The South Korean economy is the 12th largest economy in the world, best known for technology and auto companies Samsung and Hyundai. South Korea’s economy is largely dependent on international trade, because of this, it's in the top 10 of the largest exporter and importer countries. The South Korean won within their economy These security measures and more makes the won a very difficult currency to replicate illegally. They move to the left and right when the bill is tilted up and down and move up and down when the note is tilted to the left and right. The banknotes all have a hologram strip on the left end of the bills. There are three changing images when viewed from different angles displaying the map of Korea, the taeguek, and the four signs of trigrams. In addition, on the blue-grey film thread, there are various targeuk figures that are shown in all directions as moving objects. The South Korean won coins consist of six types: ₩1, ₩5, ₩10, ₩50, ₩100, ₩500. Similar to the US coins, all the coins share a silver color while the smallest valued coin is a copper color. Saimdang’s image reflects a good wife and wise mother. Whereas the fifty thousand won shows the first woman to appear on a South Korean banknote Shin Saimdang, a Korean artist, writer, calligraphist and poet.
The one thousand, five thousand, and ten thousand won displays Korean Confucian scholars of the Joseon Dynasty. Korean Won banknotes showcase different prominent Korean figures in Korean culture and history. South Korea currency Blogs, Comments and Archive. The export of counterfeit goods is taken very seriously and can be subject to a prison sentence.The South Korean Won has four different banknote denominations ₩1,000, ₩5,000, ₩10,0000, ₩50,000. South Korea currency Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. Prohibited and restricted goods include weapons, food (small quantities allowed, but you must declare it), counterfeit goods and money, publications infringing upon the constitution and public peace, narcotics and endangered species. The following goods may be imported into South Korea by travellers aged 19 and over without incurring customs duty:
Currency exchangeįoreign banknotes and travellers cheques can be exchanged at foreign exchange banks and other authorised money changers. However, amounts exceeding US$10,000 or equivalent must be declared. There are no restrictions on the import or export of local or foreign currency. To avoid additional exchange rate charges, travellers are advised to take traveller's cheques in US dollars. Travellers chequesĪccepted, but may be difficult to change in smaller towns. Many of the ATMs in Seoul subways accept foreign cards as well. KB bank is one of the most reliable for foreign cards. ATMĪTMs are available in all major cities, but not all of them will accept international cards.
Cards with the Plus and Cirrus logos are the easiest to use and most widely accepted in Korea. Just keep trying different outlets until you see a logo you recognise on the machine. ATMs are available in all major cities, but not all of them will accept international cards. You may also want to check whether your credit card is accepted by looking at door signs before you enter an establishment.
You may not be able use credit cards at small businesses and in rural areas. Credit cardsĪmerican Express, Diners Club, Mastercard and Visa are widely accepted at major hotels, shops and restaurants in the larger cities. Coins are in denominations of ₩500, 100, 50 and 10.
Money and duty free for South Korea Currency and Money Currency information