What is the Currency in South Korea?

What is the Currency in South Korea?

If you’re travelling to South Korea—whether to explore Seoul’s futuristic skyline, visit historic palaces, or enjoy K-culture first-hand—it’s essential to understand how the currency works. This guide is tailored for UK travellers and explains South Korea’s official currency, how to pay for things, and how to manage your money effectively during your trip.

What currency does South Korea use?

South Korea’s official currency is the South Korean Won, abbreviated as KRW and symbolised by ₩. All transactions in the country—from street food and metro fares to hotels and retail shopping—must be made in won.

How is the South Korean won structured?

The won is not divided into smaller coins like pence or cents. Instead, banknotes and coins are issued in full won units. The most common denominations include:

• Banknotes: ₩1,000, ₩5,000, ₩10,000 and ₩50,000

• Coins: ₩10, ₩50, ₩100 and ₩500

At the time of writing, £1 is worth around ₩1,700–₩1,800, though this can fluctuate daily depending on exchange rates. It’s advisable to use a reliable currency app or site to check live conversion rates before your trip.

Can you use foreign currency in South Korea?

No. South Korea is a won-only economy. Foreign currencies such as British pounds, US dollars or euros are not accepted for purchases, even in tourist areas. You’ll need to convert your money into Korean won either before or during your trip.

Should you bring cash or use a card in South Korea?

South Korea is one of the most technologically advanced and card-friendly countries in the world. Credit and debit cards—especially Visa and Mastercard—are widely accepted in hotels, restaurants, department stores and taxis. Contactless and mobile payments such as Samsung Pay, Apple Pay and Google Pay are also commonly supported in major cities.

However, some smaller shops, street food vendors and transport kiosks may be cash-only, especially outside urban areas. It's a good idea to carry some cash for flexibility.

UK travellers are advised to use a travel card (such as Monzo, Starling or Revolut) to avoid high foreign transaction fees.

Where to get Korean won

You can order KRW from select UK currency providers before your trip, though rates are often better once you arrive in South Korea. Currency exchange is available at airports, hotels, banks and authorised exchange counters.

ATMs are widely available across South Korea, especially in urban areas. Look for machines that accept international cards—often labelled “Global ATM.” Be aware that some ATMs only accept local cards, so finding a compatible machine may take a bit of trial and error.

Tips for managing money in South Korea

• Always pay in KRW, not in your home currency, when offered the choice

• Keep small denominations for street food, markets, and local buses

• Use ATMs attached to banks or major convenience stores for better reliability

• Avoid currency exchange at hotels or airports unless necessary—they often offer poor rates

• Preload a T-money card (transport card) for metro, bus and some taxis—it can be topped up in cash

Common mistakes to avoid

A common mistake is assuming South Korea accepts card payments everywhere. While cities like Seoul and Busan are highly cashless, small businesses in rural areas may still rely on cash.

Another is relying on one card or assuming your UK debit card will be accepted at all ATMs. It’s smart to bring a backup card and a small amount of emergency cash.

In summary

South Korea uses the South Korean Won (KRW) as its official currency. While it is one of the most card-friendly countries in the world, carrying cash remains important—especially outside urban areas. UK travellers can make the most of their trip by using fee-free travel cards, paying in won, and being prepared with both cash and card options.