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Handling Money in Korea: Currency Exchange, Cards and VAT Refunds

Last updated: November 15, 2026 · About 6 min read

How you handle money abroad greatly affects how comfortable your trip is. Korea is a country where card payment is very common, but there are moments when you need cash, and if you shop it pays to know about the VAT refund system. This article covers the basics from exchange to payment to refunds. Figures such as fees and limits change often, so check the relevant body's guidance before you use any service.

Korean currency

Korea's currency unit is the won (KRW). Banknotes come in 1,000, 5,000, 10,000 and 50,000 won, and the coins mainly used are 10, 50, 100 and 500 won. Price tags usually show amounts that include tax.

Where to exchange money

You can exchange money at airports and at banks and exchange offices in the city. Rates and fees differ by place, so it is good to compare one or two. Myeongdong has many private exchange offices that make rates easy to compare, but you need to bring your passport. You can also exchange in your home country before leaving or withdraw cash from Korean ATMs with a foreign card, but check card-company fees and ATM fees first.

Card payments and cash

In Korea, credit and debit cards are accepted in so many places that you can pay by card almost everywhere, including convenience stores, restaurants, malls and taxis. Cards issued overseas can generally be used, but some market stalls and small shops take cash only. Carrying a little cash at all times is a good idea. Korean mobile payment apps are often hard for foreigners to sign up for, so it is better not to count on them.

VAT refunds for foreign tourists

Foreign tourists can use a system that refunds part of the value-added tax and other taxes when they buy over a certain amount at designated stores. There are two main methods.

Immediate refund: tax is deducted at the time you pay in the store. There are set limits and conditions on the amount that can be refunded.
Post-departure refund: you receive refund paperwork after purchase and get it confirmed at the airport or similar when you leave, then receive the refund. You must take the goods out of the country when you leave, and handle it within a set period.

Participating stores, purchase thresholds, refund fees and deadlines may change. Check before buying that the store offers refunds, and be sure to carry your passport. For the latest details, check the guidance of Korea Customs Service or the refund service providers.

Preventing overcharging and accidents

Before ordering food that has no price shown at a market or sight, check the price first. For taxis, check that the meter is used, and paying by card leaves a receipt that reduces disputes. When handing over cash for exchange or shopping, check the amount and keep the receipt.

Tips for budgeting

It is easy to plan a trip budget by splitting it into accommodation, transport, food, admission and experiences, and shopping. Meal prices vary widely in Korea, so balance it by eating cheaply at markets and bunsik shops and allowing a bit more for restaurants with atmosphere. Keeping a separate reserve for exchange-rate changes is also a good idea.

Official sources

Rules, fares and opening hours change often. Check the latest details on the official sites below.

Korea Customs Service Korea Tourism Organization (Visit Korea)