How to Exchange Money in Korea (2026 Guide)

Korean merchants, taxis, and most vendors accept only Korean Won (KRW, ₩). You have four realistic options for getting it: licensed exchange booths (best cash rate, usually in Myeongdong or Itaewon), airport kiosks (convenient, worst rate), international debit cards like Wise or Revolut (near-interbank rate for card payments), or ATMs with a foreign card (decent rate, watch the foreign-ATM fee). Carry a small cash reserve for street food and traditional markets. Use a card everywhere else.

Korea is one of the most cashless economies in the world. Subways, buses, taxis, convenience stores, chain restaurants, and nearly every cafe accept card. Where cash still matters: traditional markets (Gwangjang, Tongin, Jagalchi), some street food stalls, smaller family-run restaurants outside tourist zones, and occasional older taxis. Budget for roughly ₩50,000 to ₩100,000 in cash per travel day and you will rarely be caught short.

Foreign visitors can claim VAT (value added tax) refunds on purchases above a minimum threshold at participating stores, which display Global Blue, Global Tax Free, or Easy Tax Refund signs. Two paths: immediate in-store deduction at checkout (common for eligible amounts), or refund processing at the airport before departure using the kiosks near customs. Keep all receipts and purchase items unused in your hand luggage if requested for inspection. Thresholds and eligible categories change, so check the current rules with the refund operator or the store at purchase time.

Tipping is not customary in Korea. Restaurants, bars, and taxis do not expect tips, and no service charge is added to the bill. At upscale hotels and western-style fine dining, a service charge is sometimes built into the price, which is displayed on the menu. Pushing extra money toward a server or driver often causes polite confusion rather than gratitude. Pay the bill as stated and say 'gamsahamnida' (thank you).