South Korea is a modern and cosmopolitan country, with exciting culture and food. Credit cards, debit cards, and cash are all accepted without issue in South Korea, with cash becoming less common.
According to the Bank of Korea, only about 20% of financial transactions in Korea are made with cash. Between credit card, debit cards and the popular T-money cards, South Korea is quickly becoming a cashless society. The best way to make payments in South Korea is to use credit, particularly a card that reimburses or waives foreign transaction fees.
South Korean T-money
South Korea uses the T-money card to streamline payments for buses, taxis and the subway. They recently extended those payments for select retail and restaurants, making it a popular way to pay your way in South Korea.
Like a debit card, it’s connected to your bank and makes automatic withdrawals each time you make a payment. Use the T-money card on your smartphone, making payments as easy as a tap of your phone.
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Travel card, debit card or credit card?
You can use your Visa or Mastercard and travel money card almost everywhere in South Korea. While you can use debit cards to make purchases, not all ATMs accept foreign cards. Always look for the word Global on ATMs before you use it.
Mobile payments are wildly popular with youth in South Korea. So, load your credit cards onto your smartphones and leave your credit cards back at the hotel when you go out in big cities. That said, always carry a bit of cash on you for tips or smaller restaurants and street food.
These are your options for spending money in South Korea
Compare credit cards for travel
Using a credit card
Visa, Mastercard and American Express credit cards are accepted throughout much of South Korea. You want to find a card that will waive the foreign transaction fee and offer travel benefits to get the most from your spending, like the Capital One VentureOne Rewards Credit Card. You’ll find that Visa and Mastercard use their own exchange rates that are close to the market rate, and better than the rate offered on most prepaid travel cards.
Travel credit cards also offer opportunities for rewards and other ways of saving during your travels. Before making your trip, review your travel card options to find one that can best support your travels and your wallet.
- Tip: Some South Korean merchants won’t accept a credit card payment for transactions under 10,000 won (about $10 USD).
Pros
- Major credit cards widely accepted
- Protected by PIN & chip
- Accepted worldwide
- Interest-free days when you pay your account in full
- Some cards offer travel benefits
- Emergency card replacement
Cons
- Fees and interest for cash withdrawal
- Many cards charge 3% currency conversion fees
- ATM machines are out of service after 11:00 p.m.
- Some merchants do not accept payments for transactions under 10,000 won
Compare travel credit cards
Explore top debit cards with no foreign transaction fees and travel credit cards by using the tabs to narrow down your options. Select Compare for up to four products to see their benefits side by side.
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Using a debit card
A debit card is a good way to access your cash while in South Korea, though be aware that not all ATMs accept foreign debit cards. Look for the “Global” sign on machines that will take your cards. Also, many ATM machines shut down after 11 p.m.
A debit card is a good choice if you want to avoid racking up debt and carrying a balance on your credit cards. It’s best if you can find a card that waives international ATM fees or foreign transaction fees. Not all providers offer this luxury, so look for banks that do, such as Betterment Checking, if you’re opening a new account.
- Tip: A debit card can be used to shop over the counter, online and for ATM withdrawals in South Korea.
Pros
- Use at stores and hotels, online and ATMs
- Protected by PIN and chip
- Spending your own money means avoiding interest charges
Cons
- No access to cash advances
- Only ATMs with the Global sign accept foreign cards
Using a prepaid travel card
Though many of the travel cards you find on the market will carry South Korean won, South Korea has its own travel card. Buy the Korean travel card for less than $4 and get discounts on museums and shopping, covered by travel insurance and pay for food, travel and entertainment.
It’s sold at convenience stores and can be bought in denominations of 100,000, 200,000, 300,000 and 500,000. You pay the value of the card (4000 won) and reload it with any amount you specify at a subway machine or convenience store. Although when you reload, you’ll have to use cash rather than your credit card.
- Tip: Travelers can purchase prepaid travel card online before their trip and use the mobile app version of the card on their phone.
Pros
- Can hold multiple currencies.
- Protected by PIN and chip
- Emergency card replacement and backup cards
- Reloadable online
- Korea offers the Korea Travel Card
Cons
- Come with lots of fees for loading and reloading, inactivity and ATM withdrawals.
- Your name isn’t printed on the front
- Many won’t load South Korean won
Paying with cash in South Korea
Although card payments are the norm in South Korea, street food, small restaurants and some public transport only accept cash — some merchants also won’t take cards for purchases under 10,000 won: about $10.
You can make withdrawals at Cash Dispenser Machines or visit an exchange office or bank to get foreign currency changed when you arrive in South Korea. Banks are open from 9 a.m. to 4 p.m. weekdays.
Pros
- Greater payment flexibility
- Convenience
Cons
- More difficult to manage expenses
- Higher risk of theft
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South Korean currency
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The main banks in South Korea are:
- Shinhan Financial Group
- NongHyup Financial Group
- KB Financial Group
- Hana Financial Group
- Korea Development Bank
- Woori Financial Group
- Industrial Bank of Korea
- BNK Financial Group
- DGB Financial Group
- Kakao Bank
Buying currency in the US
The import and export of local currency is allowed up to KRW 8,000,000, or about $7,000 USD. Be sure to declare any incoming money greater than $10,000, including traveler’s checks. And you can’t take out more than you bring in.
You can always send cash to South Korea ahead of time with a money transfer service and have it waiting for pickup when you arrive.
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ATMS in South Korea
There are two types of ATMs in South Korea: those that accept foreign cards and those that don’t. Cash dispenser (CD) machines generally accept international cards. If you insert your card into an ATM and it gives you an error message, you’ll need to search for another machine.
Look for the Global logo on the front of the ATM and select the English option before you insert your credit, debit or travel card. These types of ATMs are common in public places such as bus and train stations, and are out of service after 11 p.m.
Local ATM operator fees will apply. However, you’ll save on each withdrawal if you find a debit card that waives foreign transaction fees, like the card offered by Betterment Checking.
What should I budget for my trip to South Korea?
South Korea can be considered expensive compared to budget destinations like Thailand, Cambodia and Vietnam. But you’ll find it less pricey than other developed countries like Japan.
Expect to spend up to $50 daily if you’re traveling on a tight budget. If you loosen those purse straps, you can find yourself spending up to $100 to $300 a day.
Average cost of travel in South Korea
Travel money options for South Korea at a glance
| Cheap | Midrange | Expensive | |
|---|---|---|---|
| Accommodation | Hostel $20–$60 per night | 2-Star Hotel $50–$100 per night | 5-Star Hotel $140–$500 per night |
| Meals | Jajangmyeon (traditional noodle dish) and pork ribs $3-$5 | Bibimbap (traditional Korean rice dish) $7 | Korean Royal Court Cuisine $70 |
| Activities | Museaums Free | Guided tour of Seoul and museums $30 | Private DMZ Tour $150 or more |
*Prices are indicative and subject to change
Exchange rate history
South Korea is one of the fastest-growing global economies and the fourth-largest economy in Asia. Remarkably it was able to rise from one of the world’s poorest countries to a highly developed nation in only one generation.
Historically, the US dollar has been stronger against the won. Over the past decade, the USD has generally been worth between 1,000 and 1,200 KRW.
Case study: Peter’s trip to Seoul
On his last trip to South Korea, Peter visited Seoul for one week before heading to Hong Kong. While in Seoul, he took a flight from Gimpo International Airport (Western Seoul) to Jeju Island so he could see the Seongsan Sunrise Peak, one of the New Seven Wonders of Nature.
What travel money tips do you have for South Korea?
Peter purchased a Korean travel or T-money card to make payments easier. It can be used to pay for goods and services at most Korean merchants. What’s more, Peter says you can get a discount when you use the T-money Card to pay for public transport.
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As an avid traveler and financial expert, I bring a wealth of firsthand knowledge and expertise to the topic of managing finances and payments in South Korea. Having explored various countries and immersed myself in diverse cultures, I understand the importance of navigating the financial landscape seamlessly while enjoying the rich experiences each destination offers.
Now, let's delve into the key concepts presented in the article about managing finances in South Korea:
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Cashless Society Trend:
- South Korea is transitioning into a cashless society, with only about 20% of financial transactions conducted in cash, as per the Bank of Korea.
- Credit cards, debit cards, and T-money cards are widely accepted, with the latter being especially popular for streamlined payments on public transport, taxis, and even at select retail and restaurants.
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T-money Card:
- The T-money card in South Korea functions like a debit card, linked to your bank for automatic withdrawals.
- It is used for various payments, including buses, taxis, subway, and can be conveniently used through a smartphone.
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Recommended Payment Methods:
- Credit cards, particularly those with waived foreign transaction fees, are recommended for payments in South Korea.
- Popular credit cards such as Visa, Mastercard, and American Express are widely accepted.
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Mobile Payments:
- Mobile payments are highly popular, especially among the youth in South Korea.
- Loading credit cards onto smartphones is recommended for urban areas, while carrying a bit of cash is advised for tips, smaller restaurants, and street food.
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Travel Cards and Debit Cards:
- Visa, Mastercard, and travel money cards are accepted almost everywhere.
- Debit cards are suitable, but not all ATMs accept foreign cards, so it's essential to look for ATMs with the "Global" designation.
- Using a debit card is recommended to avoid credit card debt, and finding one with waived international ATM fees is advantageous.
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Prepaid Travel Card (Korea Travel Card):
- South Korea has its own travel card available at convenience stores, offering discounts on various services.
- The card is reloadable but requires cash for reloading.
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Paying with Cash:
- While card payments are common, some places like street food stalls and smaller restaurants only accept cash.
- Cash withdrawals can be made at Cash Dispenser Machines, exchange offices, or banks.
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South Korean Currency:
- The article lists major banks in South Korea, including Shinhan Financial Group, NongHyup Financial Group, KB Financial Group, among others.
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ATMs in South Korea:
- Two types of ATMs exist: those accepting foreign cards (look for the Global logo) and those that don't.
- Local ATM operator fees apply, but using a debit card that waives foreign transaction fees can save on withdrawal costs.
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Budgeting for South Korea:
- South Korea is considered relatively expensive, with an average daily budget ranging from $50 to $300, depending on spending preferences.
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Exchange Rate and Economic Overview:
- South Korea is one of the fastest-growing global economies, with a strong currency (KRW).
- The USD has generally been worth between 1,000 and 1,200 KRW over the past decade.
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Case Study: Peter's Trip to Seoul:
- The article includes a case study illustrating a traveler's experience in South Korea, emphasizing the use of a Korean travel or T-money card for payments.
By combining my expertise with the information provided in the article, I aim to offer comprehensive insights into managing finances and payments effectively while traveling in South Korea.
