Won (KRW; symbol ₩). Notes are in denominations of ₩50,000, 10,000, 5,000 and 1,000. Chon means 'one thousand'. Coins are in denominations of ₩500, 100, 50 and 10.
American Express, Diners Club, MasterCard and Visa are widely accepted at major hotels, shops and restaurants in the larger cities. You may not be able use credit cards at small businesses and in rural areas. You may also want to check whether your credit card is accepted by looking at door signs before you enter an establishment. ATMs are available in all major cities, but not all of them will accept international cards. Just keep trying different outlets until you see a logo you recognise on the machine. Cards with the Plus and Cirrus logos are the easiest to use and most widely accepted in Korea.
ATMs are available in all major cities, but not all of them will accept international cards. KB bank is one of the most reliable for foreign cards. Many of the ATMs in Seoul subways accept foreign cards as well.
Accepted, but may be difficult to change in smaller towns. To avoid additional exchange rate charges, travellers are advised to take traveller's cheques in US dollars.
There are no restrictions on the import or export of local or foreign currency. However, amounts exceeding US$10,000 or equivalent must be declared.
Foreign banknotes and travellers cheques can be exchanged at foreign exchange banks and other authorised money changers.
South Korea duty free
The following goods may be imported into South Korea by travellers aged 19 and over without incurring customs duty:
• 200 cigarettes.
• 1 bottle of alcohol up to 1L.
• 60ml of perfume.
• Goods to the value of US$600.
Prohibited and restricted goods include weapons, food (small quantities allowed, but you must declare it), counterfeit goods and money, publications infringing upon the constitution and public peace, narcotics and endangered species.
The export of counterfeit goods is taken very seriously and can be subject to a prison sentence.