South Korea Practical information

Money & costs

Contents

Costs

Korea is a developed country, but you can get by on a modest budget, although the ever-rising won (appreciating 10% a year against the US dollar) has been making the country more expensive for foreign visitors. Accommodation is always the main travel expense, and comfortable, en suite rooms cost around W30,000 (approximately US$33) in smart new motels or W5000 less in older-style yeogwan (motel). Top-end hotels are rare outside major cities, but their rack rates are generally heavily discounted to around W200,000 to W250,000. Midrange hotels are being squeezed by the new high-rise motels, and their normal W150,000 rates are sometimes discounted below W100,000.

Transport, Korean meals, alcohol, saunas and admission prices to sights and national parks are still relatively cheap, so careful-spending duos travelling around Korea can manage on W70,000 a day, while W100,000 a day allows for some luxuries – classier rooms, more taxi rides and bulgogi (sliced beef) instead of samgyeopsal (sliced fatty pork). The ultra-thrifty could hope to reduce their costs to W50, 000 a day by staying in youth-hostel dormitories or rather grotty rooms, taking advantage of hospitable Koreans they meet, and living on a diet of gimbap (rice rolled in dried seaweed), bibimbap (vegetables, meat and rice) and ramyeon (instant noodles). Staying in Seoul is cheaper than touring the country. Splashing out on luxury hotels, top-class meals and duty-free shops ups the budget to W400,000 a day or more.

Money

The South Korean unit of currency is the won (W), which comes in W10, W50, W100 and W500 coins. Notes come in denominations of W1000, W5000 and W10,000. The highest-value note was worth about US$10 at the time of research, so be prepared to carry around a thick wad of notes. Go to www.keb.co.kr for current exchange rates.

Banks in most high streets offer foreign exchange services (look for a ‘Foreign Exchange’ or currency sign), although changing money can take some time. Tourist shops and hotels exchange money, but compare their rates and commissions with the banks before using their services. US dollars are the easiest to exchange but any major currency is accepted. Travellers cheques have a slightly better exchange rate than cash.

Don’t forget to reconvert any surplus won into another currency before you leave the country, as exchanging won outside Korea can be difficult or impossible. If you reconvert more than US$2000 worth of won at Incheon airport, you will have to show bank receipts to prove that you exchanged the money legally.

ATMs

Korean ATMs are a little strange. If you have a foreign credit card, you need to find an ATM with a ‘Global’ sign or the logo of your credit card company. NICE ATMs often accept foreign cards. Most Global ATMs have basic instructions in English and operate in units of W10,000. ATMs can be found outside banks and post offices and inside deluxe hotels, subway stations and department stores. Restrictions on the amount of money you can withdraw vary from machine to machine; it can be below W300,000 per day, but many ATMs have a W700,000 limit. Another problem is that ATMs have time restrictions and most only operate between 9am and 10pm. If you can’t find one, Itaewon subway station (Line 6) has a Global ATM that has instructions in English, is open 24 hours and has a withdrawal limit of W300,000.

Credit cards

More and more motels, hotels, shops and restaurants in cities and tourist areas accept foreign credit cards, but there are still plenty of yeogwan, restaurants and small businesses that don’t. Be prepared to carry around plenty of cash, especially if you are touring around outside the main cities.