Payment Methods and Currency Exchange in South Korea: Essential Facts for Travelers

South Korea uses a modern, cashless-friendly payment system. Credit cards and mobile payments are widely accepted, but cash is still needed in some markets and small businesses.

• Official currency: South Korean Won (KRW)
• Payment methods: Cash, major credit/debit cards (Visa, MasterCard, JCB, American Express), and mobile wallets (Samsung Pay, Naver Pay, Kakao Pay). Apple Pay and Google Pay are available but less common than local options.
• Contactless payments: Widely accepted in urban areas, especially in retail, restaurants, and public transport.
• ATMs: Readily available in cities, airports, and convenience stores. Many ATMs accept international cards, but some only support local cards. Look for “Global ATM” or “Foreign Card” signs.
• Currency exchange: Available at banks, airports, and licensed exchange offices. Banks operate weekdays, typically 09:00–16:00. Exchange offices in tourist areas may offer extended hours.
• Foreign currency restrictions: No restrictions on bringing in foreign currency, but amounts over USD 10,000 (or equivalent) must be declared to customs.
• Cash import/export limits: Up to KRW 8,000,000 (approx. USD 6,000) can be brought in or out without declaration. Exceeding this requires declaration at customs.
• Transaction fees: Foreign card transactions may incur a 1–3% surcharge. ATM withdrawal fees vary by bank and card issuer.
• Common issues: Some small businesses may not accept foreign cards. Notify your bank before travel to avoid card blocks.
• Major banks: KB Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank.
• Regulations: South Korea enforces anti-money laundering laws; large cash transactions may require identification.