Money and Currency Exchange
How to handle money in Korea — cash versus card, where to exchange currency for the best rate, and why you should not tip.
Cash or card?
Cards are accepted almost everywhere in Korea — in restaurants, shops, cafes, and taxis. However, you will still need some cash for traditional markets, small street food stalls, and some buses in rural areas. Carry both: a card for most spending and 50,000 to 100,000 won in cash as a backup.
Where to get the best rate
Airport exchange counters are convenient but usually offer the worst rates. Banks and licensed exchange offices in the city, especially in Myeongdong, offer better rates. ATMs that accept foreign cards are also a good option — look for ATMs with a global or foreign card logo, and check the fee your home bank charges.
Exchanging in Myeongdong
Myeongdong is famous for its competitive money changers, which often offer better rates than banks. Only use licensed exchange offices with a clear sign and a rate board. Count your money before you leave the counter, and get a receipt.
Paying by card
Most Korean shops accept Visa and Mastercard, and many accept other international cards too. Some small shops may only take Korean cards or cash, so always carry a little cash. When paying by card, you may be asked whether to pay in won or your home currency — choose won, because paying in your home currency usually means a worse exchange rate.
Tipping
Tipping is not expected in Korea. Restaurants, taxis, and hotels do not expect a tip, and leaving one can sometimes cause confusion. Good service is already included in the price, so there is no need to tip.