Practical travel information on Money and costs in Seoul

Money & costs

Contents

Costs
Money

Costs

Tipping

Tipping is not necessary in Seoul, although a compulsory 10% service charge is added to the bill at some midrange and all top-end hotels and restaurants. Taxi drivers may surprise visitors by insisting on giving change.

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Money

The South Korean unit of currency is the won (W), with W10, W50, W100 and W500 coins. Notes come in denominations of W1000, W5000 and W10,000. The highest value note is worth only US$10 at the current exchange rate, so you will probably have to carry around a thick wad of notes.

The Bank of Korea wants to introduce a W100,000 note, but so far the government has vetoed it. Recently the won has been strengthening against the US dollar and most other currencies, and this trend is expected to continue, given South Korea’s balance of payments surplus. It is easy enough for foreign residents in Seoul to open a bank account at one of the big banks - just find a clerk who can speak some English and have your passport and alien registration card with you.

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ATMs

Automated teller machines (ATMs) in Seoul are a little strange but more and more accept foreign cards. 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. A few Global ATMs have all their instructions in Korean, so you may need help the first time you use one, but most have some English instructions. ATMs can be found outside banks and post offices, and inside deluxe hotels, subway stations, airports, convenience stores and department stores.

ATMs often operate from 9am to 11pm, but some are 24 hours. Restrictions on the amount you can withdraw vary. It can be as low as W100,000 or W300,000 per day, but most have a W700,000 limit. Outside banking hours you may be charged a higher commission. Convenient Global ATMs in Itaewon include:

Itaewon subway station (subway Line 6 to Itaewon) Inside the subway station.

Korea Exchange Bank (KEB; Itaewonno; subway Line 6 to Itaewon, Exit 1)

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Changing money

You can use US dollars on American military bases, including the United Service Organizations (USO), at Panmunjeom on the Demilitarized Zone (DMZ) tour, at duty-free shops, and in some tourist shops in Itaewon, but otherwise you will need Korean won. Duty-free shops also accept Japanese yen and some other foreign currencies.

Many banks in Seoul offer a foreign- exchange service and there are licensed moneychangers, particularly in Itaewon, that keep longer hours than the banks and provide a faster service but may only exchange cash. As with any shops and hotels that offer to exchange money, compare their rates and commissions with the banks first.

US dollars are easiest to exchange but banks accept any major currency. If you have trouble exchanging a particular currency, try the Korea Exchange Bank (KEB). Traveller’s cheques usually 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 a problem. If you need to reconvert more than US$2000 of won at Incheon airport, you must show receipts for the money.

Citibank (731 8100; Hwaenamu-gil; 9.30am-4.30pm Mon-Fri; subway Line 1 to Jonggak, Exit 3) Has a global ATM and exchanges foreign currency.

Hana Bank (3143 1111; Yanghwaro; 9.30am-4.30pm Mon-Fri; subway Line 2 to Hongik University, Exit 5) Exchanges foreign currency.

Korea Exchange Bank (KEB; 792 3911; Itaewonno; 9.30am-4.30pm Mon-Fri; subway Line 6 to Itaewon, Exit 1) Has a global ATM and exchanges foreign currency.

Shinhan Bank (774 5800; 9.30am-4.30pm Mon-Fri; subway Line 1 to Jonggak, Exit 5) Has a Global ATM, can exchange money and is next door to the KTO tourist information centre.

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Credit cards

More and more upmarket hotels, shops and restaurants accept foreign credit cards, but plenty of places including budget accommodation, market stalls and restaurants require hard cash. Cash payment is still surprisingly common in Seoul so always have a stash of W10,000 notes handy as it will almost certainly be needed.

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