Essential Information

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 945 won as of 6/26/06. 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 checks 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 traveler’s checks are used in Korea, and these checks can be exchanged into cash at banks or exchange booths.

Credit Cards

Visa, American Express, Diners Club, Master Card and others are accepted at hotels, department stores, large restaurants, and stores.

Advice

1. Plan your travel and exchange money carefully.
2. After exchanging your money, verify the money and exchange rate with a calculator.
3. When you exchange your traveler's checks, you will need to sign your name in the presence of a bank teller. Don't transfer your checks to another person.

ATM

Foreign-issued ATM cards may have limited use at ATMs in different countries. Please refer to your bank for more information.

* “HanNet” ATM: Most foreign cards (VISA/PLUS, MASTER/CIRRUS, DINERS, JCB, AMEX) are accepted 24 hours a day. You may find these ATMs in Seoul Subway Line stations. Sometimes, convenience stores like LG25, Mini Stop, and Buy the Way may also offer ATMs as well. Hotels, bus terminals, highway rest areas and shopping malls are some other places to look for “HanNet” ATMs.

* Some bank branches may be equipped with Global ATMs that allows use of foreign cards. Available between 8:00am. ~ 10:00pm.

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.

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.

Tax Refund

Any product with this “Tax Free Shopping” sign will give you a refund on VAT. You must depart Korea within three 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 will 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: call Global Refund: 82-2-776-2170.

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.