Currency in South Korea: KRW Send & Spend FX Guide
Resources for Expats, Travelers and Entrepreneurs Navigating Life and Trade in South Korea with the South Korean won.
What's in this South Korea currency guide?
What currency is used in South Korea?
The official currency of South Korea (country code: KR) is the South Korean won, with symbol ₩ and currency code KRW.
What is a good South 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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Frequently Asked Questions
What currency should I use in South Korea?
The domestic currency in South Korea is the South Korean won.
What is the South Korean won currency code and symbol?
The three letter currency code for the South Korean won is KRW — symbol is ₩.
What does the South Korean won look like?
Here is an example South Korean won banknote:
Which countries use the South Korean won?
It is the domestic currency in South Korea.
Is the South Korean won a closed currency?
No, the South Korean won is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of SGD and KRW?
Here are some popular conversion amounts for SGD to KRW (Singapore dollar to South Korean won)*.
*Converted at the current SGDKRW interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for South Korea
Using Wise for South Korean won travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in South Korean won otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want South Korean won cash before departure, you can save money by ordering online. You generally get better rates and can pick up the KRW cash locally or even on travel day at the airport.
USD/KRW Market Data
The below interactive chart displays the USD/KRW change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to South Korea - Best Rates
To get a good (and fair) exchange rate when sending money to South 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 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 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or South 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 KRW amount will be transfered to the recipient account you specify in South 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 South Korean won deposited into the recipient bank account and less margins and fees kept by the banks!
