Global Major Cities Guide

An overview of the South Korean Won (KRW), including denominations, coins, and commonly used bills.

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Comprehensive Guide to Local Currency in Incheon, South Korea

Incheon, South Korea, is a bustling port city known for its modern infrastructure, cultural heritage, and proximity to Seoul. As a visitor or immigrant, understanding the local currency and financial practices is essential for navigating daily life. Below is a detailed guide to help you manage your finances in Incheon.

1. Local Currency: South Korean Won (KRW)

Currency Name: South Korean Won
Symbol: ₩
ISO Code: KRW
Denominations:
- Coins: ₩10, ₩50, ₩100, ₩500
- Banknotes: ₩1,000, ₩5,000, ₩10,000, ₩50,000
Subunit: The won does not have a smaller subunit (e.g., cents), so all transactions are in whole won.

2. Current Exchange Rates

Exchange rates fluctuate daily based on global currency markets. As of October 2023, approximate rates are:
- 1 USD ≈ 1,350 KRW
- 1 EUR ≈ 1,450 KRW
- 1 GBP ≈ 1,650 KRW
- 1 JPY ≈ 9 KRW
Check real-time rates using currency exchange apps or websites like XE.com or OANDA.

3. Where to Exchange Foreign Currency in Incheon

Incheon offers several reliable options for exchanging foreign currency. Here are the most common places:

a) Banks

Major banks such as Kookmin Bank (KB), Shinhan Bank, Woori Bank, and Hana Bank provide currency exchange services.
Operating Hours: Typically 9:00 AM to 4:00 PM on weekdays. Closed on weekends and public holidays.
Advantages: Reliable, secure, and offer competitive rates.
Documents Required: Passport (for non-residents).

b) Currency Exchange Counters at Incheon International Airport

Located in both Terminal 1 and Terminal 2, these counters are convenient for travelers arriving in Incheon.
Operating Hours: Most counters operate from early morning until late at night, with some open 24/7.
Advantages: Convenient for immediate cash needs upon arrival.
Disadvantages: Slightly higher fees or less favorable rates compared to banks.

c) Currency Exchange Booths in Tourist Areas

Areas like Songdo International Business District and Chinatown in Incheon have private currency exchange booths.
Advantages: Often faster than banks.
Disadvantages: Rates and fees can vary widely, so compare before exchanging.

d) ATMs

Many ATMs in Incheon accept foreign cards and allow you to withdraw KRW directly.
Look for ATMs with Global ATM or Cirrus/Maestro/Plus logos.
Fees: Expect a withdrawal fee of ₩3,000–₩5,000, depending on your home bank and the ATM operator.

4. Cash vs. Cards: What’s Preferred in Incheon?

Cash:
- Widely accepted, especially in smaller businesses, traditional markets, and taxis.
- Always carry some cash for emergencies or small purchases.
Cards:
- Credit and debit cards (Visa, MasterCard, and UnionPay) are widely accepted in larger establishments, shopping malls, and restaurants.
- Contactless payment systems like Samsung Pay, KakaoPay, and Naver Pay are popular among locals but may require a Korean bank account.
Tip: If you plan to use a foreign card, inform your bank before traveling to avoid issues with international transactions.

5. Local Customs Regarding Tipping

Tipping is not a common practice in South Korea, including Incheon.
Restaurants: No tipping is expected. Some high-end restaurants may include a service charge (10%) in the bill.
Taxis: No tipping is required, but rounding up to the nearest ₩1,000 is appreciated.
Hotels: Bellhops and housekeeping staff do not expect tips, but you can leave ₩1,000–₩2,000 as a gesture of appreciation if desired.

6. Costs and Fees to Expect When Exchanging Money

Exchange Fees: Banks and airport counters may charge a small fee (₩3,000–₩8,000) or offer slightly less favorable rates.
Private Booths: Often no explicit fees, but the exchange rate may include a hidden markup.
ATMs: Withdrawal fees range from ₩3,000–₩5,000 per transaction, depending on the ATM and your home bank.
Tip: Avoid exchanging money at hotels, as they often have the worst rates.

7. Specific Considerations for Incheon

Proximity to Incheon International Airport: As a major international hub, Incheon has excellent access to currency exchange services. However, rates at the airport are slightly less favorable than in the city.
Songdo International Business District: This modern area caters to international visitors and residents, so you’ll find many ATMs and businesses that accept foreign cards.
Traditional Markets: If you plan to visit places like Sinpo International Market, carry cash, as many vendors do not accept cards.
Public Transportation: The T-money card (a rechargeable transit card) is essential for buses, subways, and taxis. You can load it with cash at convenience stores or subway stations.

8. Tips for Managing Money in Incheon

Carry Small Denominations: Many small businesses and taxis may not have change for large bills (e.g., ₩50,000).
Use Currency Exchange Apps: Apps like Currency Converter Plus or XE Currency can help you track exchange rates and calculate conversions on the go.
Avoid Dynamic Currency Conversion (DCC): When paying with a foreign card, some merchants may offer to charge you in your home currency. This often comes with unfavorable exchange rates, so always choose to pay in KRW.
Emergency Cash: Keep a small amount of USD, EUR, or JPY as backup, as these currencies are easily exchangeable in Incheon.

9. Cultural Insights

South Koreans value efficiency and convenience, so you’ll find that most financial transactions are quick and straightforward.
While cash is still widely used, the country is rapidly moving toward a cashless society, especially in urban areas like Incheon.
Locals are generally helpful if you need assistance with ATMs or finding currency exchange locations.

By following this guide, you’ll be well-prepared to handle your finances in Incheon, South Korea. Whether you’re visiting for a short trip or planning a longer stay, understanding the local currency and financial practices will ensure a smooth and enjoyable experience.