|Korea`s official monetary unit is the won.
The Korean currency consists of a ten thousand, fifty thousand, and one thousand won note, and five hundred, one hundred, fifty and ten won coins.
|Currency Exchange Rate|
|One U.S. dollar is roughly equivalent to 1,200 won. Please note that exchange rates fluctuate daily; it is recommended to check current rates before making any large transactions.|
|When you need to exchange your foreign currency into Korean
won, visit a bank, exchange service center, or an authorized
- Bank : 9:00 am - 4:00 pm except Saturday, Sunday and Holidays
- Exchange service center : 9:30 am - 10 pm, everyday
- Authorized exchange: 24 hours in hotels, and 9:00 am - 5:00 pm at other places.
Don`t forget to take your receipt.
|Traveler's checks are economical because they will receive higher exchange rates compared to cash, and can be purchased at a cheaper rate. Carrying traveler’s checks is less risky because it is easy to reissue the checks if they are lost or stolen. In case your checks get lost or stolen, it is recommended to keep information about kinds and serial numbers of the checks. Also, carrying small bills of traveler’s checks during travel is recommended, because large bill checks are difficult to exchange at one time. Traveler's checks are used like cash at major hotels, department stores, restaurants and shops, but it is usually more convenient to exchange them for cash as needed. Visa, American Express, and Thomas Cook are used in Korea, and these checks can be exchanged for cash at banks or exchange booths.|
|Visa, American Express, Diners Club, Master Card and others are used at hotels, department stores, large restaurants, and stores.|
| 1. Plan your travel and exchange money
2. After exchanging your money, check the money and exchange rate with a calculator.
3. When you exchange your traveler's checks, you need to sign your name in the presence of a bank teller. Don't transfer your checks to another person.