One of the most common questions for first-time travelers to South Korea is: “How much cash do I need, and can I use my credit card everywhere?”
South Korea is one of the most cashless societies in the world. However, you will still need cash for certain experiences like street food, local markets, or topping up your T-money transport card.
In this comprehensive guide, we will cover currency exchange options, credit card usability, and how to use modern convenience cards like WOWPASS to save time and money.
1. Credit Cards vs. Cash in Korea: What You Need to Know
Credit & Debit Cards (Accepted Almost Everywhere)
In Korea, you can pay with international credit cards (Visa, Mastercard, AMEX) at almost 95% of places, including:
- Convenience stores & supermarkets
- Restaurants & cafes
- Shopping malls & department stores
- Taxis & train booking apps (KORAIL)
Note: Make sure to notify your home bank before traveling to prevent your card from being blocked for suspicious international activity.
When Do You Need Cash?
Despite high card acceptance, cash (Korean Won – KRW) is strictly required for:
- Street food stalls (e.g., Myeongdong street food, Gwangjang Market)
- Recharging T-money transportation cards at subway stations
- Traditional market vendors (some offer small discounts for cash)
- Coin lockers at subway stations
2. Where to Exchange Currency in Seoul
If you bring physical cash from your home country, here are the best places to exchange money in Seoul:
1) Money Changers in Myeongdong (Best Rates)
If you want the absolute best exchange rates, head to Myeongdong. Money exchange booths around the Myeongdong area offer significantly better rates than airports or banks.
- Top Recommended Spot: Money Box Myeongdong, Ambassador Money Exchange.
2) Airport Currency Exchange (Convenient, But Higher Fees)
Exchanging money at Incheon International Airport (ICN) is convenient right after landing, but the exchange rates are generally less favorable.
- Pro Tip: Exchange only a small amount (e.g., $50–$100) at the airport for immediate expenses (like transportation), and exchange the rest in Myeongdong.
3. The Ultimate All-in-One Solution: WOWPASS Card
For foreign tourists, WOWPASS has quickly become a game-changer. It is a prepaid card designed specifically for international travelers visiting Korea.
Why Should You Get a WOWPASS?
- All-in-One Functionality: Works as a Prepaid Payment Card + T-Money Transportation Card.
- Easy Currency Exchange: You can insert cash in foreign currency (USD, EUR, JPY, TWD, HKD, SGD, etc.) directly into a WOWPASS machine, and it instantly converts and loads Korean Won onto your card.
- Cash Withdrawal: You can withdraw Korean Won cash from any WOWPASS kiosk if needed.
- Mobile App Control: Track your spending, check balances, and receive instant payment alerts via the WOWPASS app.
Where to Get a WOWPASS Machine
WOWPASS kiosks are conveniently located at:
- Incheon & Gimpo Airport subway stations
- Major subway stations (Myeongdong, Hongdae, Gangnam, Seoul Station)
- Popular hotels across Seoul
4. Summary Table & Key Details
| Item | Details |
| Official Currency | Korean Won (KRW, ₩) |
| Common Banknote Denominations | ₩1,000 / ₩5,000 / ₩10,000 / ₩50,000 |
| Best Exchange Location | Private Money Exchange Booths in Myeongdong |
| Best Payment Method | Credit Card + WOWPASS (with ₩50,000–₩100,000 cash backup) |
Pro Tips for Managing Money in Korea
Tip 1: Always Pay in Korean Won (KRW)
When paying with an international credit card, always choose to be charged in KRW rather than your home currency to avoid DCC (Dynamic Currency Conversion) extra transaction fees.
Tip 2: ATM Cash Withdrawals
If you run out of cash, look for ATMs labeled “Global ATM”. Standard local ATMs often do not accept international cards.
Tip 3: Prepare Cash for T-Money
Remember that T-money transit cards can only be recharged with physical cash at subway stations or convenience stores. Keep a few ₩10,000 notes in your wallet for transportation!