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In addition to a travel visa, flight tickets to South Korea, and luggage, cash is equally crucial for your trip. While ATM card transactions are quite common in South Korea, carrying some Korean cash can help you handle emergencies more effectively. Understanding the common concerns of travelers, Mytour provides essential tips on currency exchange for traveling to South Korea to ensure convenience for shopping and expenses. Explore the key information below to equip yourself with valuable travel knowledge for your South Korea adventure!
What is the Currency of South Korea? What are the Denominations?
Before diving into the currency exchange tips for traveling to South Korea, it’s important to understand the country’s currency units and denominations. Each nation has its own unique currency system, such as Japan’s Yen, the US Dollar, or China’s Renminbi. South Korea is no exception, with its own distinct monetary structure.
The official and sole currency of South Korea is the Won, with the foreign exchange transaction code KRW. What sets South Korea apart from other East Asian countries is that its banknotes and coins are issued in denominations that are multiples of 5. Examples include 5 won, 10 won, 50 won, 100 won, 1,000 won, 5,000 won, 10,000 won, and 50,000 won.
Common paper and coin currency units used in South Korea (Image source: Collected)
Surprisingly, South Korea remains one of the few countries worldwide that still uses both coins and paper money. They categorize their currency as follows: denominations below 1,000 won are in coins, while those above 1,000 won are in paper bills.
Below are the distinguishing features of some South Korean coin denominations:
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1 won: Made of aluminum, white in color.
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5 won, 10 won: Copper-zinc alloy, gold in color.
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50 won: Copper, aluminum, nickel alloy, white.
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100 won and 500 won: Copper-nickel alloy, white in color.
Below are some distinctive features of each denomination of South Korean paper currency:
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1000 won: Blue in color.
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5000 won: Red and yellow.
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10,000 won: Green in color.
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50,000 won: Orange in color.
Latest Information on the Current Exchange Rate of the South Korean Won
According to currency exchange tips for traveling to South Korea, it’s advisable to exchange Korean Won to Vietnamese Dong before your trip. This not only saves time but also ensures your travel itinerary remains uninterrupted. Instead of converting Vietnamese Dong to Korean Won, consider carrying US dollars to exchange at South Korean airports or banks. The exchange rate for US dollars is more favorable, offering significant savings.
Exchange Rate: 1000 won ~ 18300 VND (as of April 2024).
1000 won is equivalent to 18300 VND (Image source: Collected)
If you plan to exchange money at South Korean banks, transactions are available from 9:30 AM to 4:30 PM. ATMs operate 24/7 and are widely accessible. In case you run out of cash and haven’t had time to withdraw, don’t worry—most restaurants, supermarkets, and shopping centers accept credit card payments.
What documents should you bring when exchanging Korean Won?
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For exchanging currency in South Korea: Travelers must carry their passport for identity verification.
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For exchanging currency in Vietnam: You only need to bring your national ID card.
Passport and visa are essential documents required for currency exchange in South Korea (Image source: Collected)
Reliable locations to exchange Vietnamese Dong to Korean Won
This is undoubtedly a common question when discussing currency exchange tips for traveling to South Korea. Since Vietnamese currency is neither circulated nor accepted in South Korea, exchanging Vietnamese Dong to Korean Won is essential for your trip. Travelers can either exchange Vietnamese Dong to Korean Won or bring US dollars to exchange at South Korean banks or airports.
Locations to exchange Vietnamese Dong to Korean Won in Vietnam
According to Vietnamese law, citizens are not permitted to exchange foreign currency freely. Therefore, visiting a Vietnamese bank for currency exchange is mandatory. Based on currency exchange tips for traveling to South Korea, travelers must present their ID and provide proof of their trip to complete the exchange. The most popular areas for exchanging Korean Won in Vietnam are Hanoi and Ho Chi Minh City.
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In Hanoi: You can exchange currency at major banks, gold shops, or along Ha Trung Street, as well as some large stores on Luong Ngoc Quyen Street.
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In Ho Chi Minh City: You can exchange currency at banks or gold shops on Le Thanh Ton Street or Le Van Sy Street. Alternatively, visit gold shops located throughout the city.
Locations to exchange Vietnamese Dong to Korean Won in South Korea
According to currency exchange tips for traveling to South Korea, exchanging Vietnamese Dong to Korean Won in South Korea is relatively straightforward. You can visit banks, currency exchange counters, or international airports to complete the transaction. South Korean banks typically operate from 9 AM to 4 PM (Monday to Friday) and are closed on weekends and public holidays.
Foreign currencies accepted in South Korea
Many travelers wonder, “Apart from Korean Won, are other currencies accepted in South Korea?” The answer is yes! In addition to US dollars, you can exchange Japanese Yen, Euros, or Chinese Yuan for Korean Won. If you don’t have these currencies on hand, you can first exchange your money to USD in Vietnam and then convert it to Korean Won later.
South Korea is one of the leading economic powerhouses in Asia today. As a result, financial transactions are highly prioritized in this country. Most services in South Korea accept international payment cards such as MasterCard, Visa, and more.
You can exchange US dollars to Korean Won at various services and banks in South Korea (Image source: Collected)
However, not every place in South Korea accepts card payments, especially small shops or remote areas. Therefore, it’s essential to carry some cash for transportation, shopping, or enjoying street food.
Note: You should not carry more than 7000 USD or its equivalent in other foreign currencies. If you exceed this amount, you must declare it to customs. Keep this in mind to avoid unnecessary complications during your trip to South Korea.
Above is a detailed guide on currency exchange tips for traveling to South Korea. We hope that Mytour’s insights will equip you with valuable knowledge for your upcoming trip to South Korea! Contact Mytour via the hotline 028 3827 0404 to book an all-inclusive South Korea tour at an unbeatable price!
