Currency in South Korea: exchange, import, money. What is the currency in South Korea?
Currency in South Korea
In South Korea, the official currency is Won and is denoted by the KRW symbol and the digital code 410. Money in South Korea is circulated in the form of coins and banknotes. There are 10, 50, 100 and 500 won coins in regular circulation, as well as paper notes in denominations of 1,000, 5,000 and 10,000 won.
Bank checks of 100,000 won and above are also popular. If you want to pay with them, remember that on the back of the check, you will need to indicate some details of your passport, official place of residence in the country and local phone number, therefore, if you do not have a residence permit, this option is unacceptable for you.
What currency to take to South Korea
Bank credit cards are used practically throughout South Korea. The most popular ones are Visa, American Express, Diners Club, Master Card and JCB. Many services can be paid with a plastic card; you can also withdraw cash from ATMs, which are enough in South Korea..
It is much easier to exchange currency in South Korea in US dollars. Therefore, the logical answer to the question «What currency to take to South Korea?» will be - US dollars. Although in large exchange offices, any popular currency is accepted. In addition to specialized exchange offices, you can change currency at airports, banks, some hotels, etc..
Import-export of currency
The customs regulations adopted in South Korea allow the import of any amount of foreign currency. Currency in the amount of more than $ 10,000 or the equivalent in the currency of other countries, you should definitely declare. Banknotes in denominations exceeding this amount and not indicated in the customs declaration are subject to confiscation, and the violator will be fined without fail.
The export of funds of foreign monetary units must be equal to the imported amount (when importing from $ 10,000), with a smaller amount - the export of money is free. Export and import of local currency is allowed in the amount of no more than 8 million won.
Leaving the country, it is possible to exchange unused currency, but only if there is a certificate from a local bank confirming this operation. In its absence, no more than $ 100 will be exchanged. Therefore, be careful with the documents confirming the exchange operations. This will help avoid trouble at the end of the holiday..