Money & Payments in Seoul (2026)

Good to know

Good to Know

Seoul is highly digitalized; cards work almost everywhere, including tiny cafes. Carry minimal cash—just enough for markets and street food.
Always look for 'Global ATM' logos. Standard local ATM fees are ₩3,600 per transaction; withdraw larger amounts once rather than multiple small amounts.
Tipping is not expected and may be considered rude. Menu prices are final.
Some small vendors may prefer cash for purchases under ₩10,000, though legally they must accept cards.
Recharging transit cards with cash was the norm but as of March 2026, foreign cards are accepted at Seoul Metro kiosks.
Carry small-denomination bills (₩10,000 and ₩5,000 notes); vendors may not have change for ₩50,000 notes.
Always select 'Local Currency (KRW)' at ATMs to avoid Dynamic Currency Conversion fees.

ATM

Key Tip: Withdraw larger amounts at once to minimize per-transaction fees. Always select 'Local Currency (KRW)' to avoid Dynamic Currency Conversion (DCC) surcharges.
ATM Locations: Look for 'Global ATM' signs at convenience stores (GS25, CU), subway stations, and bank branches. Global ATMs support foreign-issued cards and multilingual interfaces.
Local ATM Fee: ₩3,600
ATM Availability: Bank ATMs typically go offline around midnight; convenience store ATMs operate 24 hours.
Fee Note: Standard local machine fee as of 2026. Convenience stores (GS25, CU) charge standard fees; some card benefits may offer waivers at partner ATMs.

Withdrawal Limit

Bank Branch: Up to ₩1,000,000 per transaction
Convenience Store: ₩100,000–₩300,000 per transaction (varies by machine capacity)

Tipping

Norm: No tips required at restaurants, taxis, hotels, or for most services. Tipping may make service providers uncomfortable.
Culture: Not expected and generally not practiced in South Korea.
Rare Exceptions: Tipping is acceptable at upscale hotels and high-end restaurants, and for tour guides, but is not standard. If given, tip discreetly in an envelope.
Price Transparency: Menu price equals the amount you pay. No service charges are automatically added.

Card Acceptance

Acceptance Rate: Seoul is highly card-friendly with one of the world's highest credit card usage rates. Most transactions can be completed with a card, including payments as small as ₩1,000.
Visa Mastercard: Widely accepted at restaurants, cafes, department stores, convenience stores, and most retail establishments. Even small vendors increasingly accept cards.
Cash Only Venues: Traditional markets (Gwangjang, Namdaemun), street food vendors, very small independent eateries, and some public restroom charges.

Card Payment Updates 2026

As of March 17, 2026, 440 Seoul Metro kiosks across 273 stations accept foreign Visa, Mastercard, JCB, UnionPay, and American Express for T-money and Climate Card purchases. April 2026 update: Mastercard holders on iPhone/Apple Watch can tap directly on Seoul Metro gates using Apple Pay.

Recommended Cash Proportion

80% card, 20% cash. For a week-long trip, exchange ₩50,000–₩200,000 (USD equivalent approximately $33–$132).

Banking

Process: Visit a bank branch in person, preferably at a 'Global FX Center' location for foreigner-focused service. Complete application form with teller. Must designate one bank as 'Foreign-Designated Bank' if planning international transfers.
Bank Hours: Most close by 4 p.m. and are not open weekends.
Common Issues: Online banking setup requires additional authentication apps; can take time to set up digital certificates. Remote account opening usually not available for first-time foreigners.
English Support: Major banks have English-speaking staff at main branches; smaller branches may not. Call ahead to confirm.
Resident Vs Nonresident: Resident foreigners (6+ months residency) can open regular accounts with simpler documentation. Non-residents (under 6 months) may face restrictions or opening of restricted accounts with daily withdrawal limits.
Account Setup Requirement: Foreigner must have valid long-term visa and Alien Registration Card (ARC). Requires in-person visit to bank branch.
International Transfer Limits: Up to $50,000 USD per transaction for residents; non-residents and temporary workers have restrictions.

Required Documents

Alien Registration Card (ARC) or passport
Proof of Korean residence (utility bill, employment letter, or residence certificate)
Korean phone number for OTP verification
Employment contract or proof of address if applicable

Major Banks For Foreigners

KEB Hana Bank (multilingual support)
Woori Bank (multilingual support)
KB Kookmin Bank
Shinhan Bank

AI-generated estimateData refreshed July 2026

Sources cited for this category

These are the sources cited in this money & payments research for this city. Individual figures may not each trace to one of them.

More About Seoul

Data last updated July 2026 · Verify anything important.

Money & Payments in Seoul