Korea Money Guide: Currency, Cards, ATMs & Tipping (2026)

Confused about Korea money and how to pay for things? You're not alone. Korea has a unique payment culture—credit cards work almost everywhere, but some places are cash-only. Tipping? Never expected. This guide covers everything: currency exchange, cards vs cash, ATM tips, tourist prepaid cards like WOWPASS, and Korea's no-tipping culture. Last updated: April 2026

Payment Methods at a Glance

Here's a quick comparison of your payment options in Korea. According to the Bank of Korea, 93.6% of transactions in Korea are cashless—one of the highest rates in the world.

Korean Won: The Basics

The Korean currency is the Won (₩), written as KRW internationally. As of April 2026, $1 USD ≈ 1,450 KRW. This is actually a great time for tourists—compared to 2023, you get about 20% more won for your dollar.

• Notes: ₩1,000 (blue), ₩5,000 (red), ₩10,000 (green), ₩50,000 (yellow)
• Coins: ₩10, ₩50, ₩100, ₩500
• Tip: ₩50,000 notes can be hard to break at small shops—get smaller bills

Best Places to Exchange Currency

Where you exchange matters. Airport rates are the worst—you'll lose about 4-5% compared to city exchange shops. Here's the hierarchy from best to worst rates:

1. 1Myeongdong Exchange Shops — Best rates in Korea. Look for shops near the Chinese embassy. Can save $4-5 per $100 vs airport.
2. 2Money Box Kiosks — 24-hour automated machines in Hongdae, Insadong, Gangnam. Good rates, instant exchange.
3. 3WOWPASS Kiosks — Load foreign cash directly onto a prepaid card. Rates beat airport by 2-3%.
4. 4Banks — Decent rates but limited hours (9AM-4PM). Passport required.
5. 5Incheon Airport — Worst rates. Only exchange $50-100 for immediate needs (T-money card, train fare).

Using Credit Cards in Korea

Korea is extremely card-friendly. Visa and Mastercard are accepted almost everywhere—convenience stores, restaurants, subway ticket machines, even street food vendors. American Express has limited acceptance.

However, there are exceptions. Traditional markets (like Namdaemun, Gwangjang) often prefer cash. Some small family restaurants and older businesses are cash-only. Always carry ₩50,000-100,000 as backup.

• Visa/Mastercard: Accepted at 95%+ of businesses
• Foreign transaction fee: Expect 1-3% per transaction
• Contactless (tap): Works at most modern terminals
• Apple/Google Pay: Growing acceptance, but not universal

ATM Tips for Tourists

Not all Korean ATMs accept foreign cards. Look for machines labeled "Global ATM" or "Foreign Card"—usually found at banks, airports, and some convenience stores.

WOWPASS vs NAMANE: Tourist Prepaid Cards

Tourist prepaid cards solve two problems: currency exchange and payments. Both work as payment cards AND transit cards for subway/bus. Here's how they compare:

Our recommendation: Get WOWPASS if you want the easiest all-in-one solution. Get NAMANE if you want a custom card with your favorite K-Pop idol.

Tipping in Korea: Don't Do It

Korea is a no-tipping country. Restaurants, taxis, hotels, hair salons—nobody expects a tip. This isn't just custom; it's built into Korean law. The Food Sanitation Act requires all prices to include service charges.

• Restaurants: No tip. If you leave extra money, staff may chase you down thinking you forgot it.
• Taxis: No tip. Fare is ₩9,800? You can round up to ₩10,000 for convenience, but it's not expected.
• Hotels: No tip for bellhops or housekeeping. High-end hotels may add 10% service charge automatically.
• Hair salons/Spas: No tip expected.

Frequently Asked Questions