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SOUTH KOREA (KRW) SOUTH KOREAN WON
The won is the official currency that is used in South Korea. A won is made up
of 100 jeon. This unit is not in use anymore and you will only tend to see it
mentioned in currency exchange rates. The won is one of Asia’s most popularly
traded currencies. The international currency code is KRW.
Currently in circulation
The smallest denomination of coin is now the 10 won coin. The other coins in use
are the 50 won, 100 won and 500 won. The central bank in South Korea is the Bank
of Korea and they issue banknotes to the values of 1,000 won, 5,000 won and
1,000 won.
Exchange facilities and traveller’s cheques
There are plenty of opportunities to find foreign exchange facilities across the
whole country of South Korea. In the largest cities you will certainly be able
to shop around for the best rates and deals on commission. Traveller’s cheques
are accepted in many large establishments although you may be well advised to
take these cheques in US dollars.
Using credit/debit cards
South Korea is a very contemporary and advanced society, you will therefore have
no problems in using the major credit card names in the majority of outlets.
Certain types of debit cards will not be easy to use, however. ATM machines are
abundant across the nation and you should be able to use these for cash
advances. The usual word of caution though, do check what charges you will incur
before going ahead with a withdrawal!
Restrictions
For local currency, there is a limit in place of KRW 50,000. This extends to
both the import and export of South Korean currency. For foreign currencies, if
the amount exceeds USD 10,000, a special declaration must be filled in and
submitted to customs. You are entitled to export foreign currency up to the
amount that you have declared when entering and this also includes traveller’s
cheques.
South Korea: an overview
South Korea is completely separate from its northern neighbour (North Korea) and
the two should never be confused. South Korea is a highly advanced nation and
may be considered pioneering in many respects. Seoul and the other large cities
offer visitors a cosmopolitan and highly exciting atmosphere. Many parts of the
country offer abundant natural beauty and it is well worth going off the beaten
track to visit these areas.
South Korea is not the cheapest of countries, although it is quite considerably
less expensive than Japan. A hotel room in the capital (Seoul) will not come
cheaply. For a room in a typical 4 star property you would need to find at least
£220/$320. This would be based on two people sharing a twin or double room.
