💳 Banking, Money & Payments in South Korea
South Korea is one of the most cashless countries in Asia. Cards, e-wallets, and ATMs are everywhere, and banking apps are highly advanced. Whether you’re visiting or settling down, this guide covers how to pay, withdraw, transfer money, and open a local bank account with confidence.
₩ Currency & Everyday Costs
- Currency: Korean won (KRW). Common banknotes: ₩1,000, ₩5,000, ₩10,000, ₩50,000.
- Tax refund: Look for “Tax Free” signs in shops. Scan your passport at checkout and complete the refund process at airport kiosks before departure.
💳 Using Cards in Shops & Restaurants
Visa and Mastercard are accepted almost everywhere. American Express can be used at major hotels and department stores, but not all cafés or small shops. Contactless payments (“tap”) are common.
In South Korea, you rarely enter your PIN for card payments. Most purchases use tap (contactless) or chip + signature on the screen. PIN codes are only required for ATMs, unmanned kiosks, or high-value purchases.
- Always pay in KRW (local currency) to avoid poor exchange rates from “Dynamic Currency Conversion.”
- Apple Pay and Samsung Pay are increasingly accepted. However, only cards issued by Korean banks can be fully linked to local mobile wallets like KakaoPay or NaverPay.
Card
📲 Mobile & Digital Payments
- KakaoPay, NaverPay, Toss — The top three local e-wallets. They allow easy transfers, bill payments, and QR code transactions. Most require a Korean phone number (010) and a local bank account.
- Apple Pay — Supported by more terminals since 2024. Works with some foreign cards, depending on your bank.
- Samsung Pay — Widely used, integrated with many Korean credit and debit cards.
- Google Pay — Mostly limited to online purchases in Korea, not physical stores.
For visitors: keep your physical card handy for contactless or signature payments.
For residents: once your local account is open, link it to KakaoPay, NaverPay, or Toss for daily transactions.
Phone
🏧 Withdrawing Cash (ATMs)
- Look for “Global ATMs” that display Visa, Mastercard, or JCB logos — found in 7-Eleven, CU, GS25, Emart24, subway stations, and airports.
- Typical withdrawal limits: ₩100,000–₩1,000,000 per transaction, depending on your bank.
- Fees: around 2–4% (combined between your home bank and the local ATM). Decline any “currency conversion” offers on-screen and let your home bank handle the rate.
Money
🏦 Opening a Local Bank Account
For longer stays — like internships, language courses, or employment — opening a Korean bank account will make life much easier.
- Main banks: KB Kookmin, Shinhan, Woori, Hana, NH NongHyup.
- Documents usually required: Passport, Alien Registration Card (ARC), local phone number, address proof (rental contract), and sometimes a certificate of study or employment.
- Process: Visit a branch in person (mornings are best). You’ll receive a debit card and access to mobile banking. Online banking activation requires an OTP device or authentication app.
- No ARC? Some banks offer limited “non-resident” accounts, but you won’t be able to use KakaoPay or NaverPay until you have an ARC.
Bank
🌍 International Transfers
- Wise (TransferWise) — Fast, transparent, and usually the best exchange rate for incoming/outgoing transfers.
- Revolut — Convenient for travelers with multiple currencies in one app.
- Traditional wire transfers — Possible via SWIFT, but slower and more expensive.
- Regulation tip: For large or frequent transfers, you may need to provide proof of income or invoices (Korean and home-country banking rules apply).
🧠 Practical Tips
- Before your trip: Notify your home bank of travel dates and activate international usage on your card.
- For safety: Store your PIN securely — you’ll need it mainly for ATMs or online banking, not in stores.
- Lost card: Block it immediately through your bank’s app and contact your issuer’s emergency number.
- Receipts: Most payment terminals offer digital receipts via text or email — ask for a paper one if needed.
- Bill payments: For residents, utilities can be paid via KakaoPay, NaverPay, or directly through your bank app.
Money
🔗 Useful Links
✨ Summary
In South Korea, cashless is the norm. Most stores accept tap or signature payments — no PIN needed. Withdraw cash at Global ATMs, always pay in KRW, and consider opening a local account to unlock KakaoPay, NaverPay, or Toss. It’s fast, modern, and surprisingly easy once you know how the system works.