 1. Guide |
| Currency |
Korea`s official monetary unit is the won.
The Korean currency consists of a ten thousand, five thousand, and one thousand won note, and five hundred, one hundred, fifty and ten won coin. |
| Currency Exchange Rate |
| Recently, a dollar exchanges for about 1,200 won. Exchange rates may change at any time according to the market conditions. |
| Exchanging Money |
When you need to exchange your foreign currency into Korean won, visit a bank, exchange service center, or an authorized exchange.
<Business hours>
- Bank : 9:30 am - 4:30 pm except Saturday, Sunday and Holidays
- Exchange service center : 9:30 am -10 pm, everyday
- Authorized exchange: 24 hours in hotel, and 9:00 am - 5:00 pm at other places.
Don`t forget to take your receipt. |
| Traveler's Checks |
| Traveler's checks are economical because they will receive higher exchange rates and can be purchased at a cheaper rate. Travelers should not have to worry about damages if checks are lost or stolen. Traveler's are used like cash at hotels, department stores, restaurants and shops, but it is better to exchange them for cash for more comfort. Visa, American Express, and Thomas Cook are used in Korea, and these checks can be exchanged into cash at banks or exchange booths. |
| Credit Card |
| Visa, American Express, Diners Club, Master Card and others are used at hotels, department stores, large restaurants, and stores, . |
| Advice |
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1. Plan your travel and exchange money carefully.
2. After exchanging your money, check the money and exchange rate with a calculator.
3. When you exchange your traveler's checks, you need to sign your name in the presence
of a bank teller. Don't transfer your checks to another person.
[Quotation from SEC] | |
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| 2. Currency in Korea |
| Denomination |
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| Bills |
| Old Bills |
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10,000 won
man won |
5,000 won
ocheon won |
1,000 won
cheon won |
| New Bills |
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10,000 won
man won |
5,000 won
ocheon won |
1,000 won
cheon won | |
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| Coins |
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500 won
obaek won |
100 won
baek won |
50 won
osip won |
10 won
sip won | |
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* Buses and vending machines may only accept 1,000 won bills and coins.
* Related article : Historical people and places on Korean currency |
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 0.5L water
600 won |
 An apple
1,000 won |
 A bagel
600 won |
 Ramyeon
550 - 800 won |
 Snack (small)
500 won |
 Pizza (L)
9,000 - 14,000 won |
 Starbucks coffee
Americano (tall)
3,000 won |
 Big Mac set
in Mcdonald's
4,500 won |
 Bibimbap
5,000 - 8,000 won |
 Movie
7,000 - 8,000 won |
 A book (small)
8,000 - 12,000 won |
 CD
15,000 won |
 DVD
20,000 - 25,000 won |
 Newspaper
500 - 700 won |
 PC bang
(PC room)
One hour
1,000 - 2,000 won |
 Noraebang
(Karaoke Room)
One hour
5,000 - 10,000 won |
 Soda 250ml
(small can)
500 won |
 Milk (1L)
1,300-1,700 won |
 Beer (bottle)
1,400 – 1,600 won |
 Cigarettes
1 box
2,500 won |
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 Aspirin
(20 tablets)
2,000 won |
 Bandages
(box of 20 - assorted sizes)
1,000 won |
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Credit Card
Most restaurants, hotels and shops accept credit cards. 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 or not by looking at door signs. Visa and Master are most common ones you can find. |
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Tax Refund
 Any product with this “Tax Free Shopping” sign will give you a refund on VAT. You must depart Korea within 3 months of the purchase.
How to Get Tax Refund:
1. Purchase your items at any shops with this “Tax Free Shopping” sign and receive a payment slip.
2. When departing, you need to get a stamp issued from the customs officer after showing him the purchased items and payment slip.
3. At the Cash Refund Office in the airport, you can receive the amount of VAT. You may also be able to get a refund at the airport of your destination.
Most Tax Free Shopping centers are found either at department stores or shops in Myeong-dong and Cheongdam-dong areas.
For more information: Global Refund: 82-2-776-2170 |
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VAT
Value-Added Tax (VAT) is levied on most goods and services at a standard rate of 10% and is included in the retail price. In tourist hotels, this 10% tax applies to rooms, meals and other services and is included in the bill.
Tipping
Tipping is not customary in Korea. Sometimes, expensive restaurants and luxury hotels may add a service charge of 10%. Thus, you do not necessarily have to prepare for extra charges since it will be included in the bill. |
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[Quotation from http://english.tour2korea.com/ ]
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Medical Insurance
