Korea, South
Won (KRW). Notes are in denominations of KRW10,000, 5000 and 1000. KRW1000 is called Chon Won in Korean (chon means ‘one thousand’). Coins are in denominations of KRW500, 100, 50 and 10.
The import and export of local currency is allowed up to KRW8,000,000. The import of foreign currency is unlimited, provided amounts greater than US$10,000 (including traveller's cheques) are declared on arrival. Export of foreign currency is limited to the amount declared on arrival.
Mon-Fri 0900-1700.
Foreign banknotes and travelers cheques can be exchanged at foreign exchange banks and other authorized money changers. ATMs are available in all major cities, but all instructions are in Korean.
American Express, Diners Club, MasterCard and Visa are widely accepted at major hotels, shops and restaurants in the larger cities. Check with your credit or debit card company for details of merchant acceptability and other services which may be available.
Accepted, but may be difficult to change in smaller towns. To avoid additional exchange rate charges, travelers are advised to take travelers cheques in US Dollars.
The Korea Travel Card (KTC)
This is a multi-purpose, pre-paid travel card sold by the Korean National Tourism Office, Shinhan Card and the Shinhan Bank, only to foreign tourists or residents. This card provides discounts on currency charges, international and national calls and provides free travel insurance. The card can be bought in denominations of KRW100,000, 200,000, 300,000, 500,000 or in a customized amount between KRW100,000 and 500,000.
