Money in Korea
Currency
Korea’s currency is the won. Paper money comes in denominations of 1,000; 5,000; 10,000; and 50,000 won bills. Coins come in 1, 5, 10, 100, and 500 won (1 and 5 won coins are not widely circulated).
Credit Card
Major credit cards like Visa and MasterCard are widely accepted at hotels, department stores, restaurants, and shops. Look for signs showing accepted cards.
Currency Exchange
Most banks offer currency exchange services. Government-certified currency exchange booths also offer exchange outside of regular banking hours, and are usually located in areas frequented by international visitors. Certified booths have a sign with the word “Certified” and currency symbols. Visitors should avoid exchanging money at uncertified booths.
Tipping
Tipping is not a Korean custom and will not be expected by service personnel. However, many major hotels and upscale restaurants add a 10 percent service charge (in addition to the 10 percent VAT) to the bill. Taxi drivers do not expect tips, but do appreciate if you let them keep the change.