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Money Currency Won (W). Notes are in denominations of W10,000, 5000 and 1000. W1000 is called Chon Won in Korean (chon means ‘one thousand’). Coins are in denominations of W500, 100, 50 and 10. Currency exchange Foreign banknotes and travellers cheques can be exchanged at foreign exchange banks and other authorised money changers. ATMs are available in all major cities, but all instructions are in Korean. Credit & debit cards American Express, Diners Club, MasterCard and Visa are widely accepted at major hotels, shops and restaurants in the larger cities. Check with your credit or debit card company for details of merchant acceptability and other services which may be available. T2K Card The Shinhan Bank and Tour2Korea.com have consolidated in order to issue the T2K Card, only available to foreign tourists or residents. This card provides discounts on currency charges, accommodation and entertainment performances, etc. The card can be received at Shinhan Bank's currency exchange booths at Incheon International Airport. Travellers cheques Accepted, but may be difficult to change in smaller towns. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in US Dollars. Currency restrictions The import and export of local currency is allowed up to W8,000,000. The import of foreign currency is unlimited, provided amounts greater than US$10,000 (including travellers cheques) are declared on arrival. Export of foreign currency is limited to the amount declared on arrival. Exchange rate indicators The following figures are included as a guide to the movements of the Won against Sterling and the US Dollar:
Banking hours Mon-Fri 0930-1630, Sat 0930-1330. |