Money and Cost in South Korea

It is said that as long as there is money and maps, it is no longer just a dream to travel to South Korea. How much does it cost to travel to South Korea? "How about the price of South Korea? Where can exchange Korean won? How to exchange Korean won in South Korea? How to exchange cash in ATMs by Union Pay card in South Korea? Regarding the issue of tourism expenses in South Korea, by briefly introducing the prices of South Korea in terms of the basic food, accommodation, transport and attraction tickets, you will have a general estimated price of cost in South Korea.

Money in South Korea

The standard currency of Korea is the Korean won. Korean Won symbol is KRW. Korean currency is represented by ₩. 1 dollar is about KRW 1000 and 1 RMB is about KRW 166. Korean won has two kinds: banknotes and coins. Banknotes are 1,000 won, 5,000 won, 10,000 won, and 50,000 won. Korean coins have 1 won, 5 won, 10 won, 50 won, 100 won, 500 won.

In addition to cash, there are checks that can be used like cash in South Korea. The minimum amount of checks is 100,000 won. When using it, write the name, ID number (foreigner registration number or passport number), contact number on the back of the check, and the remaining amount can be changed to cash.

Currency exchange in South Korea

• Where to exchange Korean won in South Korea?

Foreign exchange can be carried out at airports, terminals, banks in urban areas, recognized exchange offices, hotels, department stores, and some gift shops. However, the exchange rates will vary slightly from place to place and will change from day to day. Generally speaking, the level of recommendation according to the exchange rate can be ranked as recognized exchange offices, city banks, airports, department stores and hotels.


 

The Korean private money exchange is an open black market (legitimate in South Korea). Local guides, foreigners, and long-term foreigners will almost never exchange foreign currency in the bank for Korean won. They will go to these so-called "black markets" to exchange money. The exchange of Korean currency in the private money exchange offices is not a risk of obtaining counterfeit banknotes. Don't worry, there have been no counterfeit notes in Korean private money exchange offices so far. The private money exchange offices are open from 10:00 am to 7:00 pm, and a few are open until 8:00 pm. It should be noted that traveler's checks are not accepted in private money exchange offices. It is not recommended to exchange Korean won at the airport. The exchange rate of the airport is relatively low.
 

• Recommended places of currency exchange

A. Itaewon

There are at least 10 exchange places near the Itaewon. The most effective one is in the first alley turns right and goes straight for about 50 meters away from the No. 1 exit of Itaewon Subway Station.
 

B. Myeongdong Exchange Office

There is an effective one on the second floor of the building on the right hand of the first alley of No. 5 exit of Myeongdong Subway Station.


 

C. Hawkers in the roadside of Dongdaemun, Myeongdong and Namdaemun

On the roadside of Dongdaemun, Myeongdong and Namdaemun, you may sometimes encounter hawkers who can directly exchange money with you. The exchange rate is also good. Although there is no fixed storefront, it is mainly on the roadside of the south gate of Namdaemun Market (Namdaemun Road).

Cost of travel in South Korea

• Transport cost in South Korea

When traveling to South Korea, transportation is an aspect that must be considered. The most commonly used transportation methods are subways and taxis. As for the bus, tourists who don't understand Korean are still a little difficult to ride. The must-have for transportation in South Korea is the transportation card "T-money". It can be used not only when taking the subway or bus, but also with a variety of functions including settlement payment and discounts at the corresponding franchise stores! "T-money card" can be purchased at convenience stores and subways. The fee of the T-money card is about 2,500 won(about $ 2.2).


 

Subway cost (for reference)

Taxi cost(for reference)

• Food cost in South Korea

There are so many food including grilled meat, kimbap, bibimbap, fried noodles, sizzling chicken chops, cheese schnitzel, fried chicken in South Korea, not the country that you think is only pickle (kimchi). In addition, cost of Korean food is relatively high, which is why many people who come to South Korea feel that cost in South Korea is high. Here are some prices of food for your reference.

• Accommodation cost in South Korea

Accommodation cost in South Korea varies widely, which depends on what type of hotel you choose. If you are a backpacker, or do not pay attention to the quality of accommodation, or hope to spend money on sightseeing and shopping, there are many low-priced hotels in Seoul, only $10 per person per night! If you want to pursue high-quality tourism, there are many superior hotels and resorts in Seoul that you can choose.


 

• Attraction tickets in South Korea

Compared with the cost of food and accommodation, cost of attraction tickets in South Korea is not high. Ticket prices for the five major palaces in Seoul are only equivalent to the price of a bottle of drink. Tickets for Unhyeongung and Gyeonghuigung Palace are free. In addition to palaces, most parks and museums are free in South Korea.