Photo: Lofor / Wikimedia Commons, CC BY-SA 4.0. Adapted with KIGNAL_SIGNATURE_V1; documentary content unchanged.
Prepare for payments in Korea with the right mix of cash, cards, and practical steps for currency exchange, ATMs, and transit. Know where limitations may apply and what to recheck before your trip.
The practical answer
First-time visitors to Korea should plan to use a combination of cash and credit cards. The Bank of Korea issues four banknote denominations—₩1,000, ₩5,000, ₩10,000, and ₩50,000—and coins are also in circulation. Credit cards are widely accepted at major hotels, department stores, and general shops, but some smaller stores may not provide card service, so check before making a purchase. For exchanging foreign currency, use banks or authorized exchange service centers. Bank hours and service availability vary by bank and region, so confirm details in advance. For a broader overview of Korean destinations and practical travel planning, see the Kignal destination guides.
How cash, ATM withdrawals, and transit payments work
Keep some cash available for specific tasks: foreign-issued credit cards cannot buy or top up Tmoney at convenience stores, where cash is required for these transactions.
On Seoul subway Lines 1–8, new single-use ticket machines accept foreign-issued credit cards. However, this does not guarantee acceptance at all machines or on other transit systems, so carrying cash as a backup is recommended.
ATMs for cash withdrawals are available in major cities and at Incheon Airport, where banks, exchange services, and commercial ATMs are located in public terminal areas. ATMs are not installed in the duty-free area after immigration clearance. Before departure, check with your card issuer about overseas ATM access, as acceptance and fees depend on both the card and the machine.
Limitations and what to recheck before travel
Credit cards, while widely accepted at major hotels, department stores, and general shops, may not be usable at some smaller stores. Always check card acceptance before making a purchase. Foreign-issued credit cards cannot be used to buy or top up Tmoney at convenience stores, so cash is necessary for these transactions.
ATM acceptance and fees vary by card and machine. Global ATMs are found in major cities, but travelers should confirm with their card issuer that their card will work in Korea. Some ATMs may offer dynamic currency conversion, showing the transaction in both local and cardholder currency with the exchange rate and fees. The cardholder can decline conversion, and issuer fees may differ.
Before traveling, recheck exchange and payment details, especially for bank hours and services, as these can differ by location and provider. At airports, the availability of exchange services and ATMs depends on your terminal and arrival time. For the most current information, consult the airport and provider listings before your trip.