Money, cards and ATMs in South Korea

Cards and cash

Korea is close to cashless. Cafés, restaurants, shops and taxis take cards as a matter of course. Cash in won is still needed at traditional markets such as Gwangjang, at street-food stalls, and to top up a physical T-money card at a machine.

• ATM withdrawals - use machines marked with the "Global ATM" logo; a domestic-only machine will simply reject a foreign card. Woori, KB Kookmin, KEB Hana and Shinhan have the widest Global ATM networks. The Korean-side fee is a flat amount per withdrawal - broadly 2,000 to 4,500 KRW, with Woori typically at the low end - so a larger, less frequent withdrawal costs proportionally less. Your own bank's foreign-ATM fee and exchange margin come on top of that.
• Decline dynamic currency conversion. When a terminal or ATM offers to bill you in your home currency, say no and take won. The conversion is then done by your own bank rather than by the merchant's provider.
• Exchanging cash - airport counters are the worst rates in the country. The certified exchange offices in Seoul's Myeongdong district, around the Chinese embassy, are where the good rates are, and they need to see your physical passport.
• WOWPASS - a prepaid card made for foreign visitors. Bought from the orange self-service machines at airports, major metro stations and hotels for a 5,000 KRW issuance fee, topped up directly in foreign cash across a range of currencies, and usable as a debit card anywhere cards are taken. It has a T-money transit chip built in, and the app shows and tops up the transit balance, so you are not hunting for a cash machine to ride the subway.

Tipping

There is no tipping culture in South Korea. Restaurants, hotels and taxis do not expect one, and offering it can read as a misunderstanding rather than a courtesy. The price on the menu is the price you pay.