TravelMoneySouthKorea300

Travel Money Guide: South Korea

Compare your options and find the right travel money option for your stay in South Korea.

Stretch your travel budget for South Korea by making sure you're using travel money products that can reduce the cost of ATM withdrawls, foreign transactions and exchange rates as much as possible.

Use this guide to compare these products and discover the advantages and disadvantages to using different types of travel money on your trip.

Compare travel money options for South Korea

Rates last updated December 19th, 2018
Name Product Foreign Currency Conversion Fee Overseas ATM Withdrawal Fee Overseas Cash Advance Fee Annual fee Product Description
Bankwest Zero Platinum Mastercard
0% of transaction value
$0
2% of transaction amount or $4 (whichever is greater)
$0 p.a.
Offers a $0 annual fee, 0% foreign transaction fees, complimentary international travel insurance and a balance transfer offer.
Skye Mastercard
0% of transaction value
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Get 90 days interest-free, $0 foreign transaction fees and a $0 annual fee for the first year.
28 Degrees Platinum Mastercard
0% of transaction value
$0
3% of the cash advance or $4 (whichever is greater)
$0 p.a.
No foreign transaction fees on international purchases including international purchases online, together with a no annual fee.
Bankwest Breeze Platinum Mastercard
0% of transaction value
$0
2% of transaction amount or $4 (whichever is greater)
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Pay 0% p.a. interest on purchases for the first 6 months and 0% p.a. on balance transfers for 26 months. Plus, a $0 first year annual fee.
ANZ Rewards Travel Adventures card
0% of transaction value
$5
$0
$225 p.a.
Receive 40,000 bonus Velocity Points, 2 yearly Virgin Australia lounge passes, plus enjoy $0 overseas purchase transaction fees.

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Rates last updated December 19th, 2018
$
Name Product Product Description Debit Card Access ATM Withdrawal Fee Monthly Account Fee Overseas ATM Withdrawal Fee Overseas Eftpos Fee
ING Orange Everyday Account
Receive a rebate on any international transaction fees and international ATM fees when you deposit at least $1,000 a month and make at least 5 card purchases.
Visa
$0
$2.50
2.5%
NAB Classic Banking with Platinum Visa Debit Card
$10 cashback on contactless purchases, $0 foreign transaction fee and complimentary travel insurance.
$10 monthly account fee.
Receive $10 cashback when you spend $1000 on contactless purchases. Complimentary travel insurance, transport accident insurance, purchase protection insurance and more when you meet eligibility criteria.
Visa
$0
$5
0%
HSBC Everyday Global Account
No foreign ATM or transaction fees.
$0 monthly account fee.
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.
Visa
$0
$0
$0
Citi Global Currency Account
Hold up to 10 currencies.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free. Earn up to 2.25% p.a. interest on your AUD balance.
Mastercard
$0
$0
$0

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Updated December 19th, 2018
Name Product Available Currencies ATM Withdrawal Fee Reload Fee Initial Load Fee
AUD, USD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB
AUD: $3.50, USD: $2.50, GBP: £2.00, EUR: €2.20, NZD: $4.50, CAD: $3.00, HKD: $20.00, SGD: $4.00, THB: ฿95, JPY: ¥260
0%
$0
Hold up to 10 currencies and lock in your exchange rate. No load, reload or transaction fees on purchases and part of a worldwide ATM alliance.
AUD, USD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, AED
USD: $2.50, EUR: €2.50, GBP: £2.00, NZD: $3.50, THB: ฿80.00, CAD: $3.50, HKD: $18.00, JPY: ¥260.00, SGD: $3.50, AUD: $3.50, AED: 10.00
0%
$0
Get discounted rates on USD in Cash Passport's rates sale. Plus free global Wi-Fi and more. Offer ends on 13 December 2018.
AUD, USD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, AED
AUD: $1.95, CAD: $2.00, EUR: €1.50, GBP: £1.25, HKD: $15.00, JPY: ¥160, NZD: $2.50, SGD: $2.50, USD: $1.95, THB: ฿70.00, AED: 6.50
1%
$0
Get the chance to win a share of 1 million Qantas Points for every $100 in foreign currency you load onto your Qantas Travel Money card plus earn up to 5000 bonus points.

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Updated December 19th, 2018
Name Product Minimum Order Amount Maximum Order Amount Delivery/Pickup Method Commission Fee
$500
$10,000
In Store, At Airport
$0
Order over 60 currencies online at the best price against the Australian dollar and collect at one of over 130 locations across Australia.
$500
$5,000
In Store, At Airport
$0
Get better rates for new travel money cards and travel money card reloads when you use our exclusive code: FINDER
$0
$9,999
In Store, Home Delivery
$0
Order multiple currencies in one transaction and have it delivered directly to your door anywhere in Australia.

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Travel card, debit card or credit card?

You can use your Visa or Mastercard branded credit card, debit card or travel money card almost everywhere in South Korean cities — rural areas are a different story. In fact, you'll find that South Korea is ahead of Australia when it comes to mobile payments. Young Koreans have taken up contactless and mobile technology in droves and you won't have issues finding places where you can use your cards. Having said this, you will need cash too, for example a lot of the cheaper restaurants are cash only. You'll need to factor in ATM withdrawal fees to your comparison of travel money products if you want to do like the locals.

Travel money options for South Korea at a glance

Travel money option Pros Considerations
Debit cards for travel
  • Free ATM withdrawals, no currency conversion and monthly or account keeping fees with Citi
  • Convenience: Citi branches and cash machines all over Korea
  • Only Citi account holders can enjoy a more extensive range of banking services
  • Only some ATM's will accept foreign debit cards
Prepaid travel money cards
  • Locked-in exchange rates
  • No currency conversion fee and international ATM withdrawal fees on some cards
  • Fees to consider such as local ATM, initial load, reload and inactivity fees
  • Does not let you hold South Korean won
  • Incur higher currency conversion fees
  • Charges international ATM withdrawals
Credit cards for travel
  • Accepted everywhere
  • Some cards are cheaper in Korea
  • Contactless payment terminals are common
  • Overseas ATM fees and currency conversion fees
  • ATM machines are out of service after 11:00PM
  • Some merchants do not accept payments for transactions under 10,000 won
Traveller's cheques
  • Acceptance
  • Security
  • Emergency card replacement if lost or stolen
  • Money back guarantee if you're a victim of fraud
  • Hassle to buy, carry and cash
Cash
  • Greater payment flexibility
  • Convenience
  • More difficult to manage expenses
  • Higher risk of theft

This table is a general summary of the travel money products in the market. Features and benefits can vary between cards.

How travel cards, credit cards and debit cards work in South Korea

Here's how the different travel money products are going to work in South Korea.

Using credit cards

Visa, Mastercard and American Express credit cards can be used in South Korea. Some of these cards are cheaper to use than others. Start your comparison by looking at the cards which waive currency conversion charges. This allows you to use your credit card in South Korea to make purchases for roughly the same price as Australia. The card scheme (Visa, Mastercard etc.) exchange rate applies, it's pretty close to the market rate and a touch better than the travel card exchange rate.
Bankwest platinum credit cards waive the currency conversion fee; however, avoid withdrawing cash on credit, additional cash advance fees and interest applies and you won't get interest free days. Other perks include complimentary international travel insurance when you charge the cost of your air ticket to your credit card and purchase protection insurance.

  • Tip: Some South Korean merchants won't accept a credit card payment for transactions under 10,000 won (about $10 AUD).

Using debit cards

It's hard to fault the Citibank Plus Transaction Account. You get a Visa debit card to use for over the counter purchases and ATM withdrawals where Visa is accepted, which is everywhere you can pay with your card in South Korea. You won't pay extra for currency conversion, you won't pay international ATM fees and Citi don't charge any monthly or account keeping fees. Plus, the best part: Citi has been in the South Korean market since the 60's so there are Citi branches and cash machines all over the country. You can make free ATM withdrawals from Citi ATMs using your Citibank Plus Transaction Account.

  • Tip: In Seoul alone there are almost 100 Citi branches and about 40 standalone ATMs.

Using prepaid travel cards

There are no travel cards which let you hold South Korean won. Use a travel card to spend in South Korea and you'll incur the travel card currency conversion fee, which is higher than what's charged on credit and debit cards. There are a limited number of travel cards which do not charge for currency conversion; however, these cards will charge for international ATM withdrawals. The ATM withdrawal fee is comparable to what you'll pay using most debit and credit cards (some credit and debit card providers waive the international ATM fee) but when you factor in card issue fees, reload fees and inactivity fees, a travel card can end up costing you more than if you took a travel friendly debit or credit card. In saying so, you may still want to consider travel prepaid cards if you are visiting other countries whose currencies are covered.

Using traveller's cheques

Traveller's cheques once had a place — in a money belt tucked under your shirt. Today, this travel money product is a hassle to buy, carry and cash. The main benefit of a traveller's cheque is security. Only you can cash your traveller's cheques and they can be replaced if lost or stolen. Credit cards, debit cards and travel cards have the same features. Your bank will give you your money back if you're the victim of card fraud and an emergency replacement card can be sent to you anywhere in the world in a few days.

Getting a refund if you're the victim of a fraudulent transaction

Paying with cash in South Korea

Although card payments are the norm in South Korea, street food, small restaurants and some public transport are cash only — some merchants also won't take cards for purchases under 10,000 won (approx. $10 AUD).

You can make withdrawals at Cash Dispenser Machines or visit an exchange office or bank to get foreign currency changed when you arrive in South Korea. Banks are open from 9am to 4pm Monday to Saturday.

ATM withdrawals in South Korea

There are two types of ATMs in South Korea, those which accept foreign cards and those which don't — cash dispenser (CD) machines generally accept international cards. If you insert your card into an ATM and it gives you an error message, you'll need to search for another machine. Look for the global ATM logo on the front of the ATM and select the English option before you insert your credit, debit or travel card. These types of ATMs are common in public places such as bus and train stations.

Local ATM operator fees will apply. Local Australian and Korean banks do not have fee free partnerships; but you'll find Korean CD machines change the same as ATMs in Australia. If you're a Citi cardholder, you can use your Citi card to withdraw from Citi ATMs in South Korea and you will avoid the local ATM operator fee. There are ATMs throughout Seoul including the at the major airports.

  • Tip: Citi are an international financial institution and you won't have a problem using your Australian credit, debit or travel card at a Citi ATM.

Why we recommend a combination of travel money options.

You must take more than one way to access your travel funds to Korea. Take a credit card and debit card combination so you know you won't be caught without cash. A credit card can be used for big ticket purchases and to pay for online bookings and a debit card can be used to make over the counter purchases and withdraw cash. All credit cards offer interest free days too, so if you manage your account correctly, you can use your credit card for interest free purchases between statement periods.

Korean culture punches above it's weight on the world stage, which is probably why it's is one of the most visited countries in Asia. Compare travel money options before you leave so you can make the right choices and save on paying unnecessary bank fees.

Exchange rate history

Australians received almost twice as much Korean won for every dollar exchanged in 2012 than 2006. And in recent years, the value of the Korean won relative to the Aussie dollar has settled back to 2006 levels. This represents a drop of about 30 cents to the dollar over the past 4 years. It can be difficult to predict forex rates; however, South Korea has a stable economy and Australians shouldn't be worried about currency fluctuations affecting the bottom line too much while on holiday.

Year Exchange Australian Dollar (AUD) to South Korean Won (KRW) ($1 AUD=)
2012 1182
2013 1107
2014 941
2015 894
2016 859
2017 869
2018 833

*Exchange rates are accurate as of 1 January on each year listed above

krw-notes

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Buying currency in Australia

There are no restrictions to the amount of foreign currency you can bring to Korea. But you must make a customs declaration if you're bringing more than $10,000 cash. Cash includes bank notes and traveller's cheques. You can bring up to 8,000,000 Korean won from Australia. This is approximately $10,000 AUD.

You have a few options for picking up won in Australia. Your bank will be able to sell you cash, you can pick it up at a branch, or you can use a foreign exchange specialist such as Travelex.

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How much won do I need to bring to South Korea?

South Korea is pricey compared to budget destinations in the region such as Thailand, Cambodia, Vietnam and Laos, but cheaper than other developed countries such as Japan or Australia. As with all overseas trips, South Korea can be as cheap or expensive as you like.

It all depends on how you eat, where you stay and what you do. Eating like a local offers savings as staple food such as rice and meats are inexpensive, and there are plenty of cafeterias and eateries (cash only) where you can dine for a couple of dollars.

Some of the daily costs for a South Korean holiday

Cheap Midrange Expensive
sleep Hostel
$30 - $70 per night
2 Star Hotel
$70 - $150 per night
5 Star Hotel
$250 - $600 per night
Jajangmyeon (traditional noodle dish): $3-4
Pork Ribs: $5
Eating out
Bibimbap (traditional Korean rice dish): $7
Eating out
Korean Royal Court Cuisine: $90
camera Museums: free Guided tour of Seoul and museums
$40 p.p.
Private DMZ Tour
From $150 p.p.

*Prices are indicative and subject to change

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