Exploring Korean Currency

If you’re an American who’s traveled abroad, you know what it’s like to handle money from another country. Not only are the coins and bills different in terms of size and color, but the exchange rate adds another layer of complexity.

For those who are planning to visit or move to South Korea, the currency can be especially confusing since it looks nothing like the US dollar. But don’t worry! In this guide, we’ll take a look at all the different types of coins and cash used in South Korea so you’ll be prepared when you hit the streets.

Types of Korean Currency

In South Korea, all transactions are made in South Korean won (₩ or KRW). Some places also accept US dollars as well as credit and debit cards, so keep that in mind. As for the actual money itself, there are several different types you should familiarize yourself with:

Coins

The South Korean won comes in the following coins: 10, 50, 100, and 500. The coins are made of brass and have a small hole in the middle. The colors are yellow, bronze, and silver. On the obverse, you’ll find the denomination of the coin, and on the reverse, there is a figure or Korean symbol.

Banknotes

South Korean Won comes in the following denominations for banknotes: 1000, 5000, 10,000, and 50,000. There are also two recently-released higher denominations, the 100,000 won and the 500,000 won bills. Banknotes come in a variety of colors and feature important figures from different eras in Korean history. They all include the number of won, a symbol, and the name of a historical figure in Korean characters.

Where to Get Korean Won

Tourists who plan to visit South Korea and need money can go to the airport and use the currency exchange booth located there. The rates won’t be the best, but it’s convenient and quick. Alternatively, you can use an ATM at the airport — many of them even accept US debit cards.

For those who are staying in South Korea for an extended period of time and need a steady source of money, the best option is to open an account with a local bank. They will be able to give you both coins and banknotes, so you won’t need to worry about exchanging currency.

FAQs

Q: Can I use credit and debit cards in South Korea?

A: Yes, many places accept credit and debit cards. However, it is wise to keep some cash on you, as some smaller stores may only accept cash payments.

Q: How come the coins in South Korea have holes in the middle?

A: This is an old tradition in East Asia. The purpose of putting holes in coins is that often times these coins would be strung onto a piece of thread and worn around the neck as a form of jewelry. Coins were also believed to ward off evil spirits.

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