Are you planning a trip to South Korea? As a traveler, it's essential to familiarize yourself with the local currency, banking system and the various payment methods available in the country to ensure a smooth and enjoyable journey. In this article, we'll provide you with all the necessary information about Korean money and the various payment methods. Let's dive into the details!
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| ⓒ HeungSoon, pixabay |
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Korean Currency - The Korean Won (KRW):
The official currency of South Korea is the Korean Won (원, KRW). It is represented by the symbol "₩" and comes in both coins and banknotes. For travelers, it's crucial to know the denominations and appearance of the bills to avoid any confusion during transactions.
Coins: Korean coins are available in denominations of 1, 5, 10, 50, 100, and 500 Won. Each coin features various designs and Korean characters, making them unique and culturally significant.
Banknotes: Korean banknotes are issued in denominations of 1,000, 5,000, 10,000, and 50,000 Won. These notes portray important figures from Korean history and showcase iconic landmarks, representing the country's rich heritage.
Exchanging Currency:
Before your trip, it's advisable to exchange your currency to Korean Won to avoid inconvenience upon arrival. You can exchange money at international airports, banks, authorized exchange offices, and even some hotels. Keep in mind that exchange rates may vary, so it's a good idea to compare rates at different places to get the best deal.
ATMs and Cash Withdrawals:
ATMs (현금 인출기) are easily accessible throughout South Korea. Most major international debit and credit cards can be used in these machines. However, it's essential to inform your bank about your travel plans to ensure your card works seamlessly abroad.
Tipping Culture:
Unlike some Western countries, tipping is not a common practice in South Korea. Most services include a service charge, so tipping is not expected. If you feel compelled to show appreciation for exceptional service, a simple thank-you gesture will be appreciated.
Credit and Debit Cards:
Credit and debit cards are widely accepted in South Korea, especially in urban areas and major establishments. Visa (비자) and MasterCard (마스터카드) are the most commonly used cards, followed by American Express (아멕스) and Diners Club (다이너스 클럽). When making a purchase, you can simply hand over your card or use contactless payment options like Samsung Pay (삼성 페이) or Apple Pay (애플 페이) for added convenience.
Cash:
While digital payment is prevalent, it's always wise to carry some cash with you, especially in smaller towns or traditional markets where card acceptance might be limited. ATMs (현금 인출기) are widely available, and you can use your international debit card to withdraw Korean Won (원) easily. Major banks such as KEB Hana Bank (KEB하나은행), Shinhan Bank (신한은행), and Woori Bank (우리은행) have ATMs accessible in English and other languages.
T-Money Card:
For frequent travelers using public transportation, the T-Money card is a must-have. This rechargeable contactless card can be used for buses, subways, taxis, and even at convenience stores like CU (씨유) and GS25 (GS25). You can purchase and top-up T-Money cards at subway stations and convenience stores across the country.
Naver Pay and Kakao Pay:
Naver Pay and Kakao Pay are two popular mobile payment platforms in South Korea. Naver Pay is offered by Naver, a leading Korean internet company, while Kakao Pay is provided by Kakao Corporation, known for its messaging app KakaoTalk. These apps allow users to make online and offline payments, transfer money, and even pay bills with just a few taps on their smartphones.
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| ⓒ zounghyauk, pixabay |
Understanding Korean money and banking practices is essential for a successful trip to South Korea. By familiarizing yourself with the Korean Won, exchanging currency, and knowing how to use credit cards, ATMs and online payments, you can explore the beautiful country with ease. Enjoy your journey through South Korea and immerse yourself in its rich culture, cuisine, and history.
Safe travels!
