Money in Korea: Cash, Cards, Currency Exchange, and Transit Passes
Verified Reviewed by the editor
Quick answer
South Korea operates largely cashless, with international credit cards widely accepted at hotels, department stores, and shops. However, public transit cards like Tmoney and Mpass require cash in Korean won (￦) to purchase and reload. 24-hour exchange counters operate at Incheon Airport, while city bank branches offer lower fees on weekdays.
At a glance
Can you use foreign credit cards everywhere in Korea?
International credit cards are widely accepted across South Korea. Major global card networks, including Visa, Mastercard, and American Express, work reliably at department stores, major hotels, tourist attractions, and retail shops.
However, you will still need to keep physical Korean won cash on hand for several key situations:
- Smaller merchants: Certain independent shops, street food stalls, or small neighborhood markets may not be equipped to process overseas cards, so it is wise to ask before purchasing.
- Transit card top-ups: Standard public transportation cards, such as Tmoney, EZL, or Mpass, cannot be reloaded with credit cards at subway vending machines or local convenience stores; they strictly require Korean won cash.
- Backup for network issues: Having cash prevents unexpected payment delays if a local card terminal fails to recognize an international chip or experiences connection dropouts.
What banknotes and coins are used in South Korea?
The official currency of South Korea is the won (￦, KRW). Physical currency consists of four paper banknote denominations and four coin values.
Paper banknotes:
- 50,000 won (omanwon): Approximately $35.71 USD, the largest denomination bill in daily circulation.
- 10,000 won (manwon): Roughly $7.14 USD, commonly used for everyday shopping and dining.
- 5,000 won (ocheonwon): Approximately $3.57 USD.
- 1,000 won (cheonwon): About $0.71 USD, helpful for small purchases and vending machines.
Coins:
- 500 won (obaegwon) and 100 won (baegwon): The most common coins in use, helpful for automated lockers and small change.
- 50 won (osibwon) and 10 won (sibwon): Rarely handed out, as most electronic and card transactions round out tiny amounts.
Where should you exchange money and what are bank hours?
You can convert foreign currency into Korean won at commercial bank branches, licensed currency exchange booths, and airport exchange counters.
Standard commercial bank branches operate on weekdays from 09:00 to 16:00, while Korea Post Bank branches close slightly later at 16:30. Airport bank branches keep to standard 09:00 to 16:00 weekday hours.
For arriving travelers, Incheon International Airport operates multiple 24-hour exchange counters run by KB Kookmin Bank and Woori Bank across arrival and departure halls in Terminal 1 and Terminal 2. Hana Bank counters also operate during extended hours from 06:00 to 22:00.
Because airport booths have higher operating expenses, their exchange commission margins are typically higher than those of ordinary city bank branches. Travelers using Korean online banking services can sometimes pre-order foreign currency with fee discounts of up to 90%. When bringing foreign cash, make sure your banknotes are in crisp condition, as banks and authorized exchange offices can reject torn, heavily creased, or outdated banknote series.
Which tourist transit or prepaid payment card should you pick?
Tourists have several options for combining daily spending and public transit. Comparing your planned usage helps determine the best fit:
| Card Type | Key Benefit | Reload Method | Best For |
|---|---|---|---|
| Tmoney / EZL | Universal transit card accepted on subways, buses, and convenience stores nationwide | Cash only (KRW) at kiosks and convenience stores | Independent travelers seeking pay-as-you-go flexibility |
| WOWPASS | All-in-one debit and transit card issued at ~300 kiosks; requires passport scan | Foreign cash (USD, JPY, EUR) or KRW at kiosks | Visitors who want cashless shopping without bank cards |
| Mpass | Foreigner transit pass covering up to 20 daily rides on Seoul subways and buses | Fixed upfront cash purchase at Tmoney Town (Seoul Station) | Heavy transit users staying 1–7 days in Seoul |
If purchasing an Mpass, buying after 17:00 grants an automatic 3,000 won (~$2.14 USD) discount. Note that Mpass covers regular AREX commuter trains but excludes AREX express non-stop trains.
Questions people ask
Where can I exchange money immediately after landing at Incheon Airport?
You can exchange cash at airport bank counters and currency exchange booths across Terminal 1 and Terminal 2. KB Kookmin Bank and Woori Bank operate 24-hour exchange counters in both arrival and departure zones, while Hana Bank booths operate between 06:00 and 22:00.
Can I pay for public transit cards using my foreign credit card?
No. Standard physical transit cards like Tmoney, EZL, and Mpass must be bought and reloaded using Korean won cash. To take subways or buses upon arrival, exchange or withdraw enough cash won at the airport to load your transit card.
What is the difference between Tmoney and WOWPASS?
Tmoney is primarily a reloadable transit card that can also handle small convenience store purchases, topped up with won cash. WOWPASS is an all-in-one tourist prepaid debit card topped up with foreign currency at dedicated kiosks, featuring an integrated Tmoney chip for public transit.
Do youth passengers receive discounts on public transport?
Yes. Travelers under age 18 can receive youth transit discounts. To activate discounted fares, you must register the minor traveler's date of birth with the clerk when buying a Tmoney or EZL transit card at a convenience store.
Sources
- Korean Currency & Exchange Info: Korean Currency- VISITKOREA(opens in a new tab)
- Transportation Cards- VISITKOREA(opens in a new tab)
- FAQ- VISITKOREA(opens in a new tab)
- Incheon Airport Banking and Exchange Facilities(opens in a new tab)
- Airport Commission and Currency Exchange Guidelines(opens in a new tab)