Introduction
Korea is a beautiful and vibrant country with a rich culture and history. For many travelers, it can be challenging to decide how much cash to bring on their trip. This guide will provide a comprehensive overview of whether or not you should bring cash to Korea.
The Korean Currency
The official currency of Korea is the South Korean Won, which is abbreviated as KRW. It is available in notes and coins, with denominations ranging from 10 won to 50,000 won. The current exchange rate is approximately 1 USD to 1,200 KRW.
Credit Cards in Korea
Credit cards are widely accepted in Korea, especially in larger cities like Seoul and Busan. Visa and MasterCard are the most commonly accepted cards, followed by American Express and Diners Club. However, it is always a good idea to bring cash as a backup in case you encounter any issues using your credit card.
ATMs in Korea
ATMs are readily available throughout Korea, including at most convenience stores and banks. They accept most major international debit and credit cards, including Plus and Cirrus networks. However, be aware that some ATMs may charge a fee for foreign card transactions.
Foreign Currency Exchange
If you prefer to bring cash, you can exchange it for Korean won at banks or currency exchange offices. However, keep in mind that exchange rates at airports and tourist areas may not be as favorable as those at banks. It is also important to check whether the place you are exchanging money at requires an ID or passport.
Tipping Culture in Korea
Tipping is not a common practice in Korea, and it is not expected in restaurants, hotels or taxis. In fact, some service providers may even refuse tips. Therefore, it is not necessary to carry cash for tipping purposes.
Marketplaces and Street Vendors
If you plan on visiting traditional markets or street vendors, it is recommended to bring cash as many of these places do not accept credit cards. These areas are also great places to bargain, so having cash on hand can help you negotiate a better deal.
Transportation in Korea
Public transportation in Korea is affordable and efficient. You can pay for buses and subways using your transportation card, which can be recharged at designated stations. However, if you plan on taking taxis, it is best to have cash as some drivers may not accept credit cards.
Cost of Living in Korea
South Korea has a relatively high cost of living compared to other countries in Asia. However, it is still considered affordable when compared to Western countries. How much cash you should bring depends on your budget and itinerary.
Emergency Situations
In case of an emergency, it is always a good idea to have some cash on hand. Hospitals and clinics may require payment upfront for medical services, and having cash can also come in handy in case of lost credit cards or other unforeseen circumstances.
Conclusion
In summary, whether or not you should bring cash to Korea depends on your itinerary and personal preferences. Credit cards are widely accepted, but having some cash on hand can be helpful in certain situations. It is recommended to exchange money at banks rather than tourist areas or airports, and to carry enough cash to cover any emergencies that may arise.
Should I take cash to Korea?
Compared to other countries, crime rates in Korea are quite low, but it is still important to be cautious. Carrying a bit more money is generally not a big safety risk. Most luxury hotels, department stores, and high-end restaurants in the city do accept credit cards, but it is not wise to rely solely on them.
Is it better to use cash or card in Korea?
Even though card payments are commonly accepted, there are certain merchants who do not accept cards for purchases under ₩10,000. Additionally, only select ATMs will accept foreign credit or debit cards. Therefore, it is advisable to always carry cash with you to avoid any inconveniences.
How much cash do I need for 2 weeks in Korea?
The average cost for a solo traveler on a mid-range budget during a 10-day trip in South Korea would be approximately $65USD per day, but this may vary depending on your travel style. By choosing to stay in budget-friendly hostels, exploring free attractions in Seoul, and eating local cuisine, it may be possible to reduce daily expenses to around $40USD.
Does South Korea take cash?
Major hotels, department stores, and large restaurants and shops accept traveler’s checks. Credit cards or cash are recommended for smaller shops, local restaurants, and open markets outside major cities. Traveler’s checks can be purchased at most banks.
Is $100 usd a lot in Korea?
Based on my personal experience in Itaewon, I found that it is more costly than other areas in Seoul, and you can manage with a budget of US$100 a day if you bargain for better prices.
How much cash should I carry in Korea?
Upon arrival in Korea, it is necessary to declare any foreign currency being brought into the country. If the amount does not exceed USD 10,000 and is used for payment, no permission or declaration is needed. There is also no need to report the importation of promissory notes, letters of credit, or bills of exchange.
Security Concerns
Like any other country, Korea has its fair share of pickpockets and scammers. It is important to be vigilant and keep your belongings close to you, especially in crowded areas like markets and public transportation. It is also advisable to avoid carrying large amounts of cash or displaying expensive items like jewelry or cameras.
Language Barrier
While many Koreans speak English, there may still be some communication barriers, particularly outside of major cities. It is helpful to learn a few basic Korean phrases, such as greetings and directions, to make navigating the country easier. Additionally, having cash on hand can be useful in situations where language barriers make using credit cards or ATMs difficult.
Cultural Considerations
Korea has a unique culture that visitors should be aware of when traveling there. For example, it is customary to remove your shoes before entering someone’s home or certain buildings like temples. It is also important to respect elders and follow proper etiquette when dining or interacting with others. While cash may not be necessary for cultural practices, it can be helpful in case you need to purchase souvenirs or gifts for hosts or acquaintances.
Conclusion
In conclusion, whether or not to bring cash to Korea depends on several factors including personal preference, itinerary, and budget. Credit cards are widely accepted, but it is always a good idea to have some cash on hand in case of emergencies or language barriers. When traveling to Korea, it is important to be aware of security concerns and cultural differences while still enjoying all the country has to offer.