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Travel money guide: South Korea
Traveling to South Korea? Don't forget your plastic.
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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
Finder rating: 4.6/5
Our pick for multi-currency debit card
Transferwise Multi-currency
Finder rating: 4.5/5
Our pick for 0% transaction fee debit card
SoFi Money
Finder rating: 4.6/5
What's in this guide?
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
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
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
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
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
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
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South Korean currency
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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.
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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
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.
Read more on this topic:
Our latest travel deals to South Korea
StudentUniverse
$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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Ask an Expert
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