Currency in North Korea KPW - Things to know
Foreign exchange guide to North Korea and the North Korean won
What's in this North Korea currency guide?
What currency is used in North Korea?
The official currency of North Korea (country code: KP) is the North Korean won, with symbol ₩ and currency code KPW.
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Things to know about the North Korean won
The North Korean won (KPW) is the official currency of North Korea, a country located in East Asia. Here are a few things to know about the North Korean won:
- The North Korean won is abbreviated as KPW and is divided into 100 chon.
- The Central Bank of the Democratic People's Republic of Korea is responsible for issuing and regulating the North Korean won.
- The exchange rate for the North Korean won is determined by the government and is not determined by supply and demand in the foreign exchange market.
- North Korea has a largely state-controlled economy and is known for its strict government control over the economy and trade. The country is isolated from the rest of the world, and there are significant restrictions on foreign investment and trade.
- The value of the North Korean won is not widely recognized outside of North Korea, and the currency is not widely traded on the international market. The value of the North Korean won is not transparent, and it is difficult to determine the true value of the currency.
Travel money for North Korea
As mentioned above, the North Korean won is a closed currency. Which means that you may find it difficult (or be permitted) to purchase the currency (KPW) before departure and will need to buy it upon arrival in .
For these types of destinations, using a pre-paid travel card is a good solution. As no travel cards support loading closed currencies like the KPW you will incur currency conversion or foreign transaction fees if you use a travel money card in .
However, using a pre-paid travel card is still a good idea as you can avoid ATM fees and also you can avoid using (and losing!) your main bank or debit/credit card.
Travel Ideas and Money Tips for North Korea
North Korea is a country that is notoriously difficult to visit, and as a result, there is very little information available for travelers and expats. The best way to learn about North Korea is to speak with someone who has been there, as they can give you first-hand advice on what to expect. Generally speaking, North Korea is a very closed off country, and travelers should be prepared for a very different experience than what they are used to.
Best things to do and see in North Korea
=== 1. See the Pyongyang Grand Theatre 2. Visit the Munsu Water Park 3. Go skiing at the Masikryong Ski Resort 4. Take a walk along the Taedong River 5. See the Pyongyang International Friendship Exhibition 6. Visit the Juche Tower 7. Take a tour of the Pyongyang Metro 8. Visit the Mausoleum of Kim Il Sung 9. Take a trip to Mount Paektu 10. Visit the Victorious Fatherland Liberation War MuseumTop Travel tips for North Korea
?1. Make sure you have a good travel insurance policy that covers medical evacuation in case you need to leave the country in a hurry.
2. North Korea is a cash-only society, so make sure you have enough US dollars to cover your expenses.
3. Be aware of the strict rules and regulations that you will need to follow while in North Korea.
4. Be respectful of the local culture and customs.
5. North Korea is a safe country to travel to, but keep in mind that it is still a communist dictatorship.
USD/KPW Market Data
The below interactive chart displays the USD/KPW change and UP📈 DOWN📉 trends over the past 1 Year.
Frequently Asked Questions
What currency should I use in North Korea?
The domestic currency in North Korea is the North Korean won.
What is the North Korean won currency code and symbol?
The three letter currency code for the North Korean won is KPW — symbol is ₩.
Which countries use the North Korean won?
It is the domestic currency in North Korea.
Is the North Korean won a closed currency?
Yes the North Korean won is a closed currency. Which means that you may find it difficult to purchase the currency (KPW) before departure and will probably need to buy it upon arrival. If you do manage to buy some of the currency or have some left over from a previous trip, make sure you are aware if you are allowed to bring this closed currency into the country.
For more information and a full list of closed currencies please refer to our guide: What is a closed currency?
What are equivalent amounts of USD and KPW?
Here are some popular conversion amounts for USD to KPW (US dollar to North Korean won)*.
*Converted at the current USDKPW interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Send Money to North Korea - Best Rates
To get a good (and fair) exchange rate when sending money to North Korea you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to North Korea
When sending money to North 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 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or North Korean won amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted KPW amount will be transfered to the recipient account you specify in North Korea.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more North Korean won deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to North Korea
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in North Korea.
Any laws in North Korea that foreigners should be aware of?
The following are laws in North Korea that foreigners should be aware of:
1. It is illegal to leave North Korea without the permission of the government.
2. It is illegal to possess or use drugs in North Korea.
3. It is illegal to possess or use firearms in North Korea.
4. It is illegal to engage in homosexual activity in North Korea.
5. It is illegal to engage in any form of religious activity in North Korea.
6. It is illegal to engage in any form of political activity in North Korea.
What is doing business like in North Korea?
The business climate in North Korea is very poor. There is very little foreign investment and the economy is highly centralized and controlled by the government. Economic growth is slow and the country faces many challenges.
How is the economy in North Korea?
The economy in North Korea is very poor. The country has a lot of natural resources, but most of the population is poor and does not have access to these resources. The government does not allow private enterprise, and does not allow foreign investment. The country has a central planning economy, and the government controls all aspects of the economy.
Managing your finances in North Korea
Here we list some key points for expats and businesses to consider when managing financial dealings in North Korea:
Understand North Korean won currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the KPW exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local North Korean won bank account: A local KPW bank account can make it easier for you to manage your finances and pay bills while you are in North Korea. It may also be more convenient to use a local KPW bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in North Korea. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in North Korea. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in North Korea, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.