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Money Matters Money Matters

Money Matters

The Korean Won is the official currency of South Korea. Each won is divided into 100 jeon, but you will rarely see these smaller units unless you are looking at currency exchange rates. There are many places to exchange your foreign currency in the country such as at most shopping areas, so you do not have to worry about exchanging all of your money at the airport. You can also use your credit card to exchange for any amount of won in many locations. By law, all sellers must accept credit cards, and South Korean citizens use credit cards at one of the highest rates in the world. In spite of this, to avoid transaction fees, some sellers prefer cash transactions and will often give a small discount if you pay with cash. However, this does not normally apply to the major department stores in the country's shopping districts.

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