Seoul

1. Local Currency

• Currency Name: South Korean Won (KRW)
• Denominations:
  • Coins: ₩10, ₩50, ₩100, ₩500
  • Banknotes: ₩1,000, ₩5,000, ₩10,000, ₩50,000
• Exchange Rate: The exchange rate fluctuates, so check the current rate before your trip. As of late 2023, 1 USD is approximately 1,300 KRW.
• Where to Exchange Money:
  • Banks: Major banks like KEB Hana Bank, Shinhan Bank, and Woori Bank offer currency exchange services.
  • Currency Exchange Booths: Found in tourist areas like Myeongdong, Itaewon, and Insa-dong.
  • Airports: Incheon and Gimpo airports have currency exchange counters, though rates may be slightly less favorable.
  • ATMs: Many ATMs accept foreign cards and allow you to withdraw KRW directly.

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2. Costs in Seoul

• General Costs:
  • A meal at a casual restaurant: ₩8,000–₩15,000
  • Public transportation (subway or bus): ₩1,250–₩1,500 per ride
  • Coffee: ₩4,000–₩6,000
  • Convenience store snacks: ₩1,000–₩5,000
• Tipping Culture: Tipping is not customary in South Korea. Service charges are typically included in bills at restaurants and hotels.

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3. Commonly Accepted Payment Options

Seoul is a highly modern and cashless-friendly city, but cash is still widely used in certain situations. Here’s a breakdown of payment methods:

A. Cash

• Where Cash is Commonly Used:
  • Traditional markets (e.g., Gwangjang Market, Namdaemun Market)
  • Street food vendors
  • Small, family-run restaurants or shops
  • Public transportation (if you don’t have a transportation card)
• How to Use Cash:
  • Always carry smaller denominations (₩1,000, ₩5,000, ₩10,000) as some vendors may not have change for larger bills like ₩50,000.
  • Coins are useful for vending machines, parking meters, and small purchases.

B. Credit and Debit Cards

• Widely Accepted Cards:
  • Visa, Mastercard, and American Express are widely accepted in Seoul.
  • UnionPay is also commonly accepted, especially in tourist areas.
• Where Cards Are Accepted:
  • Department stores, shopping malls, and chain restaurants
  • Hotels and major tourist attractions
  • Convenience stores (e.g., GS25, CU, 7-Eleven)
• Tips for Using Cards:
  • Inform your bank of your travel plans to avoid card blocks.
  • Some smaller establishments may have a minimum spending requirement for card payments (e.g., ₩10,000).
  • Always check if your card supports international transactions.

C. Mobile Payment Apps

• Popular Apps in South Korea:
  • KakaoPay: Linked to the KakaoTalk app, widely used for online and offline payments.
  • Naver Pay: Common for online shopping and some offline stores.
  • Samsung Pay: Works with NFC-enabled devices and is widely accepted.
• For Tourists:
  • Mobile payment apps are generally tied to Korean bank accounts, so they may not be accessible to short-term visitors. However, Samsung Pay can work with international cards if your phone supports it.

D. Transportation Cards

• T-money Card:
  • A prepaid transportation card used for subways, buses, and taxis.
  • Can also be used for small purchases at convenience stores and vending machines.
  • Purchase at convenience stores or subway stations for ₩2,500, and recharge as needed.
• How to Use:
  • Tap the card on the reader when entering and exiting public transportation.
  • For taxis, hand the card to the driver or tap it on the card reader.

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4. Procedures for Using Cashless Systems

• At Restaurants and Shops:
  • Present your card or mobile payment app at the counter.
  • For cards, you may need to input your PIN or sign a receipt.
  • For mobile payments, scan the QR code or tap your phone on the NFC reader.
• Online Shopping:
  • Many Korean websites require a local payment method, but international platforms like Coupang Global or Gmarket Global accept foreign cards.
• ATMs:
  • Look for ATMs with “Global” or “International” signs to withdraw cash using foreign cards.
  • ATMs are available in convenience stores, subway stations, and banks.

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5. Cultural and Practical Considerations

• Language Barrier:
  • While many cashiers in tourist areas speak basic English, it’s helpful to know a few Korean phrases:
    • “Card please” (카드로 할게요, kadeuro halgeyo)
    • “Cash please” (현금으로 할게요, hyeongeumeuro halgeyo)
  • Receipts are usually printed in Korean, but the total amount is easy to identify.
• Receipts:
  • Keep receipts for larger purchases, as you may be eligible for a tax refund (see below).
• Tax Refunds:
  • Tourists can claim VAT refunds for purchases over ₩30,000 at participating stores.
  • Look for “Tax-Free” signs and present your passport at the time of purchase.
  • Refunds can be processed at the airport or designated refund counters in the city.
• Cash vs. Card Preference:
  • While cards are widely accepted, some locals still prefer cash for small transactions. It’s a good idea to carry a mix of cash and cards.

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6. Tips for Tourists

• Emergency Cash:
  • Always carry some cash as a backup, especially when visiting traditional markets or rural areas outside Seoul.
• Currency Conversion Apps:
  • Use apps like XE Currency to quickly calculate prices in your home currency.
• Avoid Counterfeit Bills:
  • Only exchange money at reputable banks or exchange counters.
• Lost Cards:
  • If you lose your card, contact your bank immediately. Most major banks in Seoul have English-speaking customer service lines.

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Seoul’s payment systems are modern and convenient, but being prepared with both cash and cashless options will ensure a smooth experience. Let me know if you need further details about any specific aspect!