Korea's currency is won, which comes in 1,000 (about US$0.90), 5,000 and 10,000 won bills, and 10, 50, 100 and 500 won coins.


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Generally, banks are open between 09:30-16:30 Monday through Friday (It is expected to change from 9:00 to 16:00 starting Feb. 2009) Automated teller machines are in operation 24 hours a day. Most large stores, hotels and restaurants in Korea will accept major international credit cards.


However, it is advisable to carry some cash, since many smaller establishments and stores may not have credit card processing equipment.


○ Currency Exchange Rate

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, an exchange service center or an authorized exchange dealer.

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○ Business Hours

- Banks: 9:30 a.m. - 4:30 p.m. except Saturday, Sunday and Holidays
- Exchange service center: 9:30 a.m. - 10 p.m., every day
- Be over 21 years of age
- Authorized exchange dealers: 24 hours in hotels, and 9:00 am - 5:00 pm at other places. Don't forget to get a 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 if checks are lost or stolen. Traveler's checks are used like cash at hotels, department stores, some restaurants and shops, but it is better to exchange them for cash for more convenience. Visa, American Express, and Thomas Cook are used in Korea, and these checks can be exchanged into cash at banks or exchange dealers.


○ Credit Card

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


**Note: Passengers entering Korea who are carrying foreign or Korean currency valued over US$10,000 must declare it to a Customs official. Departing non-residents of Korea, who are carrying foreign or Korean currency (including traveler's or bank checks) valued more than $10,000, must obtain permission from the Bank of Korea or Korea Customs Service, not including any amount previously carried into Korea and declared on arrival, which may be carried out without a customs declaration. Residents of Korea must declare any currency or negotiable checks more than $10,000 upon departure. Failure to abide by these regulations could result in fines or other penalties under the Foreign Exchange Transactions Act.

 

[Source: Korea.net]

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