South Korea Currency in South Korea foreign exchange rates
What is the Currency in South Korea? Find out what type of money or foreign currency you will need when travelling to South Korea. Learn about foreign exchange rates, Banking, Currency & Taxes...
The currency used locally is the Republic of Korea Won and to get the best exchange rates, it is best to stick to US dollars or sterling traveller's cheques rather than cash and stick to banks where you get around 10% more than changing cash in the change bureaus. Credit cards are widely accepted in larger cities such as Seoul and Busan, and there are ATMs throughout the country and if need be, you can usually get a cash advance in a bank - at a small charge.
US dollars are accepted in many places throughout the country, particularly at the US bases and you may get a discount for using them, although it is polite to ask first, and not to rely on them.
Tipping is not common practice, as a 10% service charge is added to the bill in most restaurants.
A 10% discount is worth asking for in shops and gentle bargaining over prices is the norm in almost all markets.
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