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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BY  Sibashree Jul 29, 2025

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A Session With History At The Cathedral MuseumA Food Tour: Where To Eat In Santo Domingo?Is It Worth Visiting Santo Domingo?Things To Do In Santo Domingo: Frequently Asked Questions (FAQs) What Is Santo Domingo Most Famous For?  Santo Domingo is most famous for its Colonial City of Santo Domingo. It was inscribed as a UNESCO World Heritage Site in 1990.  Christopher Columbus arrived here in 1492, and after that, it became the “site of the first cathedral, hospital, customs house and university in the Americas.”  It was established as a colonial town in 1498, and it is called the “First permanent establishment of the New World.”  Moreover, the Dominican Republic got its capital, Santo Domingo de Guzmán, from the Colonial City of Santo Domingo.  Also, with its Plaza Mayor and the unique grid pattern, it became the benchmark of new American cities. The establishments, which have especially served as the model, are: Palace of the Viceroy Real Audiencia (Royal Court of Justice) Chancery  Cathedral Moreover, Santo Domingo is the place where Leyes de Indias, or the first laws of the West Indies, were first proclaimed.  In addition, the social fabric, traditional architecture, and the symbolic value of the architecture and the Colonial City of Santo Domingo are well-preserved even today, standing the test of time.  What Are The Unique Things To Do In Santo Domingo? My Ultimate Bucket List Visiting Santo Domingo has now become easier than ever with direct flight connectivity to Las Americas International Airport (SDQ) in Santo Domingo from CDMX or Ciudad de México.  So, there will not be annoying stopovers, and the journey will be more comfortable. Nevertheless, once you reach the first city of the New World, you can explore the following iconic landmarks.  1. Visiting The Ozama Fortress A Spanish architecture built under the guidance of Fray Nicolás de Ovando, the Ozama Fortress has a quintessential medieval vibe.  Many people refer to this as the “Walled Fortress,” as it is, of course, the “first permanent military structure in America.”  The 21-meter central tower of the fortress stands tall, while the canons facing the Ozama River, which were used to drive the pirates away, are still inside the fortress.  2. Exploring The Colon Park Parque Colón or the Plaza de Mayor is the epicenter of the Colonial City of Santo Domingo. It has an impressive statue of Columbus in the middle, and it is surrounded by the iconic architecture of the Colonial City, such as the Cathedral of Santo Domingo and the Cathedral Museum. Every corner of this place is Insta-worthy.  3. Visiting Columbus Lighthouse El Faro a Colón or the Columbus Lighthouse is a 37-meters high architecture, honoring Christopher Columbus, the man who discovered America.  The cross-shape of this lighthouse refers to America’s Christianization.  John Paul II inaugurated this structure in 1992, and today it is a museum and a popular venue for conferences and temporary exhibitions.  4. Exploring The Ladies Street Las Damas Street or Ladies Street has the distinction of being the “first street of the colonial city.” The government of Nicolás de Ovando built this street.  It got its name as ladies used to walk here, and today, the street has notable locations such as the Trampolín Museum, House of Hernán Cortés, and the Cocoa Museum.  5. Feeling The Connection At Our Lady Of The Incarnation The Minor Basilica of Santa María de la Encarnación, or the Primate Cathedral of America, Our Lady Of The Incarnation Cathedral, impresses with its unique Gothic architecture.  Inside the church, you will find Pagan, Christian, and Apostolic details.  6. A Session With History At The Cathedral Museum The Cathedral Museum celebrates the history of the First Cathedral of America through exhibits and objects related to the cathedral.  This museum has candelabras, paintings, and many other exhibits dating from the 16th to the 19th century. The museum also has a souvenir shop for collectibles.  A Food Tour: Where To Eat In Santo Domingo? View this post on Instagram A post shared by Ajualä (@ajualard) Santo Domingo has many cafes and eateries, especially around the Plaza Mayor. However, if you are looking for a fine dining experience, you can try the following places.  Places to Eat in Santo DomingoAddress and Contact DetailsSpecialtyMorisoñandoAddress: Las Américas Int'l Airport, Route 66, Cargo CityPhone: +1 829-659-5555 / Dominican Cuisines such as Travesía Callejera and Lambi. AjualäAddress: Calle Andrés Julio Aybar 13, Santo DomingoTelephone: +1 829-545-7503• Creole Duck• Kingfish Eyes• White Fish with Wild MushroomsLarimarAddress: Torre Altri Tempi , Av. Roberto Pastoriza 412, Santo DomingoTelephone: +1 849-449-1394• Shrimp Rice and Crab• “Black Truffle Cream with Mushroom Threads” Is It Worth Visiting Santo Domingo? Yes, Santo Domingo is worth visiting. There is something astonishing about how the city, with its colonial past in its heart, grows as one of the vibrant epicenters of Caribbean life.  Today, the Colonial City of Santo Domingo stands as the guardian angel, who watches over the city and adds wind beneath its wings to have modern infrastructure developments, the swankiest mall, restaurants, and hotels.  So, for anyone interested in the Colonial past or the history of America, Santo Domingo is a must-visit. Things To Do In Santo Domingo: Frequently Asked Questions (FAQs) Here are the frequently asked questions and answers about things to do in Santo Domingo.  1. Do They Speak English In Santo Domingo? Yes, many people in Santo Domingo, especially in tourist areas, speak English. However, Spanish is the official language of the Dominican Republic.  2. Is It Safe To Walk Around Santo Domingo At Night? While Santo Domingo is not dangerous at night, there have been instances of crime against tourists at night. So, stick to exploring areas such as Zona Colonial and use apps such as Cabify and Uber for a safe ride.  3. Can You Drink The Water In Santo Domingo?  The Santo Domingo Tourism has confirmed that you cannot drink tap water in Santo Domingo. You have to drink water from packaged bottles available at local shops, hotels, and restaurants.  4. Can You Wear Shorts In Santo Domingo? The Dominican Republic Tourism says that you should wear shorts at the beach. However, for casual strolling across the city or visiting its important landmarks, you must wear regular casual daytime wear. Also, Dominicans love to dress up, and especially in the evening, you will notice everyone decked up in nice outfits.  5. Does Santo Domingo Have A Nightlife? Yes, Santo Domingo has a vibrant nightlife. The Zona Colonial, with its old heart, is the epicenter of all nighttime fun. Furthermore, you will find upscale clubs in Avenida Venezuela, and Maleco is the place where you can catch stunning live performances.  6. What Is The Best Time To Visit Santo Domingo? December to April is the best time to visit Santo Domingo. Lower humidity, less rainfall, and moderate temperatures make these months ideal for tourists.  Read Also: Unique Things To Do In Montreal: Things You Must Not Miss In Canada’s Cultural Capital Unique Things To Do In Tuscany: What Is A Must-See In Tuscany? Valladolid Mexico: Exploring The City That Was Built In 1543