All You Need To Know About Korean Currency Rate And Money

May 19, 2023

Last Updated on: Aug 22, 2025

Travel Guides

For avid travelers and investors, the Korean currency rate can be a fascinating topic of discussion. Understanding the fluctuations of the won against other currencies can give insights into its economy.

Likewise, it could say much about Korea’s political developments and investors’ sentiment in the market.

This article will explore everything about the Korean currency rate. As such, we will cover the basic conversion rates to the impact of major events on the Korean economy.

History Of Korean Currency

South Korean currency has rich historical data that dates back to the early dynasties of Korea. It all started with the use of cowry shells and pearls as currency. As time passed, metal coins and paper money became popular.

The Japanese occupation of Korea introduced the Japanese yen as the official currency. Yet, in 1945, the Korean won was introduced and became the official currency.

Interestingly, the won was initially divided into 100 jeon, but the jeon was eliminated in 1960. The won has undergone many transformations to ensure price stability and economic growth. In modern times, the South Korean won is the official currency used in South Korea.

Today, the value of the South Korean won fluctuates with the global exchange rates. It’s one of the world’s top 20 currencies by value.

Current South Korean Won Exchange Rate

Knowing the latest exchange rate for the Korean won can be helpful in budgeting and forecasting your finances. As of January 2023, the exchange rate for Korean won is fluctuating depending on the global market and demand.

Below are some of the latest conversion rates:

  • 1 US dollar = 1,315.29 Korean won (USD to KRW)
  • 1 Australian dollar = 893.35 Korean won (AUD to KRW)
  • 1 Chinese yuan = 192.07 Korean won (CNY to KRW)
  • 1 Japanese yen = 9.90 Korean won (JPY to KRW)

However, exchange rates may vary depending on banks’ locations and policies.

Check exchange rates online through various currency converter websites to ease the currency conversion. Alternatively, download an exchange rate or currency calculator app. With these tools, you can convert your dollars to South Korean won (USD – KRW) or any other currency at the current rate.

Banknotes And Coins

Banknotes and coins in South Korea are not only used for daily transactions. Yet, they also hold significant cultural value. As such, these banknotes come in different denominations and colors.

For instance, the 1,000-won note features a Confucian scholar. Then, the 10,000 won note features Admiral Yi Sun-sin, known for his naval victories against Japan.

Meanwhile, the 50,000 won note features Shin Saimdang, a prominent female artist. Besides that, she was the mother of the famous Korean painter Yi I. These banknotes represent important historical figures and showcase various artistic designs.

Similarly, Korean coins are equally fascinating, with 10, 50, 100, and 500 won denominations. Each coin features a different symbol that holds cultural significance.

The 500-won coin features the portrait of King Sejong, who invented the Korean alphabet. Meanwhile, the 100-won coin features the image of a crane, symbolizing longevity and good fortune in Korean culture.

When visiting South Korea, carry some local currency as most stores prefer cash transactions. Foreign exchange markets are available in major cities, but it is crucial to know exchange fees as they vary.

Overall, banknotes and coins in South Korea hold monetary value and capture the country’s cultural heritage. Visit the Bank of Korea to learn more about their banknotes and coins.

Money-Handling And Etiquette

As with any country, knowing the cultural norms when handling money in South Korea is good. As such, for Koreans, money is not just a means but a representation of energy.

Below are some key points to note:

  • Cleanliness is crucial. Many Koreans believe money represents energy and keep their bills and coins as clean as possible. Hence, you will rarely see crumpled or dirty bills in circulation. Besides that, many Koreans carry cash and coins in wallets and change purses. For them, it is not just a convenient way to have cash but a way to keep it clean and maintain the money’s energy.
  • Respectful giving and receiving. When giving or receiving money, using both hands for respect is customary. This act is particularly true when exchanging money with older people or of a higher status than you.
  • No throwing or placing on the floor. Throwing money or putting it on the floor is considered disrespectful. If you drop a coin or bill, pick it up immediately. Likewise, people usually place money on a designated tray or hand it directly to the receiver.
  • Cash vs. Card. Credit cards are widely accepted in Korea. Yet, having some Korean won for small transactions or in areas that only accept cash is always good.

Keep this Korean currency rate information. Doing so will allow you to navigate financial transactions in South Korea with ease and respect for the country’s cultural norms.

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Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

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Exploring Sikkim

BY  Abdul Aziz Feb 16, 2023

Sikkim is a state in northeastern India, bordered by Bhutan to the east, Tibet to the north, and Nepal to the west. It is the second smallest state in India but is known for its stunning natural beauty, rich cultural heritage, and diverse landscape, which includes the Himalayas, rolling hills, and lush forests. Some of the popular tourist destinations in Sikkim include the capital city of Gangtok, which is known for its vibrant street markets, delicious street food, and stunning views of the surrounding mountains. Other popular destinations include the famous Nathula Pass, which offers breathtaking views of the Himalayas and the surrounding landscapes, and the Tsomgo Lake, a high-altitude glacial lake surrounded by stunning mountain scenery. 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These Exotic Places To Travel Are Unusual: Explore The Must-Visits Around The World

BY  Sibashree Nov 11, 2024

With the festive season knocking on doors, everyone is set for holidays and travel plans. The exotic places to travel offer you the best beach experience. You also get to soak in the Sun and have some fun in the tropical jungle. How about some unusual experience this time? You can always add exotic places to your wishlist according to your preferences. From the cultural heritage of Fiji to the mountains of Sardinia, you must go for something unique.  What Is An Exotic Place To Travel, BtW? An exotic place is a far-off destination from your country. These places are called exotic because they offer unusual experiences. Some bucket-list-worthy exotic destinations are Mexico, Madagascar, Fiji and Belize.  Most Unusual Exotic Places To Travel In The World: Curated For An Eclectic Experience  The exotic places to travel offer you the experience of a lifetime. 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BY  Abdul Aziz Dec 8, 2023

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Australia follows the holiday traditions of most Western cultures in a way. December 25 is still the day for Christmas Day, Christmas Eve, Boxing Day, New Year's Day, and so forth. But it's not gloomy, dark, or cold. Everyone is having a good time with the holiday spirit and summertime. One enjoys cold beer by the seaside. Barbecues light up all over the country, sometimes along with shrimp. Everywhere you look, there are gatherings in progress. Jamaica Image Source: www.beaches.com The island of Jamaica is located in the Caribbean Sea. This is the first image you should visualize. It offers a lot to families, couples, and solo travelers in the winter months. Whether you are on a holiday or not, Jamaica is always one of the greatest Caribbean destinations. They celebrate Christmas considerably earlier in Jamaica than it is in the majority of other countries. Though music strongly influences Jamaican culture, Christmas carols play as early as October. 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Thailand Image Source: static.vecteezy.com Thailand is predominantly a Buddhist country, so Christmas is not a public holiday. To locate Christmas celebrations, make friends with expats and other travelers. For single vacationers looking for some company, this is ideal. It's easy to find travel companions in Thailand. Traditional Christmas roast options are available at many hotels and restaurants. Better yet, try dining somewhere new and local. Christmas is not a holiday, so things continue as normal. If you choose to spend Christmas vacation in Thailand, you can be sure of fantastic weather. December is Thailand's peak season. It is usually dry and can reach temperatures above thirty degrees Celsius. Brazil Image Source: traveltomorrow.com Brazil is an unforgettable destination for a tropical Christmas getaway. With a big dash of spice and lime, Christmas comes with warm, sunny weather throughout December. 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Plenty of family-friendly activities and roomy accommodations are available on the island. Have fun island hopping and discover what's going on on the other islands. There is live entertainment and delicious food. Take some time to embark on strenuous jungle treks so you can explore the rainforest and see waterfalls. Vietnam Image Source: static.vinwonders.com Vietnam is a Buddhist country. Thus, Christmas is not a national holiday there. Despite this, Vietnamese people celebrate Christmas with a variety of festivals and gatherings. Nevertheless, Vietnamese people value Christmas Eve celebrations more than Christmas Day celebrations. The massive statues of Jesus, Mary, and Joseph in the nativity scenes demonstrate how strongly French culture has impacted Christmas customs. For a taste of vibrant Vietnamese culture, head to Hanoi's Old Quarter, which is brimming with street food vendors, charming coffee shops, and clothing stalls. 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