Korea money guide for travelers: when to use cash vs card, where to exchange currency, and how to avoid fees so you're not caught off guard mid-trip.
Korea is one of the most card-friendly countries in the world, but that doesn't mean you can leave your cash at home entirely. Knowing when to swipe and when to pull out won can save you a surprising amount of hassle. Here's what you actually need to know before you land.
Cash or Card: What You Actually Need
Korea leans heavily digital, but a mix of both is still the smartest approach.
- Most restaurants, cafes, and stores accept card without any minimum spend
- Traditional markets, small street food stalls, and some local buses still prefer or require cash
- Your T-money card can also be loaded with cash and used like a prepaid card at some convenience stores
- Keeping about 50,000–100,000 KRW in cash on hand covers most cash-only situations
Where to Exchange Currency
Not all exchange spots are created equal — rates and fees vary a lot.
- Airport exchange counters are convenient but usually offer the worst rates
- Myeongdong is known for having some of the best exchange rates in Seoul, with dozens of private exchange booths
- Banks offer fair rates but often require more paperwork and time
- Avoid exchanging large amounts at hotel front desks — rates there tend to be poor
Pro tip: exchange a small amount at the airport just to cover your first day, then head to Myeongdong for a better rate on the rest.
Using Your Foreign Card in Korea
If you'd rather skip currency exchange altogether, using your home card is usually fine.
- Visa and Mastercard are widely accepted; American Express less so outside major hotels and malls
- Always choose to be charged in Korean won (KRW), not your home currency — dynamic currency conversion at the register usually adds a hidden markup
- Check with your bank about foreign transaction fees before you travel
- Contactless payment (tap to pay) is widely supported in Seoul, especially at convenience stores and chain restaurants
ATMs and Withdrawing Cash
If you need cash after landing, not just any ATM will work with foreign cards.
- Look for ATMs labeled "Global" or with a foreign card logo (Visa, Plus, Cirrus, Mastercard)
- 7-Eleven, GS25, and other convenience store ATMs are generally reliable for foreign cards
- Bank ATMs (KB, Shinhan, Woori) also work but may have more limited operating hours for foreign card withdrawals
- Expect a flat withdrawal fee, usually around 3,000–5,000 KRW per transaction
Everyday Costs to Budget For
A rough sense of daily costs makes it easier to know how much cash to carry:
- A subway ride: around 1,400–1,600 KRW
- A casual meal: 8,000–15,000 KRW
- A coffee: 4,000–6,000 KRW
- Street food snacks: 3,000–5,000 KRW per item
If you're already planning your street food crawl or working out how to get connected with a Korean SIM or eSIM before you land, it's worth budgeting these small daily costs in alongside those bigger one-time expenses.
Final Thoughts
Korea makes it easy to get by mostly on card, but carrying a bit of cash will save you from awkward moments at markets, small eateries, or older buses. Exchange just enough at the airport to get started, top up in Myeongdong for better rates, and keep an eye out for global ATMs when you need more. With a little planning, money is one less thing you'll have to think about once you're actually exploring.
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