Money in Korea: Cards, Cash, ATMs and Tax Refunds (2026)

Last checked: Oct 2026

The short version

Situation	How to pay
Shops, restaurants, hotels, department stores	Your Visa, Mastercard or AmEx
Taxis	Card or transit card; keep cash as a backup
Topping up a T-money card	Cash (won) at most machines and convenience stores
Market stalls and street food	Cash is safest
Avoiding cash and card fees	A prepaid visitor card such as WOWPASS

Cards

Credit cards are widely accepted in Korea, including at hotels, department stores and ordinary shops. Visa, Mastercard and American Express are the most common.

A few things to keep in mind:

Some small businesses may not take cards, or may not take foreign ones. Keep ₩30,000–50,000 in cash for those moments.
Choose to be charged in won. If a terminal offers your home currency, decline it.
Transit cards need cash. A T-money card is usually topped up with cash. The exceptions are the Tmoney app on iPhone, which accepts some foreign cards, and the Climate Card and single tickets, which can now be bought by card at newer subway machines. See transit cards compared.
Alipay+ wallets are accepted in many taxis, airport buses and big department stores. The Korean taxi app for visitors, k.ride, also accepts Alipay+.

ATMs

Look for ATMs with a “Global” sign or your card’s logo. They’re common, and most have English menus.
Many bank ATMs close at 11 pm, but a lot of ATMs are open 24 hours.
Convenience-store ATMs are everywhere but often charge higher fees than bank ATMs.
When the ATM asks, choose to be charged in won.
Check your own bank’s foreign withdrawal fee too. Taking out larger amounts less often can save money.

Exchanging money

Banks usually give the best rates. Most are open 9 am to 4 pm on weekdays.
Licensed money changers in tourist areas display a “Certified” sign. Avoid unlicensed booths.
Airport exchange counters are convenient for a small amount on arrival. Exchange the rest in the city.

WOWPASS: a prepaid card for visitors

WOWPASS kiosks in tourist areas let you load the card with cash in 16 foreign currencies. You can then:

pay by card without foreign transaction fees, and
use the same card as a T-money transit card.

ATM withdrawals with WOWPASS cost ₩1,000 each. See transit cards compared for how it fits with T-money.

Tax refunds on shopping

Prices in Korea include 10% VAT. Visitors staying less than six months can get part of it back:

Rule	Current figure
Minimum purchase	₩15,000 per receipt
Instant refund at the store	Purchases from ₩15,000 to under ₩1,000,000 each, up to ₩5,000,000 per trip
Refunds at downtown refund booths	Up to ₩6,000,000 per receipt
Refunds at the airport	No upper limit; paid to a card, Alipay or WeChat Pay
Deadline	Leave Korea within 3 months of the purchase

Look for “Tax Free” or “Tax Refund” signs and bring your passport when you shop. Some older pages still say the minimum is ₩30,000. It has since been lowered to ₩15,000.

Estimate your refund with our tax refund calculator.

Tipping

Tipping isn’t part of Korean custom and isn’t expected, including in restaurants and taxis. Menu prices include tax and service. Some upscale hotels and restaurants add a 10% service charge to the bill instead.

How much will you spend?

Use the trip budget calculator to estimate daily costs in won and your own currency.

FAQ

Do I need cash in Korea?

Not much, but some. Cards work in most shops, restaurants and taxis. You'll want cash to top up a T-money transit card at most machines and stores, and for some small market stalls and street food vendors.

Should I pay in my home currency or in won?

In won. When a card machine or ATM offers to charge you in your home currency, it usually uses a worse exchange rate than your bank would.

Is tipping expected in Korea?

No. Tipping isn't part of Korean custom and staff don't expect it. Some upscale hotels and restaurants add a 10% service charge, which will be shown on the bill.

How much cash can I bring into Korea?

There's no limit, but you must declare more than US$10,000 (or the equivalent) in cash and cheques to customs when you arrive.