Money in Korea: Cash, Cards, and T-Money Guide for First-Time Visitors

Hello, travelers!
If you’re planning your first trip, “How does money in Korea work?” is probably on your mind right after “Where do I get good Korean BBQ?”

Good news: once you understand the basics, paying in Korea is actually very simple. Cards work almost everywhere, cash is mostly for small local spots, and a tiny plastic transit card will quietly handle most of your transport.

In this guide, we’ll walk through exactly how locals use cash, cards, ATMs, and T-money in everyday life, so you can stop worrying about payments and focus on eating tteokbokki and getting on the right subway line.

Understanding Money in Korea: Currency Basics

Before you land, it helps to picture what money in Korea actually looks like.

• Currency: South Korean won (KRW, symbol ₩)
• No cents: Prices are written in whole won, like ₩3,512 ― no smaller units like cents.

Common banknotes you’ll see:

o-man-won (50,000 won)	man-won (10,000 won)
o-cheon-won (5,000 won)	cheon-won (1,000 won)

Coins in daily life:

o-baek-won (500 won)	baek-won (100 won)
o-sip-won (50 won)	sip-won (10 won)

Technically, ₩1 (1 won) and ₩5 (5 won) exist, but you’ll almost never see them. Most shops round prices, and coins only appear when you pay in cash.

As a visitor, don’t stress about memorizing each historical figure on the bills. Just get used to the colors and number of zeros. Many travelers like to think roughly:

• ₩1,000 → “small snack or subway ride”
• ₩10,000 → “simple meal”
• ₩50,000 → “bigger bill, multiple items or a nice dinner”

For official details, you can double-check on the Korea Tourism Organization’s currency guide.

Cash vs Cards in Korea: What Travelers Really Use

You’ll often hear that Korea is almost cashless – and that’s not an exaggeration.

According to the Korea Tourism Organization, most businesses accept credit cards, including major hotels, department stores, and many general shops.

In almost every city, you can usually pay by card in:

• Most restaurants and cafés
• Major tourist attractions
• Convenience stores and supermarkets
• Department stores and chain shops
• Most taxis in busy areas

Where cash still helps with money in Korea:

• Street-food stalls and night markets
• Traditional markets
• Some countryside guesthouses
• Topping up your T-money card in stations (cash only at machines)

For many first-time visitors, the sweet spot is:

Credit card (main)
+ ₩50,000 split into small bills: 3 × ₩10,000 + 3 × ₩5,000 + 5 × ₩1,000

You’ll feel “local enough” when you tap your card at a convenience store, while still keeping a few coins and notes ready for that steaming bowl of tteokbokki at a street cart.

ATMs, Currency Exchange & Getting Korean Won

You don’t need to arrive with a huge pile of cash in your wallet. It’s usually easy to get Korean won after landing.

Types of machines

You’ll see two main types:

• ATMs – full-service: deposits, transfers, withdrawals
• CDs (Cash Dispensers) – simpler, usually withdrawals only

As a traveler, either is fine as long as you see logos like Visa, Mastercard, Plus, Cirrus or “Global ATM”.

You can usually find them:

• At airports and bank branches
• In subway stations
• Inside convenience stores (7-Eleven, CU, GS25, etc.)
• In large malls and department stores

When the ATM asks whether to charge in your home currency or in KRW, always choose KRW. Charging in your home currency often uses bad exchange rates and extra fees.

Exchanging foreign currency

You have three main ways to turn your money into Korean won:

1. Airport exchange counters
   • Convenient right after landing
   • Rates are usually not the best, but okay for a small starter amount
2. City exchange booths
   • Found in tourist areas like Myeongdong, Hongdae, Gangnam, Itaewon
   • Often better rates than the airport, especially for USD, EUR, JPY
3. Banks
   • Very safe and reliable
   • Generally open on weekdays during daytime
   • You’ll need your passport, and it can take longer than a booth

A lot of modern travelers do a mix:

• Use a fee-friendly card for most card payments
• Withdraw KRW from ATMs when needed
• Exchange a small amount in the city if they find a good rate

Using Credit Cards, Debit Cards & Mobile Wallets

Credit & debit cards

In urban areas, Visa and Mastercard are very widely accepted. You can usually use them for:

• Hotels and guesthouses
• Restaurants, cafés, and bars in busy districts
• Supermarkets and convenience stores
• Department stores and big brand shops
• Most taxis (especially in Seoul and other big cities)

American Express and others may work at hotels and large chains, but not everywhere. To keep money in Korea simple, always bring at least one Visa or Mastercard as your main card.

Contactless (tap to pay) is common. If the terminal has the contactless logo, just tap your card and you’ll hear a fast beep – transaction done.

Mobile wallets & apps

Locals love mobile payments like:

• Samsung Wallet / Samsung Pay
• Kakao Pay
• Naver Pay

However, these are mostly designed for residents with Korean bank accounts and ID numbers.

As a visitor, you will usually:

• Use your physical card, or
• Use Apple Pay  where accepted, with your foreign card behind it

Some newer “tourist cards” (like WOWPASS) combine transport + prepaid card + exchange, but they’re optional add-ons rather than must-haves. 

T-money and Climate Card

If you use public transport even a few times, T-money quickly becomes your best friend.

What is T-money?

T-money is a rechargeable transit card used for:

• Subways and buses in most major cities
• Many taxis

Instead of buying a paper ticket every time, you tap in and tap out with a short beep. Fares are a bit cheaper with T-money, and transfers between bus and subway are smoother.

→ Read Top 5 Travel Tips – T-Money Card for Tourists in Korea (2025 Edition)

→ Read Climate Card: Your Unlimited Public Transport Pass in Seoul for 1 Month

Tipping, Service Charge & Safety Around Cash

Tipping & service charge

Relax – tipping is not part of normal culture when it comes to money in Korea.

• In everyday restaurants, cafés, and bars: no tip is expected.
• Most people simply pay the bill and say “감사합니다” (gam-sa-ham-ni-da, thank you).
• Some hotels and upscale restaurants automatically include a service charge (often around 10%) in the bill.

You can leave a small tip for a private guide or at a very high-end international hotel if you genuinely want to, but it’s never an obligation. Sometimes staff may even look a bit shy or confused.

So you don’t need to budget extra for tipping.

→ Want the full story on tipping in Korea? Read this.

Safety & counterfeit money

Korea is generally very safe when it comes to cash and counterfeit notes:

• Fake bills are extremely rare in everyday life.
• Exchanging at banks, official booths, or ATMs keeps you safe.

Still, basic common sense is useful:

• Don’t exchange money with random people on the street.
• Use ATMs and booths in well-lit, busy locations (inside banks, stations, convenience stores).
• Keep your wallet zipped in crowded markets and on subways.

For most travelers, this all feels much calmer than many other big cities around the world.

Quick Checklist for Money in Korea

Before you board your flight, run through this short checklist:

• Currency: South Korean won (KRW, ₩), no cents
• Banknotes: ₩1,000 / ₩5,000 / ₩10,000 / ₩50,000
• Coins: ₩10 / ₩50 / ₩100 / ₩500
• Main payment method: Cards (Visa, Mastercard) + contactless payments
• Cash usage: Markets, street-food stalls, some small shops, T-money top-ups
• Transit: Get a T-money card or Climate Card early in your trip
• Tipping: No Tipping Culture
• Counterfeit risk: Very low if you stick to official ATMs and exchange booths

If you found this guide helpful, don’t forget to explore more:

→ Read more guides on My First Korea Guide
→ Plan your trip today and explore hidden corners of Korea with confidence!