So you're planning a trip to Korea or maybe just curious about their money? Let's cut straight to it: the currency of Korea is the South Korean Won (KRW). Those bills and coins you'll handle aren't just colorful paper – they're packed with history and cultural symbols. I learned this the hard way on my first Seoul trip years back, fumbling with unfamiliar bills at a bustling street food stall. Awkward.
Getting Hands-On with Korean Won
You'll see won everywhere you go in South Korea. The symbol is ₩, and you write it like KRW 10,000. Banknotes come in ₩1,000, ₩5,000, ₩10,000, and ₩50,000. Coins are ₩10, ₩50, ₩100, and ₩500. Forget about ₩1 and ₩5 coins – they exist but you'd need a time machine to find them in actual use. Seriously, I once got one as change in 2014 and kept it as a souvenir.
What Korean Money Actually Looks Like
Korean bills aren't subtle. They splash bright colors and huge historical figures right on there:
| Bill Value | Color | Main Person | Cool Security Feature |
|---|---|---|---|
| ₩1,000 (Blue) | Cool Blue | Scholar Yi Hwang | Shiny foil stripe shifts color |
| ₩5,000 (Red/Orange) | Fiery Red/Orange | Scholar Yi I | Hidden watermark portrait |
| ₩10,000 (Green) | Deep Green | King Sejong (alphabet guy) | Raised ink dots for the blind |
| ₩50,000 (Yellow) | Mustard Yellow | Artist Shin Saimdang | Holographic strip with moving images |
My personal favorite? The ₩50,000 note. It feels substantial, and that holographic strip is surprisingly fun to play with while waiting in line. Just don't scratch it off like I almost did!
Coins You'll Actually Use
Coins are simpler but essential for buses, lockers, and vending machines:
- ₩10: Tiny copper-brown coin. Feels almost disposable.
- ₩50: Weirdly shaped golden coin. Hard to stack.
- ₩100: Silver workhorse coin. You'll collect tons.
- ₩500: Biggest silver coin. Vital for coffee machines.
Getting Your Hands on Korean Cash
Okay, so how do you actually get won? Let's be real – nobody wants to get ripped off exchanging money. Been there, regretted that.
Exchange Options Ranked (From Best to "Avoid If Possible")
Here’s the lowdown based on my own trial-and-error across multiple trips:
- Myeongdong Official Money Changers: Specifically those licensed shops near Myeongdong Station Exit 5 or 6. Better rates than banks, no fees if you shop around. Bring crisp USD bills – a torn $100 gets worse rates.
- Korean Bank ATMs (Global ATMs): Look for ATMs labeled "Global" at KB Kookmin, Shinhan, or Woori banks. Your foreign card works fine. What is the currency of Korea exchange rate? Usually decent, but check your bank fees! Mine charges $5 + 3%. Ouch.
- Incheon Airport Banks: Convenience costs you. Rates are 3-5% worse than downtown Seoul. Only exchange emergency cash here.
- Hotel Front Desks: Absolute last resort. Worst rates I've ever seen. Seriously, don't.
Spending Wisely: Cash vs. Card in Korea
Korea loves cards. Like, really loves them. But cash still has its place.
| Situation | Cash Recommended? | Why? & Tips |
|---|---|---|
| Street Food & Small Markets | YES | Ajummas (older vendors) prefer cash. ₩5,000 notes rule here. |
| Taxis (Especially Older Drivers) | YES | Many older cabs don't take foreign cards. ₩10,000 notes are perfect. |
| Bus Fare | YES (Coins) | Drop exact change or use a T-money card (cash to recharge!). |
| Department Stores & Big Chains | NO | Cards accepted everywhere. Often preferred for speed. |
| Online Shopping | NO | Requires Korean card or specific foreign-friendly systems (like Payco). |
| Rural Areas/Small Towns | YES | Card acceptance drops outside cities. Carry ₩50,000 notes. |
I made the mistake of going mostly cashless in Jeonju's traditional village once. Half the amazing street food stalls and artisan shops took cash only. Lesson painfully learned – always keep ₩30,000-₩50,000 won on you.
Understanding Korean Money Nuances
What is the currency of Korea worth? Beyond the exchange rate, there's local context.
What Can You Actually Buy? (Real Prices 2024)
Forget vague "budget" guides. Here's what KRW buys you today:
- Basic Meal: ₩8,000 - ₩12,000 (Think bibimbap, kimbap rolls, or decent ramyeon)
- Coffee Shop Americano: ₩4,500 - ₩6,000 (Yes, pricier than Italy!)
- Subway Ride (Seoul): ₩1,400 (Base fare using T-money card)
- Short Taxi Ride (2-3km): ₩5,000 - ₩7,000 (Flag fall is ₩4,800)
- Convenience Store Beer (Can): ₩2,500 - ₩3,500 (Cass or Hite brands)
Feeling overwhelmed by zeros? Locals simplify big numbers. ₩10,000 is "man won" (만원). So ₩50,000 is "o-man won" (오만원). Hearing prices as "five man won" instead of "fifty-thousand won" helps immensely.
The North Korean Won Mystery
"What is the currency of Korea?" gets tricky when people mean the North. Totally different beast.
North Korean Won (KPW) is isolated. Tourists CAN'T use it. Seriously, they give you special tourist currency (usually Euros, USD, or Chinese Yuan). Actual KPW is for locals only and has multiple confusing exchange rates. Its value? Extremely unstable. The currency of Korea in the South (KRW) is the one you need for travel and trade. North Korean money is a collector's curiosity, not a practical currency for visitors.
Traveler Cheat Sheet: Handling Korean Cash Like a Pro
Here’s the distilled wisdom from my wins and fails:
- Small Bills & Coins Matter: Break a ₩50,000 note ASAP. Smaller shops hate them.
- Check For Counterfeits (Rare, but...): Feel the raised ink on King Sejong's shoulder (₩10,000). Hold newer bills up to light for watermarks.
- T-Money is King: Get this rechargeable card at any convenience store (cash needed!). Use it for buses, subways, taxis, even some vending machines.
- Receipts Aren't Automatic: Ask for "yeong-soo-jung" (영수증) if you need one.
- Don't Tip: Seriously. It's not done. Putting down a ₩1,000 coin might confuse the waiter.
- Exchange Leftover Won: Coins can't be exchanged abroad. Spend them at duty-free before flying!
Deep Dive: Why Won? History & Economics
"Won" (원) simply means "circle" or "round," like the Japanese Yen or Chinese Yuan. It reflects the older round coins used in East Asia.
Modern South Korean won emerged after the Korean War. It saw hyperinflation, huge devaluations... it was messy. The current stable version ("New Currency Unit") dates back to 1962. Back then, US$1 equaled roughly ₩125. Today... well, it's closer to ₩1,300. That tells its own economic story.
Fun fact: Korea briefly used the "Hwan" (환) from 1953 to 1962. Worthless trivia? Maybe. But next time someone asks what is the currency of Korea, you can blow their mind with "Won, technically the second version since the war!"
Common Pitfalls & Annoyances
Let's be honest – no currency system is perfect. Here's what irks me sometimes:
- Old Note Rejection: Got pre-2007 ₩10,000 bills? Some small shops refuse them. Banks will exchange, but it's a hassle.
- Coin Heaviness: ₩500 coins are big and heavy. Your wallet bulges.
- Card Minimums (Small Shops): Want to buy a ₩4,000 coffee? Some tiny cafes require ₩10,000 minimum for card. Annoying!
- Foreign Card Rejection: Even at places with card logos, your non-Korean Visa might randomly fail. Keep backup cash!
My worst experience? Trying to pay with a slightly worn ₩50,000 note at a traditional market. The vendor scrutinized it under a lamp for ages, holding up a huge line. Embarrassing.
Bits You Might Wonder About
Let's tackle those lingering questions about the currency of Korea:
Frequent Questions People Ask
Q: Can I use USD or Euros in Korea?
A: Rarely. Big international hotels or duty-free shops might accept USD, but always at horrible rates. Assume you need KRW.
Q: Should I exchange money before arriving in Korea?
A: Usually not. Rates abroad are often worse. Get a small amount at the airport (₩50,000) for immediate needs (taxi, T-money card), then change more downtown.
Q: Are traveler's checks useful?
A: Almost extinct. Very few places cash them. ATMs are the way.
Q: Can I use Chinese Yuan or Japanese Yen near the borders?
A: Don't count on it. Stick to Korean Won. Maybe some tourist traps offer it, but rates will be robbery.
Q: What is the currency of Korea called in Korean?
A: "Hanguk ui hwanye" (한국의 화폐) or simply "Won" (원). Asking "Won eodi-seo sa-neyo?" (Where can I exchange won?) works.
Q: Is it safe to carry large amounts of cash?
A: Korea is very safe, but common sense applies. Split cash between wallet and bag. Use hotel safes. Cards reduce risk.
Q: Do Korean ATMs dispense large sums?
A: Global ATMs usually let you withdraw ₩500,000 - ₩1,000,000 per transaction (check your bank limit!).
Q: Why are the ₩50,000 and ₩10,000 notes different sizes?
A: Helps the visually impaired distinguish them easily. The ₩50,000 is notably longer.
Final Thoughts: Won Isn't Scary
Figuring out what is the currency of Korea is step one. Using it smoothly is the real win. It feels complicated at first glance – all those zeros, different payment rules. But honestly? After a day or two, you get the rhythm. Load up a T-money card, keep some ₩5,000 and ₩10,000 notes handy, stash those ₩100 coins for buses, and you're golden. Focus less on perfect exchange rates and more on enjoying that piping hot tteokbokki you just bought cash-only from a street cart. That’s the real Korean currency win.
And hey, if you accidentally tip someone, laugh it off. They'll probably just run after you to return your "forgotten" money anyway.
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