Local Currency and Exchange Information

The official currency of South Korea is the South Korean Won (KRW). As of October 2023, the exchange rate fluctuates around 1 USD = 1,300 KRW, but it’s advisable to check for real-time rates as they can vary daily.

Currency can be exchanged at banks, currency exchange offices, and at the airport. While airport rates may not be the most favorable, they offer convenience for immediate cash needs.

Payment Methods and Banking Options

In Seoul, a variety of payment methods are accepted:

• Cash: While cash is still widely used, especially for small purchases, it is becoming less common in urban areas.
• Credit and Debit Cards: Major credit cards such as Visa, MasterCard, and American Express are widely accepted in hotels, restaurants, and stores. However, some smaller vendors may only accept cash.
• Mobile Payments: Services like KakaoPay and Naver Pay are popular among locals. If you have a local bank account, these can be convenient options.
• ATMs: ATMs are plentiful in Seoul, particularly in urban centers. Many accept international cards, but ensure they display the Cirrus or Plus logos.

Tipping Customs and Payment Etiquette

Tipping is not a common practice in South Korea and is often seen as unnecessary. In restaurants, a service charge is typically included in the bill. However, if you receive exceptional service, rounding up the bill or leaving small change is appreciated but not expected.

When paying, it is customary to hand over cash or your card with both hands as a sign of respect. If you receive change, it’s polite to accept it with both hands as well.

Cost Considerations and Budgeting Tips

Seoul offers a range of options for every budget. Here are some average costs you might encounter:

• Meals: Street food can cost as little as 3,000 KRW, while dining in a mid-range restaurant may cost around 15,000-30,000 KRW per person.
• Transportation: A subway ride generally costs between 1,250-2,000 KRW, making it an affordable way to navigate the city.
• Accommodation: Budget hotels and guesthouses can start from 30,000 KRW per night, while luxury hotels can exceed 200,000 KRW.

For effective budgeting, consider using public transportation, eating at local markets, and exploring free attractions like parks and temples.

Practical Financial Advice for Travelers

• Notify Your Bank: Before traveling, inform your bank of your travel dates and destinations to avoid any issues with card usage.
• Carry Some Cash: Although cards are widely accepted, having cash on hand for small purchases or in areas where cards aren’t accepted is wise.
• Use ATMs Wisely: Withdraw cash from ATMs that offer the best exchange rates, and be aware of any fees your bank may charge for international withdrawals.
• Keep Track of Your Spending: Use budgeting apps to monitor your expenses and stay within your travel budget.

By understanding the local currency, payment methods, and budgeting tips, you can navigate Seoul’s financial landscape with confidence, ensuring a smoother travel experience.