Money in South Korea: Cash, Cards & the Korean Won

South Korea is one of the most card-friendly countries in the world, yet there are still moments — a traditional market stall, a temple-town bus, a tiny family-run restaurant — where only cash will do. Knowing when to tap, when to reach for won, and how to handle ATMs, transit cards and the tourist tax refund will save you both money and friction. This guide covers everything you need to know about money in South Korea, from notes and coins to tipping etiquette.

All figures below are rough ranges meant for planning rather than penny-perfect accounting. Exchange rates move and prices vary by season and region, so treat them as a sensible starting point and check a live rate before you travel.

The Korean won (KRW): notes, coins and rough conversions

South Korea's currency is the Korean won (₩, KRW). Prices look large because the numbers run into the thousands, but the mental math is easy once you have a shortcut. A useful rule of thumb: roughly ₩1,300 to ₩1,400 is about US$1, though the rate fluctuates. The quickest hack is to drop three zeros for a rough dollar figure — ₩10,000 is in the ballpark of US$7, and ₩50,000 is around US$35.

Banknotes

₩1,000 (blue) — about the price of a snack or short bus ride.
₩5,000 (red) — a cheap coffee or street-food haul.
₩10,000 (green) — the everyday workhorse note; a casual meal.
₩50,000 (yellow) — the largest common note; handy but not always easy to break at small stalls.

Coins

Coins come in ₩10, ₩50, ₩100 and ₩500. You'll mostly accumulate ₩100 and ₩500 coins as change. They're useful for vending machines, lockers at stations and topping up a transit card, so it's worth keeping a few rather than letting them pile up.

One quirk worth knowing: many shops, especially smaller ones, prefer you don't hand over a ₩50,000 note for a tiny purchase. Break large notes at convenience stores or when paying for something more substantial, and keep some ₩1,000 and ₩10,000 notes on hand for markets and small eateries.

Card vs cash: where each is accepted

South Korea is overwhelmingly card-first. Visa and Mastercard are very widely accepted — at restaurants, cafés, convenience stores, department stores, taxis and even many street-side businesses. Contactless tap payments are common, and you can often pay with a foreign card for surprisingly small amounts. Many Koreans go days without touching cash at all.

That said, carry some cash for the situations where cards still stumble:

Traditional markets like Gwangjang and Namdaemun in Seoul or Jagalchi in Busan, where many stalls are cash-only.
Street-food vendors and pojangmacha (tented food carts).
Small, family-run restaurants in older neighborhoods and rural towns.
Local buses in the countryside and some temple or park entrance booths.
Tips for guides or drivers on the rare occasion you choose to give one.

American Express and Discover are accepted at fewer places than Visa or Mastercard, so don't rely on them as your only card. Always tell your bank you're traveling so a Korea transaction doesn't trigger a fraud block, and check whether your card charges foreign-transaction fees. For a fuller picture of what things actually cost day to day, see our South Korea travel budget guide.

Mobile payments

Domestic systems like Samsung Pay, Naver Pay and Kakao Pay dominate locally, but they're generally tied to Korean bank accounts and phone numbers, so most short-term visitors can't use them. Apple Pay has been rolling out at a growing number of merchants and is worth trying if your card supports it, though coverage is still patchier than a physical card. For visitors, a contactless credit card plus a transit card covers nearly everything.

ATMs and "Global ATM" withdrawals

Not every ATM in Korea accepts foreign cards, which surprises first-time visitors. Look specifically for machines labeled "Global ATM" or marked with international networks like Cirrus, PLUS, Visa or Mastercard. These accept overseas cards and offer an English-language menu.

Where to find reliable foreign-friendly ATMs:

Convenience stores — CU, GS25, 7-Eleven and Emart24 often have a Global ATM inside, and they're everywhere and open late or 24/7.
Major banks such as KB Kookmin, Shinhan, Woori, Hana and NongHyup (NH), particularly larger branches.
Airports and subway stations, including Incheon and Gimpo.
Post offices, which frequently accept foreign cards.

A few practical tips: some ATMs have operating hours and may go offline late at night even when the store is open, so don't leave withdrawals to the small hours. Expect a modest per-withdrawal fee from the Korean ATM on top of anything your home bank charges. If a machine offers to convert the amount to your home currency (dynamic currency conversion), decline and choose to be charged in won — the merchant's exchange rate is almost always worse than your bank's. Withdraw a sensible amount at once to minimize repeat fees, but don't carry more than you're comfortable with; Korea is very safe, but there's no need for a thick wallet in such a card-friendly country.

T-money for transit and convenience-store payments

One small purchase makes everyday spending smoother: the T-money card. It's a rechargeable tap card that works on subways and city buses nationwide, in taxis, and — usefully — as a tap-to-pay method at convenience stores and many vending machines.

Buy it at any convenience store or station machine for a small one-off cost (a few thousand won for the card itself).
Top it up with cash at convenience stores and station kiosks. Note that you generally reload T-money with cash, which is one good reason to keep some won on hand.
Tap on and off for transfers, which are discounted when you move between subway and bus within the allowed window.
Spend leftover balance at convenience stores so you don't strand money on the card; small remaining balances can also be refunded at certain points, minus a fee.

If you'd rather not buy a separate card, some travelers use a transit-enabled bank card, but for most visitors a plain T-money card is the simplest, most universal option. For the full rundown on subways, the KTX high-speed rail and intercity buses, see our guide to getting around South Korea.

Tax refund for tourists (Tax Free / immediate refund)

Short-term foreign visitors can reclaim a portion of the value-added tax (VAT) on eligible goods, which is a genuine saving on shopping like K-beauty, clothing and electronics. There are two main ways it works in Korea:

Immediate (in-store) refund

Many shops — particularly in tourist areas, Olive Young branches and department stores — offer an immediate tax refund at the register for purchases within a set per-transaction and total spending limit. You show your passport, the discount is applied on the spot, and there's nothing further to do. This is the easiest route and worth asking about whenever you buy something eligible.

Refund at the airport on departure

For larger purchases or where immediate refund isn't offered, ask the store for a "Tax Free" receipt and keep the goods, receipts and your passport together. On departure at Incheon or Gimpo:

Before checking your bag, look for tax-refund kiosks or counters; smaller amounts can often be processed at an automated kiosk.
For higher-value items, you may need to show the unused goods to customs, so don't pack them deep in checked luggage until that's done.
Collect your refund — typically as cash (in won or another currency) at a refund desk after security, or back to your card.

A few notes: there's a minimum spend per purchase to qualify, refunds apply to goods rather than meals or hotels, and you generally need to leave within a set number of days of buying. Build in extra time at the airport during busy periods, as refund lines can be slow. To plan your eligibility and the rest of your arrival and departure logistics, our guide to South Korea entry requirements and K-ETA is a useful companion.

Tipping in South Korea (and why it's largely not expected)

Good news for your wallet and your nerves: tipping is generally not expected in South Korea, and it isn't built into the culture the way it is in some countries. The price on the menu or tag is what you pay.

Restaurants and cafés: no tip expected. Some upscale hotels and Western-style venues may add a service charge to the bill, in which case nothing further is needed.
Taxis: no tip expected; many drivers will try to return small change. Rounding up is fine but not required.
Hotels: tipping bellhops or housekeeping isn't customary, though it won't offend at higher-end international properties.
Tour guides: tipping is more of a personal choice, especially on private or small-group tours, and is appreciated rather than expected.

If you do want to show appreciation, a polite thank-you in Korean (gamsahamnida) goes a long way. For more on social norms and avoiding common slip-ups, see our guide to Korean etiquette and culture tips.

Staying connected to manage your money

Almost everything money-related on the road now runs through your phone: checking a live exchange rate, locating the nearest Global ATM on a map, splitting a bill, using your bank's app, or scanning a tax-refund kiosk's QR code. Korea's transit and ride-hailing apps and Naver/Kakao Maps all need a steady connection too, and Google Maps is notably limited here for walking and driving directions. That makes reliable data part of your travel-money toolkit, not an afterthought. Installing a South Korea eSIM plan before you fly means your banking and tax-refund apps work from the moment you land — no airport SIM counter, no roaming surprise on your next statement.

South Korea makes spending easy: tap a card almost everywhere, keep a little cash for markets and buses, grab a T-money card for transit, and claim your tax refund on the way out. Sort those few basics — and a Korea eSIM to keep your money apps and maps live — and you'll move through the country smoothly from your first won to your last.

Frequently Asked Questions

Should I use cash or card in South Korea?

Card. South Korea is one of the most card-friendly countries in the world, and Visa and Mastercard are accepted almost everywhere, including taxis and convenience stores, often for tiny amounts. Still carry some Korean won for traditional markets, street-food stalls, small family-run restaurants and rural buses, which are frequently cash-only.

Can I use foreign cards at ATMs in South Korea?

Yes, but not at every machine. Look for ATMs labeled 'Global ATM' or marked with Cirrus, PLUS, Visa or Mastercard logos, which accept overseas cards and have an English menu. You'll find them in convenience stores (CU, GS25, 7-Eleven), major bank branches, airports and post offices. Some ATMs have operating hours and may go offline late at night.

How do I claim the tourist tax refund in South Korea?

Two ways. Many shops, including Olive Young and department stores, offer an immediate tax refund at the register when you show your passport, up to set spending limits. For other Tax Free purchases, keep the receipts and goods, then process the refund at a kiosk or counter at Incheon or Gimpo airport on departure, showing higher-value items to customs if asked. There is a minimum spend per purchase to qualify.

Do you tip in South Korea?

No, tipping is generally not expected in South Korea and is not added to bills, so the menu or tag price is what you pay. Some upscale hotels and restaurants may include a service charge, in which case nothing extra is needed. Tipping tour guides on private tours is a personal choice and appreciated rather than required.

What is a T-money card and do I need one?

T-money is a rechargeable tap card that works on subways and buses nationwide, in taxis, and as tap-to-pay at convenience stores and vending machines. Buy it for a few thousand won at any convenience store or station and top it up with cash. It is not essential but makes daily transit and small payments much smoother, and you can spend any leftover balance at convenience stores.