Expat Finance Services in Korea, South

The currency in South Korea since 1962 has been the South Korean won. In that year it replaced the previous currency, the South Korean Hwan, although there had been previous currencies in South Korea also known as the Won. It now comes in bank notes with the denominations of different colors depending on value - 1000 (blue), 5000 (red and yellow), and 10,000 won (green), and since the year 2009, the 50,000 won note (orange and yellow).

There is a limit on the amount of cash in South Korean won that can enter or leave South Korea at a time, this limit is 8 million won. Any amount of foreign currency may be brought into South Korea. International debit or credit cards will work at almost any business in South Korea, but not at all ATM machines.

When obtaining a bank account in South Korea, the bank will issue an ATM card, which can only be used to withdraw won from an ATM, and is thus not quite the same thing as a debit card. ATM machines in South Korea are only left on until 11 PM, so ATM banking must be completed before that time.

See our guides

Basics of banking in South Korea

Expat Finance Services in Korea, South

See our guides

Currency Exchange in South Korea

Current Account in South Korea

Offshore Savings in South Korea

Expat Mortgages in South Korea

Financial Advice in South Korea

Expat Savings in South Korea

QROPS in South Korea

Online Broker in South Korea

US Expat Tax in South Korea

Tax Advisory in South Korea