How is the cash-use system in South Korea?

Contents

Have you ever wondered how the cash system works in Korea? While planning a trip to this beautiful country, it is important to understand the currency and how to use it efficiently during your stay. In this article, we want to take a look at the inside and outside of Korean cash and provide the necessary information to facilitate financial transactions.

Currency: KRW (KRW).

The official currency of Korea is the Korean won. The won is divided into smaller units, including coins (W10, 50, 100 and 500) and banknotes (W1, 5,000, 10,000 and 50,000). Coins are usually used for small transactions, but banknotes are preferred for larger purchases and everyday expenses.

Currency Exchange.

It is recommended to exchange your local currency into Korean won before traveling to Korea. You can do this at airports, banks, or authorized currency exchange stations. It is important to compare fees and fees from different providers to make sure you get the best value for your money. In addition, having cash for situations where card payments are not allowed can be helpful.

Using Cash in Korea.

In South Korea, cash is widely used, especially in small businesses, street vendors, and local markets. However, credit cards can also be used in most major facilities, such as hotels, restaurants, and department stores. Nevertheless, it is always recommended to carry cash as a backup, especially when visiting more remote areas or small towns.

ATMs and withdrawals.

ATMs are easy to use throughout Korea, so you can withdraw cash using international debit or credit cards. Using an ATM at a bank or convenience store is the most convenient way. Depending on the bank, international withdrawals may incur a fee. So, withdrawing more money to minimize transaction costs may be useful.

Tip Culture.

Unlike some Western countries, tipping is not a common practice in Korea. Tipping is not expected because most restaurants and service facilities include service charges on their bills. However, if you feel that a special service is worth acknowledging, a small tip would be appreciated.

Safety and Security.

Korea is generally a safe country when it comes to cash transactions. However, it is a good idea to keep your cash in a safe place and take standard precautions, such as being mindful of your surroundings. It is also a good idea to inform your bank of your travel plans so that you won’t have trouble using your card.

Last thought.

Understanding how Korean cash works is essential for a smooth and enjoyable travel experience in Korea.