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Practical · The wallet
Money and payment
Korea pays by card for everything, down to a pack of gum. But two or three situations still call for banknotes, and not every ATM accepts foreign cards.
Updated 7 October 2026
The essentials
The currency is the won (₩, KRW). Notes of ₩1,000, 5,000, 10,000 and 50,000; coins from ₩10 to ₩500. Foreign Visa and Mastercard cards are accepted almost everywhere — restaurants, taxis, convenience stores, hotels, station ticket counters.
Even so, keep ₩50,000 to ₩100,000 in cash on you. You will need it to top up your transport card, at markets, at street stalls and in a few small shops.
Where you still need cash
It is bought and topped up with cash only, at convenience stores and subway machines. This is the number-one reason to have notes on arrival.
Most stalls prefer cash or transfers between Korean accounts.
Some station lockers, photo booths and vending machines only take coins or local cards.
Offerings, and sometimes the entry ticket.
Some refuse foreign cards. The simplest fix is to pay at the till, by card or in cash.
Withdrawing cash
Look for the words "Global ATM" or the Visa, Mastercard, Cirrus or Plus logos. You will find them in major bank branches, at the airport, in subway stations and in many convenience stores.
It is common and rarely serious: the machine next door may accept it. Try another bank before worrying.
The Korean bank generally charges ₩3,000 to ₩5,000 per withdrawal, on top of your own bank's fees. Take out large amounts at once rather than often.
If the ATM or terminal offers to charge you in your home currency, decline and always choose won: your bank's rate is better.
Exchanging and paying smart
Those in Myeongdong, Seoul, offer the best rates in the country for euros and dollars. The airport is noticeably worse: change just enough there to reach the city.
Cards from neobanks and multi-currency accounts work well and avoid exchange commissions. Bring two cards on different networks in case one is blocked.
A prepaid card for visitors: you load it with foreign cash at machines in subway stations and hotels, and it works as both a payment card and a transport card.
Another prepaid card, customisable with your own photo, topped up by foreign card from an app.
Local wallets (Kakao Pay, Naver Pay) in practice require a Korean account. Apple Pay and Google Pay with a foreign card work at some retailers only: do not count on them.
Less widespread than in Europe. You insert your card or hand it to the cashier; the signature on the screen is often a formality.
Good to know
No tipping
Not in restaurants, taxis or hotels. Leaving money on the table causes confusion more than pleasure.
Prices are final
The 10 per cent VAT is included in the displayed price, except in a few upmarket hotels and restaurants that add it — in which case it is stated.
Tell your bank
Some block payments outside your home region by default. Check your limits and card settings before you leave.
Haggling
Only at clothing and souvenir markets, and with a smile. Everywhere else, the price is the price.
Tax refunds
Keep your passport on you when shopping: many chains deduct the tax at the till. See Shopping and tax refunds.