Money

Currency Exchange

You can quickly and easily exchange Australian and other major currencies into Korean won at banks or currency exchange offices across Korea. Be cautious exchanging currency in tourist areas such as Myeong-dong or Dongdaemun Market. Be extra careful to confirm the service they are providing is legitimate. You may experience difficulties exchanging currency from certain countries, and it may be a better idea to exchange such currency into Korean won before leaving for your trip.

FX Banks in Incheon International Airport There are four banks (KEB, KB, Shinhan Bank, Hana Bank) located in Incheon International Airport. Inbound travellers can easily exchange currency at these branches or currency exchange offices located within the airport.

FX Banks in Gimpo Airport There are two FX bank branches at Gimpo International Airport, within the domestic and international terminals. Currency exchange offices are also located on the first and second floor of this terminal.

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Korean Currency

Korea’s official monetary unit is the won. Korean currency consists of ten thousand, fifty thousand, and one thousand won notes. Coins are issued in five hundred, one hundred, fifty and ten won denominations.

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Currency Exchange Rate

One U.S. dollar is roughly equivalent to 1,200 won. Please note that exchange rates fluctuate daily so we strongly recommended you check current rates before making any large transactions.

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Travellers Cheques

Traveller’s cheques generally offer higher exchange rates compared with cash, and can be purchased at a cheaper rate. Carrying traveller’s cheques is also less risky because they are easy to reissue if lost or stolen. We recommended you keep the serial numbers and type of cheques you hold handy in case they do go missing. This will speed up the process of reissuing them. Carrying smaller denominations is also a good idea, as large cheques can be difficult to exchange in one transaction. Traveller’s cheques are accepted just like cash at major hotels, department stores, restaurants and shops, but it is usually more convenient to exchange them for physical cash as needed. The major brands accepted in Korea are Visa, American Express, and Thomas Cook.

ATM Facilities

Cards carrying ‘Plus’ and ‘Cirrus’ logos are the easiest to use and most widely accepted at ATMs in Korea. Some will even accept other cards such as China UnionPay, Maestro, Electron, and JCB. Most ATMs are located outside or near banks. Travellers mainly use ATMs to get cash advances on credit cards. Citibank accounts provide a more extensive range of banking services for travellers.