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South Korea is a modern and cosmopolitan country, with exciting culture and food. Credit cards, debit cards, and cash are all accepted without issue in South Korea, with cash becoming less common.
According to the Bank of Korea, only about 20% of financial transactions in Korea are made with cash. Between credit card, debit cards and the popular T-money cards, South Korea is quickly becoming a cashless society. The best way to make payments in South Korea is to use credit, particularly a card that reimburses or waives foreign transaction fees like the Capital One VentureOne Rewards Credit Card.
South Korea uses the T-money card to streamline payments for buses, taxis and the subway. They recently extended those payments for select retail and restaurants, making it a popular way to pay your way in South Korea.
Like a debit card, it’s connected to your bank and makes automatic withdrawals each time you make a payment. Use the T-money card on your smartphone, making payments as easy as a tap of your phone.
Capital One VentureOne Rewards Credit Card
Rewards
Annual fee
Capital One Venture Rewards Credit Card
Rewards
Annual fee
Capital One Quicksilver Cash Rewards Credit Card
Rewards
Annual fee
You can use your Visa or Mastercard and travel money card almost everywhere in South Korea. While you can use debit cards to make purchases, not all ATMs accept foreign cards. Always look for the word Global on ATMs before you use it.
Mobile payments are wildly popular with youth in South Korea. So, load your credit cards onto your smartphones and leave your credit cards back at the hotel when you go out in big cities. That said, always carry a bit of cash on you for tips or smaller restaurants and street food.
Visa, Mastercard and American Express credit cards are accepted throughout much of South Korea. You want to find a card that will waive the foreign transaction fee and offer travel benefits to get the most from your spending, like the Capital One Venture Rewards Credit Card. You’ll find that Visa and Mastercard use their own exchange rates that are close to the market rate, and better than the rate offered on most prepaid travel cards.
Travel credit cards also offer opportunities for rewards and other ways of saving during your travels. Before making your trip, review your travel card options to find one that can best support your travels and your wallet.
Narrow down top travel credit cards by welcome offers, rewards and annual fees to find the best for your budget and financial goals. Select Compare for up to four products to see their benefits side by side.
A debit card is a good way to access your cash while in South Korea, though be aware that not all ATMs accept foreign debit cards. Look for the “Global” sign on machines that will take your cards. Also, many ATM machines shut down after 11 p.m.
A debit card is a good choice if you want to avoid racking up debt and carrying a balance on your credit cards. It’s best if you can find a card that waives international ATM fees or foreign transaction fees. Not all providers offer this luxury, so look for banks that do, such as Betterment Checking, if you’re opening a new account.
Though many of the travel cards you find on the market will carry South Korean won, South Korea has its own travel card. Buy the Korean travel card for less than $4 and get discounts on museums and shopping, covered by travel insurance and pay for food, travel and entertainment.
It’s sold at convenience stores and can be bought in denominations of 100,000, 200,000, 300,000 and 500,000. You pay the value of the card (4000 won) and reload it with any amount you specify at a subway machine or convenience store. Although when you reload, you’ll have to use cash rather than your credit card.
Although card payments are the norm in South Korea, street food, small restaurants and some public transport only accept cash — some merchants also won’t take cards for purchases under 10,000 won: about $10.
You can make withdrawals at Cash Dispenser Machines or visit an exchange office or bank to get foreign currency changed when you arrive in South Korea. Banks are open from 9 a.m. to 4 p.m. weekdays.
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The import and export of local currency is allowed up to KRW 8,000,000, or about $7,000 USD. Be sure to declare any incoming money greater than $10,000, including traveler’s checks. And you can’t take out more than you bring in.
You can always send cash to South Korea ahead of time with a money transfer service and have it waiting for pickup when you arrive.
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There are two types of ATMs in South Korea: those that accept foreign cards and those that don’t. Cash dispenser (CD) machines generally accept international cards. If you insert your card into an ATM and it gives you an error message, you’ll need to search for another machine.
Look for the Global logo on the front of the ATM and select the English option before you insert your credit, debit or travel card. These types of ATMs are common in public places such as bus and train stations, and are out of service after 11 p.m.
Local ATM operator fees will apply. However, you’ll save on each withdrawal if you find a debit card that waives foreign transaction fees, like the card offered by Betterment Checking.
South Korea can be considered expensive compared to budget destinations like Thailand, Cambodia and Vietnam. But you’ll find it less pricey than other developed countries like Japan.
Expect to spend up to $50 daily if you’re traveling on a tight budget. If you loosen those purse straps, you can find yourself spending up to $100 to $300 a day.
Travel money options for South Korea at a glance
| Cheap | Midrange | Expensive | |
|---|---|---|---|
| Accommodation | Hostel $20–$60 per night | 2-Star Hotel $50–$100 per night | 5-Star Hotel $140–$500 per night |
| Meals | Jajangmyeon (traditional noodle dish) and pork ribs $3-$5 | Bibimbap (traditional Korean rice dish) $7 | Korean Royal Court Cuisine $70 |
| Activities | Museaums Free | Guided tour of Seoul and museums $30 | Private DMZ Tour $150 or more |
*Prices are indicative and subject to change
South Korea is one of the fastest-growing global economies and the fourth-largest economy in Asia. Remarkably it was able to rise from one of the world’s poorest countries to a highly developed nation in only one generation.
Historically, the US dollar has been stronger against the won. Over the past decade, the USD has generally been worth between 1,000 and 1,200 KRW.
On his last trip to South Korea, Peter visited Seoul for one week before heading to Hong Kong. While in Seoul, he took a flight from Gimpo International Airport (Western Seoul) to Jeju Island so he could see the Seongsan Sunrise Peak, one of the New Seven Wonders of Nature.
What travel money tips do you have for South Korea?
Peter purchased a Korean travel or T-money card to make payments easier. It can be used to pay for goods and services at most Korean merchants. What’s more, Peter says you can get a discount when you use the T-money Card to pay for public transport.
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Hi, we are traveling to Hong Kong, South Korea, Beijing, and Shanghai. Is it best to take a travel credit card? Where can we purchase a travel card?
Many thanks, Trisha
Hi Trisha,
Thanks for getting in touch with Finder. It’s nice to hear about your travel plans, Trisha. :)
Regarding your question, aside from travel credit cards, you can also use prepaid travel money cards. Whether travel credit card is best for you or not would depend on your needs, preference, budget. It would be good to know the advantages of using travel credit cards. You can know more how travel credit cards compare with other travel money options using our table above under the subheading, “Travel money options for South Korea at a glance.”
Regarding your second question, you don’t “purchase” a travel card, but instead, you apply for them. You can use our comparison table above and compare your options based on currency conversion rate, annual fee, and APR. Once you’re done comparing, you can then click on the “Go to site” green button to be redirected to your chosen provider’s website. From there, you can know more about the card and initiate your application.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Hello! We are planning to visit in mid of March. We don’t have credit cards. We have a forex card. Does it work in South Korea?
Hi Pooja,
Thanks for getting in touch with finder. I hope all is well with you. :)
If you are referring to the forex card, a prepaid travel card, then it should work just fine in South Korea. Depending on which forex card you are using, you need to take a look if it has the Visa, Mastercard or Amex logo on it. Once you have determined this, you can then use your forex card in stores or ATMs with your logo displayed.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
How to open a saving account in the bank in South Korea?
Hi Rachel,
Thank you for your comment.
To open a bank account in Korea, please refer to the steps below:
1. Visit the nearest bank branch of your choice.
2. Take a ticket from the queue ticket machine at the Foreign Exchange section, and wait for your turn.
3. Proceed to the desk that displays your number.
4. Present your passport and alien registration card in order to open a bank account.
5. Apply for a check card with ATM deposit/withdrawal functions.
Generally, the bank will require you to fill out a short application, verify your documents, and assuming there are no problems, you will walk out with a new bank account. Please note that when applying for a local bank account, you may be required to present some or all of the following documents:
– Passport
– Certificate of Alien registration
– Visa
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
Hi, my friend is leaving to Korea today and I was wondering if I get her gift cards here if they will work there? Specifically McDonalds and Baskin Robbins? Please answer as soon as possible. Thank you.
Hi Seande,
Thanks for reaching out to finder.
Generally, retailers’ gift cards are limited to use within the country they are issued in.
Upon checking, Baskin-Robbins gift cards can be used to pay for any purchase at select Baskin-Robbins or Dunkin’ Donuts locations in the United States only. The same goes for McDonald’s gift card, it is valid only at participating McDonald’s restaurants in the US.
Please feel free to contact us if any other questions arise.
Cheers,
Charisse