stores. Korea's standard VAT is 10%, and as a tourist, you're entitled to a refund on most goods you're taking out of the country.

How It Works

1. Shop at "Tax Free" stores — look for the "Tax Free" or "Tax Refund" logo in the window. Most major shops in tourist areas participate
2. Minimum purchase: ₩15,000 (~$11) per transaction at a single store
3. Get a tax refund receipt — ask the cashier for a "tax free" receipt at the time of purchase. They'll need to see your passport
4. Claim your refund at the airport — before checking in, visit the tax refund counter at Incheon Airport. For purchases under ₩750,000, you can use the automatic kiosks (much faster). For larger amounts, visit the customs desk

Tax Refund Operators

Korea has several tax refund operators. The three biggest are KTP (Korea Tax-Free Processing), Global Tax Free, and Global Blue. Each has their own receipts and refund counters, but the process is the same. Some stores also offer immediate tax-free pricing at the register — meaning you pay the tax-free price upfront and don't need to claim anything at the airport.

How Much Cash Should You Carry?

This depends on your travel style, but here's what I recommend for different types of travelers:

My recommendation for most tourists: carry about ₩50,000-100,000 in cash at any given time, and use your credit card for everything else. This gives you enough for street food, market snacking, and small purchases without worrying about finding an ATM.

Essential Money Apps

A few apps will make managing your money in Korea much easier. I cover these in detail in my essential Korean apps guide, but the money-related ones to download before your trip include:

• Your bank's app — for checking balances, transaction notifications, and temporarily unblocking your card if it gets flagged
• Wise (formerly TransferWise) — great multi-currency account with no foreign transaction fees and real exchange rates
• Naver Map / Kakao Map — to find the nearest ATM or exchange shop. Search "환전" (hwanjeon) or "ATM" on the map
• XE Currency — quick currency conversion app for checking rates on the spot

Money Mistakes to Avoid

After helping countless friends navigate money in Korea, these are the mistakes I see most often:

1. Exchanging all your money at the airport — you'll lose 3-8% compared to city rates. Exchange just enough for transport and your first meal
2. Accepting Dynamic Currency Conversion (DCC) — when an ATM or card terminal offers to charge you in your home currency, always decline and pay in KRW. The conversion markup is brutal
3. Not carrying any cash — you WILL encounter cash-only situations, especially at markets, street food vendors, and small local restaurants
4. Bringing only American Express — Amex has limited acceptance. Always have a Visa or Mastercard as backup
5. Forgetting to get a tax refund — if you're doing any shopping, those tax-free receipts add up. Don't leave money at the airport
6. Not notifying your bank — a blocked card in a foreign country is stressful. One quick notification before your trip prevents this
7. Over-exchanging — don't exchange more than you need. Converting KRW back to your home currency means paying exchange fees twice

Quick Reference: Your Money Checklist for Korea

Bottom Line

Managing money in Korea is actually pretty easy once you understand the basics. Bring a Visa or Mastercard with no foreign transaction fees, carry some cash for markets and street food, get a T-money card for transit, and exchange your money in the city rather than the airport. That's really all you need to know.

Korea's payment infrastructure is world-class, and you'll rarely feel stressed about paying for things. The biggest adjustment for most Western tourists is actually the lack of tipping — enjoy paying exactly what's on the menu with zero guilt. Your wallet will thank you.

For more practical tips on getting set up when you arrive, check out my guides on SIM cards and eSIMs, getting from Incheon Airport to Seoul, and the essential apps every tourist needs.