Korean Currency(KRW) & Exchange

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.

Bills

Coins

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It's also important to check if a bank or exchange service center accepts old currency as some locations may not accept outdated currency.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.

Flag of South Korea "Taegukgi"

The South Korean Flag: A Symbol of Peace and Balance

The South Korean flag, known as Taegukgi, is a symbol of peace and purity with its white field. The circle in the center represents balance in the world, with the blue half symbolizing the sky and the red half representing the land. The two trigrams in the center symbolize movement and harmony as key principles.

History of the South Korean Flag

Before 1876, the Joseon dynasty in Korea did not have a national flag, but the king had his own royal standard. However, the lack of a national flag became a problem during the negotiations for the Japan-Korea Treaty of 1876, where the delegate from Japan displayed the Japanese national flag, but Korea had no corresponding national symbol to exhibit. 

In 1880, the increasing number of foreign negotiations led to the need for a national flag, and the most popular proposal was described in the "Korea Strategy" papers, written by the Chinese delegate Huang Zunxian. This proposal was to incorporate the flag of the Qing dynasty of China into that of the Joseon dynasty of Korea.

During the negotiations for the United States-Korea Treaty of 1882, US emissary Robert Wilson Shufeldt suggested that Korea adopt a national flag to represent its sovereignty. This led the king of Joseon, Kojong, to order officials Sin Heon and Kim Hong-jip to begin working on a new flag. 

Lee Eung-jun was then tasked with creating the first design, which was presented to the Chinese official Ma Jianzhong. Ma Jianzhong proposed a modified dragon flag, but Kojong rejected this idea. 

He instead proposed the Taegeuk and Eight Trigrams flag, with changes made by Kim and Ma. The final design was approved by Kojong in 1882, and the Taegukgi was officially declared the national flag in January 1883.

The Taegukgi remained in use after the southern portion of Korea became a republic under the influence of the United States in 1945 and was also used by the People's Republic of Korea. 

In 1949, the current flag was declared official by the government of South Korea, although it had been used as the de facto national flag prior. The precise dimensions and color scheme of the flag were codified in 1984 and 1997, respectively.

Jeongwol Daeboreum - A Traditional Korean Holiday

A Traditional Korean Holiday Marking the First Full Moon of the Lunar New Year

Jeongwol Daeboreum is a traditional Korean holiday that takes place on the 15th day after the Lunar New Year’s Day. It is a celebration of the first full moon of the year and holds a significant place in Korean culture and tradition.

The significance of the first full moon of the year is deeply rooted in Korean culture. In ancient times, the first full moon was considered to be a symbol of hope and happiness for the coming year. 

People would come together on this day to perform traditional customs and rituals to welcome good luck and prosperity for the upcoming year.

Jeongwol Daeboreum is celebrated in various ways across the country. People crack and eat nuts as a symbol of breaking and overcoming hardships. 

They also eat five-grain rice and red bean porridge, which is believed to bring good health and good fortune for the year ahead. The Korean folk game, jwibullori, is played, which involves trying to catch a ball made of rice straws. Lastly, sheaf burning, a traditional activity in which sheafs of rice straw are burned, is performed to ward off evil spirits and to bring good luck and happiness.

In recent times, Jeongwol Daeboreum has become an important cultural and touristic event in South Korea. To commemorate the occasion, the “O” in VISITKOREA has been turned into a black rabbit, symbolizing the year of the black rabbit, the fourth animal of the twelve sibijisin (twelve zodiac signs).

Jeongwol Daeboreum is not just a celebration of the first full moon of the year, but a symbol of hope, happiness, and good fortune for the coming year. 

It is a time for families and friends to come together to celebrate their culture and to perform traditional customs that have been passed down for generations. Whether you are a local or a tourist, Jeongwol Daeboreum is an event not to be missed.

In conclusion, Jeongwol Daeboreum is a traditional Korean holiday that holds a significant place in Korean culture and tradition. 

It is a celebration of the first full moon of the year and a symbol of hope, happiness, and good fortune for the coming year. Join the celebration of this amazing event and experience the rich cultural heritage of South Korea.

More Info

Bureom(부럼): Eating the number of your age of shelled nuts including peanuts and walnuts to bring luck and peace.

Five-grain rice(오곡밥): Five grains include sweet rice, hog millet, Sorghum, green kernel black bean, and red beans. They are eaten to hope for a year of good crops.

Red bean porridge(팥죽): It is said to drive evil spirits away.

Jwibullori(쥐불놀이): A folk game that burns weeds out of rice paddies and farm fields to keep animals and insects away.

Sheaf burning(짚태우기): A ceremony of burning “daljip,” a pile of pine and tree twigs, in hopes of spending a good year and keeping bad lucks away.

12 animal deities(12지신): 12 animal deities that protect the land also portray 12 directions. The 12 animals are rat, ox, tiger, rabbit, dragon, snake, horse, goat, monkey, rooster, dog and pig.