Money and duty free for South Korea (2024)

FAQs

Should I exchange money before I travel to South Korea? ›

plenty of ATM's and money changers at the airport on arrival, so purchasing KRW before leaving home is not really necessary. If you do wish to change money before you arrive, be aware that the rates are not likely to be as good as those you will get in South Korea so it is probably worth changing as little as possible.

For smaller restaurants, outdoor markets, and bus fare, cash is necessary. However, don't carry excessive amounts of cash. If you do, use a money belt (since pickpockets are prevalent in the cities' crowded public transportation systems). South Korea's official monetary unit is the won (W).

It is possible to purchase goods worth up to US$800 at the arrival duty-free shops (In addition to the applicable duty-free limit, liquor and perfume can be bought within the separate duty-free range), and the Korean products sold at the duty-free shops in the Arrivals Hall are deducted first from tax exemption ...

South Korean won is the only reliable currency in South Korea. Some places, especially in larger cities, will accept US dollars, but change will generally be given in won.

Sometimes cash is the easiest way to pay for small purchases and tipping. However, card payments are by far the most popular option in South Korea, so it's worth also having a travel card, to make sure you'll be able to pay no matter what happens.

To put it shortly, you should exchange in Korea. Some people try to exchange their money in their home country before heading to Korea, while others may deem it fit to exchange it in Korea. To get the best rates, you're going to want to exchange currency in Korea, rather than your home country!

As well as credit and debit cards are popular payment methods in South Korea, global credit cards may only be accepted at select locations, such as large hotels and businesses. Smaller retailers and restaurants may have difficulty processing foreign credit cards.

Credit cards, debit cards, and cash are all accepted without issue in South Korea, with cash becoming less common. According to the Bank of Korea, only about 20% of financial transactions in Korea are made with cash.

Korean currency

The currency of Korea is the won (₩; KRW). You can easily exchange foreign currencies into Korean won at banks' exchange offices in the airport, banks in downtown Seoul, and private currency exchange offices.

In duty free shops, no tax is applied to the price of the item, including Value Added Tax (VAT) and Individual Consumption Tax. Duty free stores are generally operated by large department store chains, including Lotte, Shilla and Shinsegae among others, and are located within airports and downtown.

How much US dollars can you bring to Korea? ›

In addition, there is no need to report or authorize the importation of promissory notes, letters of credit, or bills of exchange. However, if you enter the country with foreign currency, KRW notes, or checks above USD 10,000 or the equivalent in total, you must report it to the Customs.

In brief, for both alcohol and cigarettes, the quantities eligible for duty-free treatment may be included in your $800 or $1,600 returning resident personal exemption, just as any other purchase should be.

Objects such as book, photo, video tape, film, LD, CD, CD-ROM that impede the constitution, public security, or national customs. Counterfeit or tampered currency, bill, check, bond, or other marketable securities-Objects leaking national secrets or intelligence.

Dollars you can take it with you. But in Korea, shops do not take dollars depends on shops but they do not have changes in dollars. You can make exchange when you have dollars. You can ask where are the best exchange shops from the hotel reception.

One of the best ways to minimize currency exchange fees is to visit your bank or credit union before you leave the U.S. to exchange dollars for the currency of your destination.

To get the best currency exchange rates, you'll want to change money before you leave the country. Before you check out options for where to exchange money near you, figure out what the current exchange rates are by using a trusted source such as Reuters.

In a nutshell. How much money do I need in South Korea per day? Many travelers allocate around $100 per day for a comfortable travel experience. However, South Korea has a wide range of options for budget travelers, so it is absolutely possible to spend less than this amount.