Traveler's Tips | Currency | Transportation

Coins & Bills

4 kinds of coins (6 coins exist in the nominal system: 1, 5, 10, 50, 100, 500 won) and 3 kinds of bills are currently used in Korea. The monetary unit is won. 1 and 5 won coins are no longer in use. (As of February 2001)

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Money Exchange

It may be convenient for you to exchange some money in advance before you leave your country. Considering the possibility of loss or theft, it might be best to only exchange about 30% of the total costs you anticipate while traveling.

While in Korea, you can exchange money at airport exchange booths or at banks which deal with foreign currencies. There are also numerous small money exchange booths located in various areas, particularly in the cities.

It is possible to exchange up to $3,000 US when you stay in Korea for up to 6 months, and up to $10,000 US when staying more than 6 months. If you have not spent all the money you exchanged before leaving Korea, it is possible to exchange Korean won back into foreign currency. In this case, a passport may be required. If you wish to exchange more than $10,000 US, it will be necessary to bring your passport and a customs declaration.

Korea Exchange Bank: http://www.keb.co.kr/english/index.htm (Korean/English)

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Traveler's Checks

Traveler's checks can be used like cash at hotels, department stores, restaurants and shops. They can conveniently be reissued in the event of a loss or a theft by simply making a phonecall. Because traveler's checks are not accepted without identification, you should not have to worry about damages if they are lost or stolen.

It can also be economical to use traveler's checks because they can be purchased at a cheaper rate and will receive higher exchange rates when sold at banks or money exchange booths.

Traveler's checks come in various denominations and currencies, including $20~1,000 US, ¥20,000~100,000, and euro 50~200. Thus, they can be purchased according to your needs. Because fees may vary depending on the publisher and the type, we recommend that you check closely on what you are buying before making the actual purchase.

When using traveler's checks, you should present your passport to prove your identity and should sign them in the presence of the person accepting them.

In Korea, these traveler's checks are commonly used: US dollars, CA dollars, yen and euro.


• Inquiries Concerning Traveler's Checks
Thomas Cook : 82-2-733-6601
American Express Traveler's Cheques : 82-2-399-2916

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Credit Cards

It is not too much to say that a credit card is a necessity for a trip abroad.

With a credit card, you can draw money anywhere, avoid troublesome exchanges and decrease the threat of loss or theft. However, the amount of money you can use may be limited depending on your card. Don't forget to check the limits before you start on your trip.

These credit cards are in use in Korea: Visa, American Express, Diners Club, Master Card and JCB. You can generally use credit cards at principal hotels, department stores and large restaurants. You can also use them at stores, hospitals and taxies which display the logo of your card company.

We recommend bringing at least two different types of credit cards because some establishments only accept certain cards.


• Inquiries Concerning Credit Cards
VISA: 82-2-524-9827
American Express: 82-2-552-7600
Diners Club: 82-2-3498-6100
Master Card: 82-2-730-1221
JCB: 82-2-755-4977

Banks

Banks are open from 09:30 to 16:30 on weekdays and from 09:30 to 13:00 on Saturdays. They are closed on Sundays.

When using a bank in Korea, first take a number from the machine at the entrance. When the number indicator above the clerks shows your number, you will be helped at the bank window.

When you exchange traveler's checks, you will need to bring picture ID such as a passport or international student card. If you wish to exchange cash into the local currency, go to banks dealing with foreign currency.

• ATM

If you need cash, you can use ATMs with the Cirrus/Plus logo (check the back of your card) or with Visa, American Express, Diners Club, Master Card and JCB logos.

Generally, ATMs at banks, hotels, convenient stores and subway stations can only be used from 09:00 to 22:00. You can also find 24 hour ATM machines, however, they charge a fee and limit the amount of cash withdrawn more than standard ATM machines. Therefore, it is best to withdraw money in advance if you will be needing cash.

Most ATMs provide Korean won except for a few ATMs offering US dollars. You can use ATMs in Korean and in English. 11 languages are available on the ATM installed at City Bank.

Languages Offered by City Bank:

Korean, English, Japanese, Chinese, German, French, Spanish, Dutch, Italian, Portuguese, Arabic

Citi Bank: http://www.citibank.co.kr/english/index.html (Korean/English)