Korea's official monetary unit is the 'won.' The Korean currency consists of fifty thousand, ten thousand, five thousand, and one thousand won notes, and five hundred, one hundred, fifty and ten won coins.
When you need to exchange your foreign currency into Korean won, visit a bank, exchange service center, or an authorized exchange booth (Bank business hours: 09:00-16:00, closed on Saturdays, Sundays and public holidays).
Traveler's checks can be exchanged for cash at banks or exchange booths. Some stores willl accept the checks in the place of cash; however, this transaction is hardly observed nowadays, as more and more travelers switch to credit cards and debit cards as the preferred means of making purchases.
Most businesses in Korea accept payment by credit cards, including major hotels, department stores, large restaurants, and other stores. Visa, Mastercard, American Express and other credit cards can be used; however, check the service availability before making purchases as some stores may not offer this service.
<Last updated on August 7, 2015>