Travel money South Korea 2022: How to pay & how much to bring

South Korea is a modern and cosmopolitan country, with exciting culture and food. What’s the best way to pay for your travel in South Korea? Use credit.

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, the South Korean central bank has an ambitious goal of being cashless by 2020.

We’ll help you navigate the best cards to bring and help save you money on fees.

South Korean T-money

South Korea uses the T-money card to streamline payments for buses, taxis and the subway. They recently extended those payments for retail and restaurants, making it the most 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. You can use the T-money card on your smartphone, making payments as easy as a tap of your phone.

From 2016–2018. South Korea is promoting travel with it’s Korea Tour Card. For less than $4, it’s offered to tourists for all the benefits of the T-money card, but with additional discounts to tourist attractions and shopping.

Our picks for traveling to South Korea

Our pick for travel credit card

American Express® Gold Card

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Finder rating: 4.6/5

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Our pick for multi-currency debit card

Wise Multi-currency

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Finder rating: 4.5/5

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Our pick for 0% transaction fee debit card

SoFi Money

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Travel card, debit card or credit card?

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 try it.

Mobile payments are wildly popular with the 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.

These are your options for spending money in South Korea

stack of credit cards Learn more about travel credit cards

Using a credit card

Visa, Mastercard and American Express credit cards are accepted throughout much of South Korea. You want to find cards that will waive the foreign transaction fees, offer travel benefits and insurance to get the most from your spending. 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.

Tip: Some South Korean merchants won’t accept a credit card payment for transactions under 10,000 won (about $10 AUD).

Pros

Major credit cards widely accepted
Protected by PIN & chip
Accepted worldwide
Interest-free days when you pay your account in full
Some cards offer travel benefits
Emergency card replacement

Cons

Fees and interest for cash withdrawal
Many cards charge 3% currency conversion fees
ATM machines are out of service after 11:00PM
Some merchants do not accept payments for transactions under 10,000 won

Debit card being swiped in a POS station Best international debit cards

Using a debit card

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 teller fees.

Tip: A debit card can be used to shop over the counter, online and for ATM withdrawals in South Korea.

Pros

Use at stores and hotels, online and ATMs
Protected by PIN & chip
Spending your own money means avoiding interest charges

Cons

No access to cash advances
Only ATMs with the “global” sign accept foreign cards

person at laptop with credit card and phone Prepaid travel money cards

Using a prepaid travel card

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.

Tip: Travelers can purchase prepaid travel card online before their trip and use the mobile app version of the card on their phone.

Pros

Can hold multiple currencies.
Protected by PIN & chip
Emergency card replacement and backup cards
Reloadable online
Korea offers the Korea Travel Card

Cons

Come with lots of fees for loading and reloading, inactivity and ATM withdrawals.
Your name isn’t printed on the front
Many won’t load South Korean won

Hand giving cash to other hand Compare cash pickup services in South Korea

Paying with cash in South Korea

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.

Pros

Greater payment flexibility
Convenience

Cons

More difficult to manage expenses
Higher risk of theft

Woman taking a check picture Traveler’s checks guide

Using traveler’s checks

Traveler’s checks once had a place — in a money belt tucked under your shirt. Today, this travel money product is a hassle to buy, carry and cash. The main benefit of a traveler’s check is security because only you can cash your traveler’s checks and they can be replaced if lost or stolen.

However, credit cards, debit cards and travel cards have taken over from traveler’s checks. Your bank will give you your money back if you’re the victim of card fraud.

Getting a refund if you’re the victim of a fraudulent transaction

Pros

Security
Cash at any bank

Cons

Fees for purchasing and cashing checks
Not accepted by many merchants
Currency exchange rate varies over time

Compare travel credit cards

Name	Welcome Offer	Rewards	Annual fee
Capital One Venture Rewards Credit Card	Enjoy a one-time bonus of 60,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $600 in travel	Earn unlimited 2x miles on every purchase, every day	$95	Earn 60,000 bonus miles once you spend $3,000 on purchases within the first 3 months from account opening	Apply now View details	Compare	loading Fetching your data...
Capital One Venture X Rewards Credit Card	100,000 miles after you spend $10,000 in your first 6 months of account opening	10x miles on hotel and rental car purchases booked through Capital One Travel, 5x miles on flights booked through Capital One Travel, and 2x miles on every other purchase	$395	Apply now View details	Compare	loading Fetching your data...
Capital One VentureOne Rewards Credit Card	Earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel	Earn unlimited 1.25x miles on every purchase, every day. Earn 5X miles on hotels and rental cars booked through Capital One Travel.	$0	Earn 20,000 bonus miles once you spend $500 on purchases within the first 3 months from account opening.	Apply now View details	Compare	loading Fetching your data...

Compare up to 4 providers

South Korean currency

The main banks in South Korea are:

Shinhan Financial Group
NongHyup Financial Group
KB Financial Group
Hana Financial Group

Korea Development Bank
Woori Financial Group
Industrial Bank of Korea
BNK Financial Group

DGB Financial Group
Kakao Bank

Buying currency in the US

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 your money to South Korea ahead of time with a money transfer service and have it waiting to be picked up when you arrive.

Refreshing in: 60s | Fri, Jan 28, 01:58PM GMT

ATMS in South Korea

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. You’ll save on each withdrawal if you find a debit card that waives foreign transaction fees.

Cash pickup services in South Korea

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
$1	Within an hour	USD 3.99	1202.766	KRW 1,197,967	WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.	Go to site	Compare	Show details	Details Minimum transfer amount 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Email Available currencies AED, ALL, AMD, ARS, AUD, BAM, BBD, BDT, BGN, BHD, BIF, BOB, BRL, BWP, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LKR, LRD, LSL, MAD, MDL, MGA, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PHP, PKR, PLN, PYG, RON, RUB, RWF, SCR, SEK, SGD, SLL, SOS, SRD, THB, TJS, TND, TOP, TRY, TZS, UGX, USD, UYU, VND, WST, XAF, XCD, XOF, ZAR, ZMW, BYN Go to site Read the full review
$10	Within an hour	USD 1.99	1184.634	KRW 1,182,277	Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site	Compare	Show details	Details Minimum transfer amount 10.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ALL, AMD, ARS, AZN, BAM, BDT, BGN, BIF, BOB, BRL, BSD, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, EUR, FJD, GEL, GHS, GMD, GNF, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KZT, LKR, LRD, MAD, MDL, MGA, MKD, MWK, MXN, MYR, NIO, NPR, PAB, PEN, PHP, PKR, PLN, PYG, RON, RSD, RUB, RWF, SLL, SRD, SVC, THB, TJS, TND, TRY, TZS, UAH, UGX, USD, UYU, UZS, VND, XAF, XOF, ZAR, ZMW, BYN Go to site Read the full review
$1	Within an hour	USD 8.00	1181.612	KRW 1,172,159	MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.	Go to site	Compare	Show details	Details Minimum transfer amount 1.00 Transfer methods Online, Agent, Bank Account to Bank Account, Cash Transfer, International Money Order Transfer options N/A Customer service Phone, Email Available currencies AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BZD, CAD, CHF, CLP, CNY, COP, CRC, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, GBP, GEL, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, IQD, IRR, ISK, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SLL, SRD, STD, SVC, SZL, THB, TJS, TND, TOP, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XOF, XPF, YER, ZAR, ZMW, BYN Go to site Read the full review
$1	3 - 5 days	USD 20.00	1178.59	KRW 1,155,018	Western Union sends money online to friends and family in 200+ countries around the world.	Go to site	Compare	Show details	Details Minimum transfer amount 1.00 Transfer methods Online, Phone, Agent, Bank Account to Bank Account, International Money Order Transfer options Regular payments, One off payments Customer service Phone, Chat, Email, Branch Available currencies AED, AFN, ALL, AMD, ANG, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CUP, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, FKP, GBP, GEL, GGP, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HRK, HTG, HUF, IDR, ILS, IMP, INR, IQD, IRR, ISK, JEP, JMD, JOD, JPY, KES, KGS, KHR, KMF, KPW, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, LYD, MAD, MDL, MGA, MKD, MMK, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SDG, SEK, SGD, SHP, SLL, SOS, SPL, SRD, STD, SYP, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TVD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VEF, VND, VUV, WST, XAF, XCD, XDR, XOF, XPF, YER, ZAR, ZMW Go to site Read the full review

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

What should I budget for my trip to South Korea?

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.

Average cost of travel in South Korea

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}}

Exchange rate history

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.

Case study: Peter’s trip to Seoul

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.

Our latest travel deals to South Korea

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$20 discount on (1) flight departing from China (including Hong Kong), South Korea, Japan, Vietnam or India and arriving in the United States or Canada. New users only.

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Kyle Morgan

Kyle Morgan is a writer and editor for Finder who has worked for the USA Today network and Relix magazine, among other publications. He can be found writing about everything from the latest car loan stats to tips on saving money when traveling overseas. He lives in Asbury Park, where he loves exploring new places and sipping on hoppy beer. Oh, and he doesn't discriminate against buffalo wings — grilled or fried are just fine.

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8 Responses

TrishaFebruary 25, 2019

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

finder Customer Care

JoshuaFebruary 26, 2019Staff

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

PoojaFebruary 2, 2019

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?

finder Customer Care

JoshuaFebruary 6, 2019Staff

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

RachelNovember 20, 2018

How to open a saving account in the bank in South Korea?

finder Customer Care

JhezNovember 21, 2018Staff

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

SeandeNovember 2, 2018

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.

finder Customer Care

CharisseNovember 13, 2018Staff

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

Travel money guide: South Korea

Traveling to South Korea? Don't forget your plastic.

South Korean T-money

Our picks for traveling to South Korea

Travel card, debit card or credit card?

These are your options for spending money in South Korea

Using a credit card

Pros

Cons

Using a debit card

Pros

Cons

Using a prepaid travel card

Pros

Cons

Paying with cash in South Korea

Pros

Cons

Using traveler’s checks

Pros

Cons

Compare travel credit cards

Compare up to 4 providers

South Korean currency

The main banks in South Korea are:

Buying currency in the US

ATMS in South Korea

Cash pickup services in South Korea

Compare up to 4 providers

What should I budget for my trip to South Korea?

Average cost of travel in South Korea

Exchange rate history

Case study: Peter’s trip to Seoul

Read more on this topic:

Our latest travel deals to South Korea

Kyle Morgan

More guides on Finder

Ask an Expert

8 Responses

Travel money guide: South Korea

Traveling to South Korea? Don't forget your plastic.

In this guide

Travel money type

Compare

Locations

Compare more cards

Top picks of 2021

South Korean T-money

Our picks for traveling to South Korea

Travel card, debit card or credit card?

These are your options for spending money in South Korea

Using a credit card

Pros

Cons

Using a debit card

Pros

Cons

Using a prepaid travel card

Pros

Cons

Paying with cash in South Korea

Pros

Cons

Using traveler’s checks

Pros

Cons

Compare travel credit cards

Compare up to 4 providers

South Korean currency

The main banks in South Korea are:

Buying currency in the US

ATMS in South Korea

Cash pickup services in South Korea

Compare up to 4 providers

What should I budget for my trip to South Korea?

Average cost of travel in South Korea

Exchange rate history

Case study: Peter’s trip to Seoul

Read more on this topic:

Our latest travel deals to South Korea

Kyle Morgan

More guides on Finder

Ask an Expert

8 Responses

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