Currency in North Korea: KPW Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in North Korea with 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.
What is a good North Korean won exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Good 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.
For more KPW information check out our selection of North Korean won news and guides.
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.
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 North Korea.
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 North Korea.
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.
North Korea: Travel Guide
Traveling to North Korea requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
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.
Everyday Costs in in North Korea
How much does it really cost to live, work, or travel in North Korea? Here's what to expect for daily expenses and expat living.
Currency Guide for North Korea (KP)
Traveling to North Korea is a unique experience, and understanding the financial implications is essential for a seamless journey. For a 1-week mid-range stay, travelers should budget approximately 1,000 to 1,500 USD in cash, as credit cards are generally not accepted. Common daily expenses in the local currency (North Korean Won, KPW) might include:
- 🍽️ Meal at a local restaurant: 10,000 – 20,000 KPW
- ☕ Coffee: 2,000 – 5,000 KPW
- 🚍 Public transport fare: 1,000 – 2,000 KPW
- 📱 Prepaid SIM card: 50,000 KPW (one-time fee)
- 🏨 Budget hotel or Airbnb: 50,000 – 100,000 KPW per night
In general, North Korea can be considered a cheap destination relative to the U.S., where a similar mid-range stay might cost upwards of $2,000. Compared to the UK, where daily expenses can be 50-100% higher, North Korea offers a less expensive alternative, although the experience is vastly different and characterized by limitations on accessibility and commercial choices.
Advice for Expats in North Korea
For expats living in North Korea, a typical monthly budget might fall between 600,000 to 1,200,000 KPW, factoring in housing, food, and other living costs. Essential tips for banking include setting up a local account if possible, but international banking services can be limited, and card usage often faces restrictions. Using cash for daily transactions is advisable, as ATM withdrawals may not be accessible. As for sending and receiving money, online transfer services like Wise or OFX may not be very effective given the isolation of the North Korean economy. Instead, it is generally recommended to exchange your money locally at approved channels to avoid any potential issues or complications with currency regulations.
USD/KPW Market Data
The below interactive chart displays the USD/KPW change and UP📈 DOWN📉 trends over the past 1 Year.
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!
Managing money while living and working in 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.
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 money transfer specialist 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.
We have put together some key points to help 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.