South Korean money is called the South Korean won. The official currency of South Korea is the won, which is abbreviated as KRW. The won is issued and regulated by the Bank of Korea, the country’s central bank.
The won is subdivided into 100 jeon, although the jeon is no longer used in circulation. The South Korean won is commonly represented by the symbol “₩” or “원” in Korean.
The won has been the currency of South Korea since 1945, following the country’s liberation from Japanese occupation. It replaced the Korean yen, which was the currency used during the Japanese rule.
The Bank of Korea issues banknotes in denominations of 1,000, 5,000, 10,000, and 50,000 won. There are also coins in denominations of 10, 50, 100, and 500 won.
FAQs about South Korean money:
1. Can I use US dollars in South Korea?
No, you cannot use US dollars for transactions in South Korea. You will need to exchange your dollars for South Korean won.
2. Is it better to exchange money in South Korea or before traveling?
It is advisable to exchange your money before traveling to South Korea to have local currency on hand. However, you can also exchange money at banks or currency exchange centers in the country.
3. Are credit cards widely accepted in South Korea?
Yes, credit cards are widely accepted in South Korea, especially in major cities and tourist areas. Visa and MasterCard are the most commonly accepted.
4. What is the current exchange rate for US dollars to South Korean won?
Exchange rates fluctuate daily, but as of writing, 1 US dollar is equivalent to approximately 1,100 South Korean won.
5. Can I withdraw South Korean won from ATMs in South Korea?
Yes, you can withdraw South Korean won from ATMs in South Korea. Many ATMs accept international cards, but it is advisable to check with your bank about any fees or charges.
6. What is the best way to carry money in South Korea?
It is recommended to carry a mix of cash and credit cards when traveling in South Korea. Some small shops and vendors may only accept cash.
7. Are there restrictions on bringing money into or out of South Korea?
There are limits on the amount of foreign currency that can be brought into or out of South Korea. It is advisable to check the current regulations before traveling.
8. Can I use Chinese yuan in South Korea?
No, you cannot use Chinese yuan in South Korea. You will need to exchange your yuan for South Korean won.
9. Are there counterfeit issues with South Korean currency?
Counterfeiting is a concern with any currency, including the South Korean won. It is important to be cautious and check for security features when handling cash.
10. Can I exchange South Korean won back to US dollars at the end of my trip?
Yes, you can exchange your remaining South Korean won back to US dollars at currency exchange centers or banks. Keep in mind that there may be fees involved.
11. Where can I find the current exchange rates for South Korean won?
You can check the current exchange rates for South Korean won online on financial websites or by visiting banks or currency exchange centers.
12. Are there any special precautions to take when handling South Korean money?
It is recommended to handle South Korean money with clean hands and store it in a secure place. Be aware of potential scams or counterfeit currency when exchanging or using cash.