Money in Korea: cards, cash, ATMs and exchange

South Korea is one of the easiest countries in Asia to pay your way through. Cards work almost everywhere, many city buses no longer take cash, and visitors can claim back sales tax on shopping, often right at the till. Still, a little cash and a few rules make the trip smoother. This page covers the currency, cards, ATMs and exchange, transport cards and tax refunds, as checked on 5 October 2026. For entry rules, data and weather, see Before you go.

The won: notes and coins

Korea’s currency is the won, written KRW or ₩. The Bank of Korea issues four banknotes:

• 50,000 won, the largest note, first issued in 2009
• 10,000 won
• 5,000 won
• 1,000 won

The coins you will handle are 500, 100, 50 and 10 won. The Bank of Korea also lists 1 and 5 won coins as current, but you are unlikely to see them in change.

Tipping is not a custom in Korea, whether in restaurants, taxis or hotels.

Paying by card

Most businesses accept credit and debit cards, including major hotels, department stores, chain restaurants, cafes, convenience stores and taxis with card readers. Visa, Mastercard and American Express are widely taken. The Korea Tourism Organization still advises checking before you buy, because some smaller shops do not accept every card, and this is most common at traditional market stalls such as Gwangjang Market and with street food vendors in areas like Myeongdong.

A few habits help:

• Bring two cards on different networks, in case one is declined.
• Carry some cash in won for markets, small restaurants and transport top-ups.
• Keep your passport on you when shopping. It is needed for tax refunds.

ATMs and changing money

ATMs: not every ATM in Korea accepts foreign cards. Machines marked “Global ATM” or showing foreign card logos are the ones to look for, and they are common at airports, bank branches, major stations and some convenience stores. Fees depend on both the ATM operator and your own bank, so check your bank’s foreign withdrawal charges before you travel.

Exchange: you can change foreign currency into won at banks and authorised exchange offices. International airports have bank exchange counters for arriving passengers, so you can change a small amount on landing and the rest in town. Some banks and exchange offices do not accept old-series foreign notes, so bring current bills.

Bank hours: banks generally open 09:00–16:00 on weekdays and close at weekends and on public holidays. A provisional agreement between bank unions and management in September 2026 would move bank opening to 09:30 from April 2027, so check hours if you plan a bank visit next year.

Bringing cash in: there is no limit, but cash and other means of payment worth more than USD 10,000 in total must be declared to customs on arrival. This includes won, foreign currency and cheques. Non-residents leaving with more than USD 10,000 need permission from the Bank of Korea or customs, unless the money was declared when they arrived. Violations are penalised under the Foreign Exchange Transactions Act.

Transport cards and cash-free buses

Subways and buses run on rechargeable transport cards. A Tmoney card is sold for a few thousand won at convenience stores and Seoul subway information centres. It can be topped up at subway ticket machines to a maximum balance of KRW 500,000 and works on subways, city and intercity buses and in taxis across the country. Top-ups at station machines and convenience store counters are usually paid in cash, so keep some won for this.

Cash is disappearing from Seoul buses. As of January 2026, 183 Seoul city bus routes are cash-free, which means you can only board with a transport card or another accepted card. Buses with a cash box still exist on other routes, but a card is far simpler everywhere.

WOWPASS is a prepaid card for foreign visitors that combines a transport card with a payment card. It costs KRW 5,000, needs a passport, and is sold through its app and at kiosks in airports, stations and hotels. The kiosks accept won and several foreign currencies, and you can withdraw the remaining balance in won before you leave. How to buy, top up and refund a T-money card, and how it compares with Seoul’s unlimited Climate Card for visitors, is covered in T-money and transit cards in Korea.

Tax refunds on shopping

Korea charges 10 percent VAT, and visitors can claim it back at stores displaying a “Tax Free” or “Tax Refund” sign. To qualify you must:

• be a foreign national who has stayed in Korea for less than six months (overseas Koreans have separate rules)
• spend at least KRW 15,000 on one receipt
• buy new, unused goods
• leave Korea within three months of the purchase

Immediate refund: at participating stores, mostly department stores, large supermarkets and some smaller shops and convenience stores, you show your passport at the till and pay the price without tax. Each payment must be at least KRW 15,000 and under KRW 1,000,000, and the total for the trip must stay within KRW 5,000,000.

Refund later: at other stores you pay the full price and get a refund receipt. You then claim at a downtown refund booth in a city or at the airport or port when you leave. At Incheon Airport, show the goods and receipts to customs before checking your bags. Then claim from the refund counters or kiosks beyond security, which are near Gate 28 in Terminal 1 and near Gate 253 in Terminal 2. Refund companies keep a handling fee, so you get back somewhat less than the full tax.

For where to spend it, from Myeongdong’s cosmetics shops to Dongdaemun’s late-night malls, see shopping in Korea.

Where to next

• K-ETA and entry rules for the paperwork before you fly
• Transportation for trains, buses and transport passes
• Seoul, Busan and Jeju city guides