Money in Korea: Cash, Cards, and Tipping (What You Need to Know)
Korea is largely cashless — but knowing when to use cash, which cards work, and how tipping actually works will save you from awkward moments.
Do You Need Cash in Korea?
Less than you think. Korea is one of the most cashless societies in the world. Convenience stores, restaurants, taxis, cafés, and most shops accept cards without issue. You can get by for days without touching cash.
That said, there are a few situations where cash is still useful:
- Small street food stalls and traditional markets
- Some older local restaurants (식당, sikdang) outside major cities
- Vending machines and coin lockers
- Splitting bills with locals informally
Having ₩50,000–100,000 on hand at all times is a safe buffer.
Where to Get Korean Won
Best option: withdraw from ATMs in Korea. The exchange rate is almost always better than exchanging cash at home. Look for these:
- 7-Eleven and CU convenience store ATMs — widely available, accept most foreign cards
- KEB Hana Bank ATMs — reliable for international Visa/Mastercard
- Incheon Airport ATMs — available 24/7, convenient on arrival
Avoid currency exchange booths at tourist areas — their rates are noticeably worse.
If you must exchange cash: Myeongdong in Seoul has a cluster of exchange booths known for competitive rates. Compare a few before committing.
Which Cards Work?
Visa and Mastercard work almost everywhere. American Express has limited acceptance — don't rely on it as your primary card.
Best cards for Korea travel:
- Any no-foreign-transaction-fee card (Charles Schwab, Wise, Revolut, etc.)
- Wise card or Revolut card are especially good — they convert at mid-market rates
Tip: notify your bank before traveling so your card isn't blocked for suspicious foreign transactions.
Mobile Payments
Koreans use Kakao Pay, Naver Pay, and Samsung Pay constantly. As a foreign visitor, these are hard to set up without a Korean phone number and bank account.
Apple Pay works at some terminals (look for the NFC contactless symbol). Google Pay acceptance is growing but inconsistent.
The safest default: physical Visa or Mastercard.
Tipping Culture in Korea
There is no tipping culture in Korea. Do not tip.
This is not an exaggeration — leaving a tip can actually cause confusion or mild offense. Staff may chase you down thinking you forgot your change. The price on the menu is the price you pay, full stop.
This applies to:
- Restaurants (including upscale ones)
- Taxis
- Hotel staff
- Tour guides
- Delivery drivers
The exception: if you're on a paid group tour and the guide was exceptional, a small gift or tip is sometimes appreciated — but never expected.
VAT Refund for Tourists
Korea charges 10% VAT on most goods. As a tourist, you can claim a tax refund on purchases over ₩30,000 at participating stores (look for the Tax Free sign).
- Get a refund receipt at the store
- Present it at the Tax Refund counter at Incheon Airport before check-in
- Refunds are paid in cash or credited to your card
For big purchases (electronics, cosmetics, clothing), this is worth doing.