Money in Korea: Korean Won, Cards, Global ATMs and WOWPASS

South Korea is one of the most cashless countries you can visit. Card terminals are everywhere, and many Seoul buses stopped taking cash years ago. That doesn’t make money in Korea simple for a visitor. Korean apps want a Korean phone number, public transport needs its own card, and the stalls at Gwangjang Market still want the Korean won in paper. Here’s how to set yourself up before you land.

Korean won notes and coins

The Korean currency has four banknotes, all issued by the Bank of Korea, and they’re easy to tell apart by colour.

Coins pile up as change at convenience stores. The ₩500 and ₩100 are worth spending; the ₩10 and ₩50 mostly aren’t.

How much is the Korean won worth?

The dollar traded at around ₩1,355 in the week of 22 to 25 September 2026, according to Trading Economics. For quick maths, ₩10,000 is about $7.40 and ₩100,000 about $74. Drop three zeros and multiply by three quarters, and you’re close.

Cards in Korea: where they work and where they don’t

Visa and Mastercard work in restaurants, cafés, convenience stores, department stores, museums and nearly every taxi. Paying ₩3,000 for a coffee by card is completely normal. Amex is accepted less often.

Where foreign cards struggle is online. Kakao T, Naver Pay, Coupang and food-delivery apps usually ask for a Korean phone number or ID to register, and foreign cards are often rejected at checkout. Phone wallets are patchy too: Apple Pay works at a limited number of terminals, mostly convenience stores and big chains, and Google Pay doesn’t work in Korea. Carry the physical card.

Cash still matters in a few places. Traditional markets like Gwangjang and Namdaemun, street-food carts, some small family restaurants and topping up a T-money card all run on notes. We’d keep ₩50,000 to ₩100,000 in cash at any time and pay everything else by card.

Global ATMs: withdrawing Korean won

Not every Korean ATM accepts a foreign card. Look for machines marked “Global ATM” or showing the Visa, Mastercard, Plus or Cirrus logo, which you’ll find at the big banks such as Woori, KB Kookmin, Shinhan and Hana, at the airports, and in many convenience stores.

The ATM operator charges a fee per withdrawal, commonly a few thousand won, and your own bank may add its foreign-transaction fee. Limits vary by bank and are usually lower at convenience-store machines than at bank branches. The screen shows the fee before you confirm.

WOWPASS, T-money and the Climate Card

WOWPASS is a prepaid card made for foreign visitors. You get it and top it up at WOWPASS kiosks in subway stations, at the airports and in some hotels. The kiosk takes foreign cash in more than a dozen currencies and loads the won onto the card, and the app lets you top up with a foreign card. It then works as a local card wherever cards are accepted, which gets around the odd terminal that rejects foreign cards. It also has a T-money function for buses and the subway, with its own balance. Check the fees in the app before loading large sums or asking for a refund.

T-money is the ordinary transit card Koreans use. Buy one at a convenience store or a station machine for a few thousand won, depending on the design, and top it up in cash at stations and convenience stores. It gets you transfer discounts between bus and subway, works in taxis and convenience stores, and you can get the leftover balance back at a convenience store for a ₩500 fee. Since 2025 it’s also available in Apple Wallet. Our T-money card guide covers fares, transfers and top-ups in detail.

In Seoul, the Climate Card Tourist Pass gives unlimited subway and bus rides for ₩5,000 (1 day), ₩8,000 (2 days), ₩10,000 (3 days) or ₩15,000 (5 days), plus the card itself. It only covers trips inside Seoul, so it’s no use for rides out into Gyeonggi-do.

Where to exchange South Korea money

Airport exchange counters are convenient and usually give the worst rates. Change a little there if you need it, then do the rest in town. Banks exchange at their posted rate with your passport. In Seoul, the licensed money changers of Myeongdong are known for the best rates, and unmanned exchange kiosks in tourist areas scan your passport and dispense won directly.

Don’t plan on paying in US dollars. Outside a few duty-free shops, prices are in won and that’s what everyone expects.

Customs rules and the instant tax refund

Cash, cheques or other means of payment worth more than US$10,000 must be declared to the Korea Customs Service when you enter or leave the country.

Shopping is where Korea gives money back. At stores showing a “Tax Free” sign, foreign visitors staying under six months can get the tax taken off at the till by showing a passport. It applies to purchases between ₩15,000 and ₩1,000,000 per receipt, up to ₩5,000,000 per trip. Bigger purchases go through a refund booth in town or at the airport. Keep the goods unused, and leave Korea within three months of buying them.

Before you fly, check whether you need a K-ETA or the e-Arrival card. Then read tipping in South Korea (short version: don’t) and the best time to visit South Korea. Combining countries? See our guides to money in Japan, Vietnam currency and Thailand currency.

Looking for the rest? Every Korea guide we’ve published, from the K-ETA to the won, is sorted by topic in our South Korea travel guide.

Data checked: 2026-09-28