How Do You Exchange Money and Pay for Things in Korea? Cash, Card, ATM & WOWPASS Guide

Not sure whether to exchange cash before you land or just tap your card everywhere?
Wondering if a prepaid travel card like WOWPASS actually saves you money?
Here’s a practical breakdown of how money works in Korea, from exchange counters to ATMs.

What Currency Does Korea Use, and Where Can You Exchange Money?

Korea’s official currency is the won (₩). Banks, post offices and licensed money-changers across the country will all exchange foreign cash for it.

Banks run 09:00-16:00 on weekdays, give or take by branch. Korea Post Bank branches stay open a bit later, until around 16:30. Outside those hours, licensed exchange counters in tourist areas and at the airport fill the gap, though rates and fees differ from bank to bank.

Korean won comes in four bills: 50,000, 10,000, 5,000 and 1,000 won. Then four coins: 500, 100, 50 and 10.

Exchange a small amount before you go all-in on cards. Coins and small bills earn their keep at lockers, vending machines, and traditional-market stalls that don’t take cards.

Where Do You Get the Best Exchange Rate?

City-center exchange counters and banks usually beat airport kiosks on rate. Airport kiosks price in convenience and high rent.

So if your schedule allows, change just enough at the airport for your first taxi or subway ride. Do the larger exchange later, at a bank or licensed money-changer in the city. That’s the standard way to keep airport-rate markups off your full trip budget.

• Banks: Reliable and regulated, but hours are limited to weekday banking hours and the process can take longer than a private counter
• Airport exchange counters: Convenient and open extended hours, but rates are usually the least favorable of the three options
• Licensed city exchange counters: Common in tourist districts, often with competitive rates and no or low commission, so always check that the counter is licensed before handing over cash

Should You Bring Cash or Rely on Your Card in Korea?

You’ll want both. Korea is card-friendly, but a modest amount of cash smooths out the rough edges.

Cards handle almost all everyday spending: restaurants, cafés, convenience stores, department stores, transit. Cash covers the handful of situations where a card isn’t accepted or isn’t practical.

Keep a small amount of won on hand for:

• Small traditional-market stalls and some street food vendors that are cash-only
• Coin lockers at stations and tourist sites
• Very small, independently run shops in rural or less touristy areas
• Temple donation boxes and similar situations where card payment isn’t set up

Everything else, including most taxis, convenience stores, and virtually all restaurants and cafés in cities, takes cards without issue, so there’s no need to carry large amounts of cash for a typical trip.

Do Foreign Credit and Debit Cards Work at Korean Stores?

Yes. Most businesses in Korea widely accept credit cards, including major hotels, department stores, and general shops, and Visa, MasterCard, and American Express are all commonly accepted.

Acceptance does vary by merchant, so it’s worth having more than one card network in your wallet as a backup, particularly if you’re carrying an American Express card, which sees somewhat narrower acceptance than Visa or MasterCard outside major hotels and malls.

A few practical things to check with your card issuer before you fly:

• Whether your card charges a foreign transaction fee on purchases made in Korea
• Whether your card supports contactless (tap-to-pay): most modern Korean card terminals support it, and it’s the fastest way to pay
• Setting a travel notification so your bank doesn’t flag Korea purchases as suspicious and block your card

How Do You Withdraw Won From an ATM in Korea?

You can pull won straight from your home bank card. Look for ATMs carrying your card network’s logo: Visa Plus, Mastercard Cirrus, Maestro, or the Global and international symbols.

These machines are everywhere. Airports, major bank branches, and inside many convenience stores. Look for ATMs labeled “Global” or with an English-language option: these are set up specifically for foreign-issued cards and usually offer clearer instructions in English than a standard domestic-only machine.

• Airports: Incheon and other international airports have global ATMs in the arrivals area, making them a convenient first stop for cash
• Convenience stores: Chains like GS25, CU, and 7-Eleven often have ATMs that accept foreign cards, and they’re open around the clock
• Bank branches: Major banks with international-friendly ATM networks are widely available in cities and near tourist areas

What Is WOWPASS, and Is a Prepaid Travel Card Worth It?

WOWPASS is a prepaid travel card built around self-service kiosks. You’ll find them at the airport, in subway stations, and in tourist districts like Myeongdong and Hongdae.

At the kiosk you exchange foreign cash, or load from a card, straight onto a WOWPASS card. That card then works as a general prepaid payment card at stores and as a rechargeable transit card for buses and the subway, which is useful if you’d rather not juggle a separate T-money card and cash wallet.

The appeal is convenience: one card handles transit fares and everyday purchases, the kiosk interface supports English and other languages, and you avoid repeated bank-counter visits.

The trade-off is the same as with any prepaid card. You exchange money upfront, at whatever rate the kiosk is showing that moment.

Leftover balance has to be spent down or refunded at the end. Refund processes and fees vary, so check the current terms in the app or at the kiosk before you commit a large amount.

• Good fit if: you want one card for transit + purchases and prefer not to carry much loose cash
• Less useful if: your own debit/credit card already has low foreign fees and wide acceptance, since in that case a prepaid card mostly adds an extra step

Cash vs Card vs Prepaid Card: Quick Comparison

Use this table to quickly match a payment method to your travel style.

Method	Best for	Watch out for
Cash (won)	Markets, coin lockers, small cash-only vendors	Exchange rate/commission varies by location
Foreign credit/debit card	Restaurants, cafes, malls, most transit and taxis	Foreign transaction fees, occasional small-vendor limits
ATM withdrawal	Topping up cash as needed, no need to pre-exchange	Local ATM fee + your bank’s foreign withdrawal fee
Prepaid card (e.g., WOWPASS)	Combining transit + purchases on one card	Upfront exchange rate, unused balance refund process

Need Help?

Before your trip, it also helps to have your entry paperwork sorted. See our Visa & K-ETA guide for what you need before you fly.

And if you’re carrying a large amount of cash, note that amounts equivalent to $10,000 USD or more must be declared to customs on arrival. Our Immigration and Customs guide covers the declaration process in full.

If you’re still working out how much to budget overall, our Korea travel budget guide breaks down typical daily costs by travel style.

Foreigners’ General Information Center 1345

• Phone Number: 1345 (Domestic) / +82-1345 (International)
• Hours: Weekdays 09:00-22:00
• 09:00-18:00: Supported in 20 languages including Korean, English, Chinese, Japanese, Vietnamese, Thai, and Mongolian
• 18:00-22:00: Korean, English, Chinese

Useful Resources

Still Have Questions About Money in Korea?