If you’re landing at Incheon International Airport this year, the first thing you’ll notice isn't just the lightning-fast Wi-Fi or the smell of roasted coffee. It’s the money. Specifically, the crisp, colorful, and slightly confusing South Korean won.
Currently, as of mid-January 2026, the exchange rate is hovering around 1,477 KRW to 1 USD. That’s a big number. Seeing a ₩50,000 bill in your hand for the first time makes you feel like a millionaire, but don’t go booking a private jet just yet. That "millionaire" status basically buys you a really nice dinner for two and maybe some taxi fare.
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The won is a weird beast. It’s a currency that feels ancient and futuristic at the same time. You’ve got 16th-century Confucian scholars staring at you from banknotes that feature 3D holograms and color-shifting ink that would make a counterfeiter weep.
The Currency of South Korea: It’s Not Just "Won"
When we talk about the currency of South Korea, we’re talking about the South Korean Won (KRW). It uses the symbol ₩. Now, historically, the word "won" is a cognate of the Chinese yuan and the Japanese yen. They all basically mean "round," referring to the shape of the old coins.
Kinda funny, right? Every major East Asian currency is essentially named "Circle."
But the KRW isn't just one static thing. It has been through the ringer. It was introduced, then replaced by the "hwan" in the 50s because of massive inflation after the Korean War, then brought back in 1962. If you find an old coin in a vintage shop that says "hwan," hold onto it. It’s a piece of history from a time when Korea was one of the poorest countries on Earth—a far cry from the high-tech powerhouse it is today.
The Breakdown: What’s in Your Wallet?
You aren't going to see many coins these days. South Korea is moving toward a "cashless society" faster than almost anywhere else. However, if you do get change, here is what you're looking at:
- ₩10, ₩50, ₩100, ₩500 coins. Most of these are basically worthless for anything other than a vending machine or a laundry mat. The ₩100 coin features Admiral Yi Sun-sin, the guy who basically saved Korea from a Japanese naval invasion in the 1500s with "turtle ships." He’s a big deal.
- ₩1,000 (Blue): Features Yi Hwang. He was a philosopher. Think of him as the Korean Socrates.
- ₩5,000 (Orange): Features Yi I, another philosopher. He was actually the son of the woman on the ₩50,000 bill. Talk about a powerhouse family.
- ₩10,000 (Green): The big one. King Sejong the Great. He’s the guy who invented Hangul, the Korean alphabet. Without him, we’d all be struggling with thousands of Chinese characters.
- ₩50,000 (Yellow/Gold): Shin Saimdang. She was a poet and artist. She was the first woman to ever appear on a South Korean banknote, which only happened in 2009.
Honestly, the ₩50,000 bill is the workhorse of the economy. If you’re at a night market in Dongdaemun, this is what you’ll be peeling off your roll.
Why the Exchange Rate is Jumping Around
If you’ve been watching the news lately, you’ve probably heard that the won has been taking a bit of a beating. It’s currently at a 15-year low against the dollar. Why? Well, it’s a mix of things.
South Korea’s economy is heavily dependent on exports—mostly semiconductors and cars. When the global economy gets "jittery," the won usually gets hit. In early 2026, we’ve seen some massive volatility. The Bank of Korea (BOK) has been trying to keep things steady, even preparing to issue "FX stabilization bonds" to the tune of $5 billion this year.
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Basically, the government is trying to stop the won from sliding further. For a traveler, this is actually great news. Your dollars or euros go much further in Seoul than they did five years ago. For the locals, though, it means the price of imported fruit and fuel is going up.
The Future is Digital (The CBDC)
South Korea is currently obsessed with the idea of a Central Bank Digital Currency (CBDC). They call it "Project Hangang."
Right now, in 2026, they are in the second phase of testing. They aren't replacing cash yet, but they’re testing "deposit tokens." Imagine a world where the government gives out childcare subsidies or small business grants as digital won that can only be spent at certain types of stores. It’s already happening in pilots with stores like 7-Eleven and Ediya Coffee.
It’s a bit "Black Mirror" if you think about it too much, but it’s the direction the currency of South Korea is heading.
Real-World Tips for Using Money in Korea
If you’re actually going there, forget everything you know about European or American banking.
First off, "T-Money" is your best friend. It’s a prepaid card you can buy at any convenience store. You load it up with cash (won) and use it for subways, buses, taxis, and even some vending machines. You can't really survive in Seoul without one.
Secondly, most small shops prefer "Wowpass" or cards, but if you go to the traditional markets like Gwangjang, you’ll want those ₩10,000 bills. Some of the best street food vendors are cash-only, or they’ll ask you to do a direct bank transfer (which you can’t easily do as a tourist).
Also, a weird quirk: South Korean ATMs. Not all of them take foreign cards. Look for the "Global ATM" sign. If it doesn't say "Global," it will likely spit your card back out with a very polite but firm rejection message in Korean.
The Counterfeiting Myth
You might hear people talk about "fake won." It was a huge problem in the early 2000s, especially with the 5,000 won note. That’s why the current series of bills is so high-tech.
If you hold a ₩50,000 note up to the light, you’ll see a "hidden" portrait of Shin Saimdang. If you tilt it, the Taegeuk (the circle on the flag) on the security thread moves. The Bank of Korea actually uses a special substance in the ink that machines can detect instantly. It’s so effective that other countries have started licensing the technology.
Practical Next Steps for Your Trip
- Don't exchange money at home. You’ll get a terrible rate. Wait until you get to Incheon Airport or, better yet, go to a "Myeong-dong" currency exchange booth. They usually have the best rates in the city.
- Download "NAMANE" or "Wowpass." These are cards specifically designed for foreigners that let you load cash and use it as a debit card everywhere.
- Keep a few ₩1,000 notes. You’ll need them for the "Gachapon" machines or the random claw cranes in Hongdae.
- Watch the ₩1,500 level. If the exchange rate hits 1,500 won to 1 USD, that’s a historic psychological floor. If it breaks that, things in Korea might get a bit more expensive as inflation kicks in, so keep an eye on the charts before you fly.
The currency of South Korea is more than just paper; it’s a reflection of a country that moved from total devastation to being a global leader in about two generations. Whether you’re holding a physical bill or scanning a QR code for a digital won, you’re touching a system that’s constantly reinventing itself.