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Foreign Exchange Guide to South Korea

Country Code:
KR
Domestic Currency:
South Korean Won
Currency Code:
₩ KRW
Telephone Prefix:
+82

In this guide we review :

  1. Travelling in South Korea - Practical tips
  2. Buying South Korean Won Cash Online - Travel money for South Korea
  3. South Korean Won (KRW) - Currency Market News
  4. Sending Money to South Korea - Save on South Korean Won bank transfers
  5. South Korean Won Exchange Rates - Latest info & charts.

South Korea Travel Practical Tips

There are about a dozen different local airlines offering flights, the busiest air route being between Jeju Island and Seoul-Gimpo airport, so much so that there seems to be a flight every 10 minutes. The cheapest flights were offered by Jeju Air, Air Busan (a subsidiary of Asiana) , Eastar Jet and Jin Air.To book with all these airlines, you need to look on their own website to find their timetable, and then try and make a booking. These are all low cost, no frills airlines and they have a very low hand baggage allowance and you need to pay for any hold luggage you may have. The fast trains are the KTX system. The KTX service is a premium service so this is bound to be pricier than taking the slower train options.

Travel Money for South Korea - Buying South Korean Won (KRW)

Save money and time by Ordering your South Korean Won Online from Travelex, you get better rates and can pick up the KRW cash locally or even on travel day at the airport.

Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.

For card purchases if offered a choice of currencies always select to Pay in South Korean Won otherwise you may get much worst exchange rates.


South Korea Trip Checklist   

  1. Compare KRW Travel Cash Rates - probably why you are here!
  2. Hotel Deals - Save on your accomodation in South Korea
  3. Travel Insurance - for those unexpected travel adventures...
  4. Lonely Planet - Travel Guide 3 for 2 offer

South Korean Won (KRW) - Currency Market News

Much of the good work done by the won against the dollar this year was achieved in the first quarter. Between late March and mid-October (the time of this report), the won traded up and down within a horizontal range spanning 1110 and 1160 per dollar. The won nonetheless remained 7% stronger against USD than it had been at the start of the year.

The won has been tossed around in 2017 by changing risk sentiment, especially as it relates to North Korea.

In part due to caution over its northern neighbour, the Bank of Korea continue to leave interest rates at a record low of 1.25%, although it does seem only a matter of time before borrowing rates in Korea are increased – BoK Governor Lee Ju-yeo hinted as much several times between June and September.

Until the BoK act on rates, it is unlikely that much pressure will be applied on the 1110 level in USD/KRW.

In August, analysts at Nomura said that the won would continue to remain heavy regardless of what happened in North Korea. Should a military conflict occur, the won will plunge more than 10% according to the Japanese bank. Should the status quo be maintained – that being constant tension without military engagement – growth in the South Korean economy will weaken, as will the won. Even in Nomura’s best-case scenario – an end to military threats and the introduction of meaningful negotiations – Nomura forecast a USD/KRW exchange rate of 1140 at the end of 2018; not dissimilar to rates in mid-October.


Sending Money to South Korea

When sending money to South Korea it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :

  1. Open an account with a provider (id docs may be required)
  2. You specify the local or South Korean Won amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted KRW amount will be transfered to the recipient account you specify in South Korea.

You can save around 5% and maybe more - end result is more South Korean Won deposited into the recipient bank account in South Korea and less margins and fees kept by the banks!

Compare Transfer Exchange Rates to South Korea


South Korean Won - Latest Rate Info

Popular South Korean Won Cross Rates
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