The Won: Understanding Korea's Currency System
Korea's official monetary unit is the won, and as a traveler, it's important to understand the various options available for exchanging and using currency in the country. In this article, we'll explore the different methods of payment and exchange available in Korea.
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Traveler's Checks: A Dwindling Option
Traveler's checks were once a popular form of payment for travelers, and they can still be exchanged for cash at banks or exchange booths. However, the use of traveler's checks has declined in recent years as credit and debit cards have become the preferred means of payment for many travelers.
Consequently, the number of stores that accept traveler's checks is also decreasing, making it a less common option for those visiting Korea.
Credit Cards: A Widely Accepted Payment Method
Credit cards are widely accepted in Korea, and businesses across the country, including major hotels, department stores, and general shops, allow customers to pay with Visa, MasterCard, American Express, and other credit cards.
However, it's always a good idea to check with the specific store before making a purchase to ensure they offer this payment option.
Money Exchange: Convert Your Foreign Currency
When traveling to Korea, you may need to convert your foreign currency into the local won. Banks and authorized exchange service centers are readily available for this purpose. Note that banks are typically open from 9:00 AM to 4:00 PM on weekdays, with some banks operating from 9:30 AM to 4:30 PM. It's also important to check if a bank or exchange service center accepts old currency as some locations may not accept outdated currency.
Foreign Exchange Banks in Airports: Convenient Currency Conversion
For travelers arriving in Korea, converting their money into the local currency can be done easily at bank branches and money exchangers located within Incheon International Airport. The hours and locations of these facilities may vary, so it's recommended to check ahead of time. Money exchangers within the airport generally operate from 6:00 AM to 9:00 PM, with some locations remaining open until 10:00 PM or midnight.
In conclusion, while traveler's checks are becoming less common in Korea, credit cards are widely accepted, and exchanging foreign currency is readily available at banks and exchange centers.
Whether you're arriving at Incheon International Airport or exploring the country, you're sure to have a seamless experience with your currency needs in Korea.
