Travel Money Guide: South Korea

Rates and Fees verified correct on December 4th, 2016

Organising your travel money to South Korea doesn’t have to be tricky. Use this guide to compare your options and find the right travel money option for your South Korean holiday.

The currency of the Republic of Korea is the won (₩). Despite South Korea’s status as a modern economy with a finger on the pulse of the latest technological advancements, you’re going to need cash on your trip. Unfortunately, withdrawing cash in South Korea isn’t as straightforward as it is at home.

There are some clear standout travel money products you can use in South Korea that are going to deliver genuine savings and stretch your travel budget. Use this guide to compare these products and discover the advantages and disadvantages to using different types of travel money on your trip.

Which option is right for your next trip?

Bankwest Zero Platinum MasterCard

Bankwest Zero Platinum MasterCard

$0 foreign transaction fee with a $0 annual fee.

  • $0 p.a. annual fee
  • 17.99% p.a. on purchases
  • 2.99% p.a. for 9 months on balance transfers
  • Cash Advance Rate of 21.99% p.a.
  • Up to 55 days interest free

Compare travel cards for South Korea

Rates last updated December 4th, 2016
Foreign Currency Conversion Fee (MC) Foreign Currency Conversion Fee (VISA) Overseas ATM Withdrawal Fee Annual fee
Bankwest Zero Platinum MasterCard
An introductory offer on balance transfers with $0 annual fee. Complimentary travel insurance & 24/7 Concierge service and $0 foreign transaction fees.
0% of transaction value $0 $0 p.a. Go to site More info
28 Degrees Platinum MasterCard
Benefit from no international transaction fees on purchases, no currency conversion fees and no annual fee.
0% of transaction value $0 $0 p.a. Go to site More info
Rates last updated December 4th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
St.George Complete Freedom Account
$0 Overseas ATM fee when you withdraw from the Global ATM alliance network.
Visa $0 $2,000 No account keeping fees, if you deposit $2,000 per month plus no minimum balance required. No ATM fees when using St.George, Westpac and BankSA ATMs. Open More
Westpac Choice
$0 Overseas ATM fee when you withdraw from the Global ATM alliance network.
Mastercard $0 $2,000 No ATM fees when using St.George, Westpac, BankSA or Bank of Melbourne ATMs in Australia. Deposit at least $2,000 per month and enjoy no monthly service fee. Open More
Bank of Melbourne Express Freedom
$0 Overseas ATM fee when you withdraw from the Global ATM alliance network.
Visa $0 $1,000 No ATM fees when you use Bank of Melbourne, St.George, Westpac and BankSA ATMs. No monthly fees if you deposit $1000 into your account each month. Open More
Bankwest Qantas Transaction Account
No overseas ATM withdrawal fees (charged by Bankwest), 3rd party ATM fees and international transaction fees may still apply.
Mastercard $0 $2,000 No monthly fees when you deposit at least $2,000 into your account each month. Free access to Bankwest and CommBank ATMs in Australia. No overseas ATM withdrawal fees (charged by Bankwest) though third party fees may apply. Open More
Citibank Plus Everyday Account
No international transaction fees and no overseas ATM withdrawals fees if you use a Citibank ATM overseas.
Visa $0 $0 No ATM fees using Citibank, Westpac, BankSA and St.George branded ATMs in Australia. Use overseas Citibank ATMs for free. More
Rates last updated December 4th, 2016
Available Currencies ATM Withdrawal Fee Reload Fee Initial Load Fee
ANZ Travel Card
ANZ Travel Card
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD, AUD 3.50, CAD 3.00, EUR 2.20, GBP 2.00, HKD 20.00, JPY 260, NZD 4.50, SGD 4.00, THB 95, USD 2.50 1.1% of the value purchased $0 Go to site More
NAB Traveller Card
NAB Traveller Card
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD $0 per withdrawal on international ATMs and $3.75 per withdrawal at any Australian ATMs $0 $0 Go to site More
Cash Passport MasterCard
Cash Passport MasterCard
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD $2.50 for withdrawals made overseas 2.95% of the amount withdrawn for domestic withdrawals $0 $0 Go to site More
Qantas Card with Qantas Cash
Qantas Card with Qantas Cash
AUD, AED, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD 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 $0 $0 Go to site More
Travelex Travel Card
Travelex Travel Card
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD Travelex does not charge an ATM withdrawal fee when you use your Travelex Multi-currency Cash Passport to withdraw currencies that are loaded on the card at overseas ATMs where MasterCard is accepted. The greater of 1.1% of the initial load / reload amount or AU$15.00 $0 Go to site More

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

CheapMidrangeExpensive
sleepHostel
$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
cameraMuseums: freeGuided tour of Seoul and museums
$40 p.p.
Private DMZ Tour
From $150 p.p.

*Prices are indicative and subject to change

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.

YearAverage annual exchange Australian Dollar (AUD) to South Korean Won (KRW)
20121166.378467
20131059.529878
2014950.27059
2015851.267537
2016867.059608

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 optionProsConsiderations
Debit cards for travel
  • Free ATM withdrawals, no currency conversion and monthly or account keeping fees with Citibank
  • Convenience: Citibank branches and cash machines all over Korea
  • Only Citibank 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
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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 international ATM fee as well as 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 Citibank don’t charge any monthly or account keeping fees. Plus, the best part: Citibank has been in the South Korean market since the 60’s so there are Citibank branches and cash machines all over the country. You can make free ATM withdrawals from Citibank ATMs using your Citibank Plus Transaction Account.

  • Tip: In Seoul alone there are almost 100 Citibank 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 Citibank cardholder, you can use your Citibank card to withdraw from Citibank 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: Citibank are an international financial institution and you won’t have a problem using your Australian credit, debit or travel card at a Citibank ATM.

krw-notes

Finding cash and ATMs in South Korea

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Peter's trip to Seoul

On his last trip to South Korea, Peter visited Seoul for one week before heading to Hong Kong. While in Seoul, he took a flight from Gimpo International Airport (Western Seoul) to Jeju Island so he could see the Seongsan Sunrise Peak, one of the 7 New Wonders of Nature.

What cards did you take with you?

Why did you take these cards?

  • Citibank. Peter took this card because he knew Citibank have an extensive branch and ATM network in  Seoul, which is where he spent most of his time. The Citibank Plus gave Peter free ATM withdrawals as well as no currency conversion fee for over the counter purchases.
  • Bank of Melbourne. This card was a backup to the Citibank Plus. He used the Vertigo Platinum to pay for his flights to get the complimentary travel insurance. Although he didn’t end up doing much shopping, he would have used the BoM Vertigo Card to pay for big ticket items to get the purchase protection insurance too.

Where could you use your cards?
Peter says card acceptance was much the same as at home. He says he can remember using his card in convenience stores, supermarkets, restaurants, hotels, train stations and even vending machines.

What about using ATMs?
As Peter mainly withdrew from Citibank ATMs, there weren’t any issues with cash withdrawals. If he had used another account, his options for ATM withdrawals would have been limited to Global ATMs. He didn’t couldn’t find any Citibank ATMs on Jeju Island, which he says was mainly cash only, he withdrew a large sum in Seoul before he left (300,000 KRW).

What travel money tips do you have for South Korea?
Peter says that if he didn’t have the Citibank card, he would have purchased a Korean T Money Card. The T Money Card can be used to pay for goods and services at most Korean merchants. What’s more, Peter says you can get a discount when you use the T Money Card to pay for public transport.

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. Looking at the Commonwealth Bank and Travelex, CBA can offer a better rate, but they charge a commission for the transaction, which more or less puts the two foreign cash providers on a level playing field. Airport pickup locations are a point of difference for Travelex.

Why you’ll need 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.

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Get travel insurance quotes for your holiday in South Korea

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This page was last modified on 22 June 2016 at 16:49.

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