Korea is one of the more card-friendly countries you'll visit — but a little cash still smooths things over, one ATM screen has a trap worth knowing about before you land, and tipping works differently to what you're used to.
What it costs
Accommodation is the big variable; everything else is moderate. Food can be very cheap — a good meal at a local restaurant is often around ₩10,000 (roughly $7–8 USD), and convenience stores are everywhere. A subway or city bus ride is around ₩1,400–1,550 (roughly $1), and a T-money card lets you transfer between bus and subway for free within a set time window rather than paying twice. Intercity trains and city transport are inexpensive, and most temples, palaces and parks charge only a small entry fee or none at all.
Roughly, plan for three tiers: budget (hostels and guesthouses, market food, transit only), mid-range (3-star hotels, a mix of restaurants, the odd taxi), and comfortable (4-star and up, no thinking about cost). Prices vary depending on the city and season.
Cards
Visa and Mastercard are accepted almost everywhere, including taxis, convenience stores, and most markets. Contactless is standard in cities. American Express and Discover are far less reliably accepted — don't rely on them as your only card.
ATMs
Not every ATM takes foreign cards. Look for a machine labelled "Global ATM" or "Global Services" — these accept Visa, Mastercard, Cirrus, Plus, and usually UnionPay. The most consistent places to find one:
- Convenience stores (CU, GS25, 7-Eleven) — many, not all, machines
- Branches of KB Kookmin, Woori, Shinhan, and Hana banks
- Airports (Incheon and Gimpo both have plenty, though the exchange rate here is usually the worst you'll see)
Expect a single-withdrawal limit somewhere between ₩300,000 and ₩1,000,000, an operator fee of roughly ₩3,000–5,000 per withdrawal on top of whatever your own bank charges, and a daily cap around ₩1,000,000.
The one thing to get right
When the ATM asks whether to charge you in your home currency or in Korean won, always choose won. The home-currency option — Dynamic Currency Conversion — quietly adds a 3–7% markup on top of the real exchange rate. Same rule applies at card terminals in shops if you're ever asked the same question.
Do you need cash at all?
Less than you'd think, but some cash in won is still worth carrying — traditional markets, small family-run restaurants, and topping up a T-money transit card are the main places you'll still want it. A currency exchange counter or a Global ATM withdrawal on arrival covers most trips.
Tipping
Korea doesn't have a tipping culture, and in most situations trying to leave one causes more confusion than goodwill.
- Restaurants — the price on the menu is the price you pay. A 1979 law requires restaurants to display the final price, tax and any service charge included, which is exactly why tipping never took hold. Leaving cash on the table can genuinely prompt staff to chase you down assuming you forgot it.
- Taxis — pay the metered fare and that's it, though rounding up or leaving ₩1,000–2,000 for help with heavy luggage is fine.
- Hotels — not expected at Korean-run hotels; international chains catering to Western guests are the one place a small tip for exceptional service won't be unusual, but it's still optional.
Workers are paid a standard wage rather than one that depends on tips to be liveable, so there's no economic expectation built into the interaction the way there is elsewhere. Save the won for the trip itself.
International tourist tax refunds
Korea refunds the VAT on eligible purchases for overseas visitors — worth knowing about if you're shopping at all. Keep your wallet on you while you shop: ask for a tax refund receipt at the till (most department stores, duty-free shops and larger retailers handle this automatically; smaller shops may need you to ask). Hang onto every receipt, then claim the refund at an airport kiosk or machine (Incheon and Gimpo both have them) before you check in for your flight home — you'll usually need to show the goods, so don't pack them away in checked luggage until after you've claimed. You'll need your passport on you both when you make the purchase and when you claim the refund, so keep it with you rather than back at the hotel.