Banking in South Korea

Information on opening a bank account in South Korea - what documents to provide - the credit and debit cards, payment methods, cheques and more...

South Korea has a number of retail and commercial banks all of which offer varying services. Most Korean bank accounts are free and do not charge a monthly maintenance fee.

Major Banks in South Korea

The following banks are popular with foreigners in South Korea:

South Korean Currency

South Korea uses the won, which is abbreviated as KRW.

  • Coins are issued as 10, 50, 100, and 500 won
  • Notes are issued as 1,000 (blue), 5,000 (red), 10,000 (green), 50,000 (gold/yellow)
  • Find a picture of Korean currency

Foreign currencies can be exchanged at banks, airports, exchange service centres, or authorised currency exchange shops.