So, you’re headed to the land of K-pop, skincare, and spicy rice cakes. You're probably wondering: what is the currency of Korea? If you search for it, you’ll see the South Korean Won (KRW) pop up everywhere.
But honestly? If you’re walking through the neon-soaked streets of Seoul in 2026, the real answer is a bit more complicated than just carrying a wallet full of paper bills. Korea is basically living in the future. You’ve got grandmother-run street stalls accepting QR codes and high-tech kiosks replacing bank tellers.
Let's break down what you actually need to know so you don't end up stranded at a bus stop with the wrong coins.
The Basics: What is the Currency of Korea?
The official money in South Korea is the won, represented by the symbol ₩. In international banking, you’ll see it written as KRW.
One thing that trips people up is the scale. Unlike the US dollar or the Euro, the won has a lot of zeros. A cheap meal isn't 10 won; it’s more like 10,000 won. It feels like you’re a millionaire for a second, but then you realize that ₩1,000 is roughly equivalent to $0.75 USD (depending on the day's exchange rate, of course).
The Bills You’ll Carry
You’ll mostly deal with four paper banknotes:
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- ₩1,000 (Blue): Features Toegye Yi Hwang, a famous Confucian scholar. This is your "bus and snack" money.
- ₩5,000 (Orange/Red): Features Yulgok Yi I, another scholar (and actually the son of the lady on the 50k bill!).
- ₩10,000 (Green): Features King Sejong the Great. He’s the guy who invented the Korean alphabet, Hangeul. You’ll see his statue in Gwanghwamun Square.
- ₩50,000 (Yellow): Features Shin Saimdang. This is the highest denomination. It’s super common now, but keep in mind some tiny mom-and-pop shops might grumble if you try to pay for a ₩500 pack of gum with this.
The Coins in Your Pocket
Coins come in ₩10, ₩50, ₩100, and ₩500.
Smallest is the ₩10, which is basically useless except for exact change. The ₩100 and ₩500 are the ones you'll actually use for things like lockers or older vending machines.
Is Korea Cashless in 2026?
Kinda. Mostly, yeah.
If you spent a week in Seoul, you could easily go the entire time without touching a single physical bill. Most Koreans use Samsung Pay, Kakao Pay, or Naver Pay. Even the "Bungeoppang" (fish-shaped pastry) stalls on the street usually have a QR code taped to the glass so you can just wire the money via a banking app.
But as a tourist, you can't always access those local apps easily. You’ll rely on your Visa or Mastercard, which are accepted everywhere—from the biggest department stores to the tiniest convenience stores.
Expert Tip: Always carry a "T-Money" card. It’s a transit card you can buy at any convenience store. You must use cash to top it up at the machines. It works for subways, buses, and even some taxis and convenience stores.
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What About the "Other" Korea?
When people ask what is the currency of Korea, they sometimes forget there are two. North Korea uses the North Korean Won (KPW).
Now, unless you’re a diplomat or on a very specific (and rare) sanctioned tour, you will never see this money. It isn't traded on the international market. Interestingly, in the North, foreign visitors are often expected to use Euros, Chinese Yuan, or US Dollars instead of the local KPW. The exchange rates you see online for KPW are often "official" rates that don't reflect what things actually cost on the ground.
Why the Currency Values Look So High
If you look at a price tag and see ₩150,000 for a pair of shoes, don't panic. It's not a down payment on a house.
Historically, Korea went through several currency reforms. After the Korean War, inflation was a nightmare. They switched from the "won" to the "hwan" and then back to the "won" in 1962. Because they never "re-denominated" (lopping off zeros like some countries do), the numbers stayed high.
Pro-tip for 2026: Use a currency converter app like Xe or even just Google. The won has been a bit volatile lately due to global export trends, so the "1,000 won = 1 dollar" rule of thumb isn't as accurate as it used to be. It’s usually closer to 1,300 or 1,400 won per dollar these days.
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Where to Get the Best Exchange Rates
Don't exchange your money at the airport. Just don't. The convenience comes with a massive "convenience tax" in the form of terrible rates.
- Myeongdong Money Changers: If you have physical USD or EUR, the private booths in Myeongdong (near the Chinese Embassy) are legendary for having the best rates in the country.
- Global ATMs: Look for the "Global" sign on ATMs. Standard Chartered and Woori Bank are usually pretty reliable for foreign cards.
- Wowpass: This is a huge trend for travelers in 2026. It’s a prepaid card you can get at machines in subway stations. You stick your home currency (cash) into the machine, and it spits out a card you can use like a local debit card. It even doubles as your T-Money card.
What Most People Get Wrong
People think they need to tip in Korea. Don't do it. Tipping isn't a thing here. If you leave an extra ₩5,000 on the table at a restaurant, the server will likely chase you down the street thinking you forgot your money. The price you see on the menu is exactly what you pay—tax is already included. It’s honestly refreshing.
Also, don't worry about "haggling" over the currency of Korea in most shops. Prices are fixed. The only place you might negotiate a little is at traditional markets like Namdaemun or Dongdaemun, but even then, it’s more of a "can you give me a discount because I'm buying five?" vibe.
Actionable Next Steps for Your Trip
To make your life easier when dealing with Korean money, do these three things as soon as you land:
- Withdraw ₩50,000 in cash at a "Global ATM" for emergencies and street food.
- Buy a T-Money card or a Wowpass at the airport's convenience store (CU or GS25).
- Download Naver Maps. Google Maps doesn't work well for walking directions in Korea, and Naver will often show you the exact fare for the bus or subway so you know how much to load onto your card.
Staying on top of your spending is easy once you get used to the "thousand-won" mindset. Just remember: if the bill looks like a phone number, you're probably just buying a nice dinner.