Money in Korea: won, cards, tipping, and cash over US$10,000

Korea's currency is the won (KRW, ₩). Banknotes come in 1,000, 5,000, 10,000 and 50,000 won; coins in 10, 50, 100 and 500 won.

Cards and cash

• Visa, Mastercard, American Express, JCB and UnionPay are accepted in most shops, hotels and department stores, according to the Korea Tourism Organization
• Traditional markets and street stalls may take cash only — carry some
• Reloadable prepaid transport cards such as T-money can also pay at affiliated shops that show the card's logo
• Exchange money at a bank or an authorised exchange office; banks generally open 09:00–16:00 on weekdays

Source: Korea Tourism Organization — currency and exchange

Tipping

The Korea Tourism Organization puts it plainly: tipping is not required or expected in Korea. Extra water and refills of side dishes in restaurants are free.

Source: Korea Tourism Organization — about Korean food

Bringing more than US$10,000

If the foreign currency, won banknotes and cheques you carry — including won cashier's cheques — add up to more than US$10,000, you must declare them to customs on arrival. Tick item 3 on the traveller declaration and write the amount; customs gives you a certificate of declaration. It cannot be issued once you have left the immigration area, so do it on arrival.

• This is a declaration, not a limit — you may bring more if you declare it
• Failing to declare can bring an administrative fine of up to KRW 50 million
• Where the undeclared amount is more than US$30,000, it becomes a criminal offence (up to one year in prison or a fine)
• Leaving Korea, a visitor can take out up to the amount declared on arrival without a new declaration

Source: Korea Customs Service — declaration of foreign currency

Source: Foreign Exchange Transactions Act (Korean)