Travelex Online GBP to KRW Travel Money Compared

Currency Guide for South Korea (ISO Code: KR)

For travelers planning a one-week mid-range stay in South Korea, it's a good idea to budget around ₩1,200,000 to ₩1,500,000 (approximately $900 to $1,100 USD). This amount will cover accommodation, meals, transportation, and activities. Here’s a snapshot of typical daily expenses:

• 🍜 Meal at a local restaurant: ₩10,000 - ₩15,000

• ☕ Coffee: ₩3,500 - ₩4,500

• 🚍 Public transport fare: ₩1,250 - ₩2,500

• 📱 Prepaid SIM card: ₩30,000 - ₩60,000 (for a week)

• 🏨 Budget hotel or Airbnb: ₩50,000 - ₩100,000 per night

Overall, South Korea is considered to have an average cost of living for travelers. When compared to the United States, daily living expenses in South Korea may appear lower, especially for meals. However, when juxtaposed with Australia, costs can be quite competitive, often being a bit cheaper in South Korea, especially for public transport and casual dining options.

For Expats in South Korea

Expats looking to establish a comfortable living in South Korea can expect monthly expenses to range between ₩2,000,000 to ₩2,500,000 ($1,500 to $1,900 USD), depending on lifestyle choices. This budget typically includes rent, utilities, food, and transportation. It’s advisable to use local banks for daily transactions, as they generally offer lower fees compared to international banks. Many locals utilize mobile payment solutions, so having a local bank account linked to an app can make routine expenses more convenient.

When it comes to exchanging money, using local banks or ATMs to withdraw cash typically provides better exchange rates than currency exchange booths found in tourist areas. However, for larger transfers, online services like Wise and OFX can be advantageous, often offering lower fees and better rates compared to traditional banking methods. It’s wise to compare options based on the amounts you intend to transfer to ensure you’re getting the best deal.