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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Comparing The Best Kotor Montenegro Cheap Eats: A Summary Table RestaurantsCuisineLocationPrice Range (€)Must-Try DishRestobar TaracaMediterranean / SeafoodKotor Old Town10-15Grilled octopus with olive oil & herbsKonoba Scala SantaBalkan / MontenegrinKotor Old Town15-30Njeguški pršut & cheese platterRestoran CesaricaSeafoodKotor Old Town20-25Cuttlefish ink black risottoHosteSnacks and CoffeeKotor Old Town10-15Avocado toast with poached eggs, espresso martiniGalionSeafoodKotor Old Town50Lobster pasta with creamy sauceAstoria RestaurantMontenegrinKotor Old Town25-65Beef medallions with truffle sauceBastionMontenegrinKotor Old Town15-30Slow-cooked lambPizzeria Pronto ItalianKotor Old Town5-12Wood-fired pizza (Diavola, Capricciosa, Margherita)BBQ TanjgaMontenegrinKotor Old Town30-40Grilled chicken & pork, family plattersDobrotski DvoriMontenegrin / SeafoodDobrota15-20Grilled calamari with garlic & parsleyKonoba PortunMontenegrin / SeafoodDobrota20Seafood salad, cold fish platterMudra Art CuisineMontegrin Fine DiningDobrota35Tuna Crudo & Burrata, grilled seafoodHotel Forza MareMontenegrin / SeafoodDobrota35-40Sea bass filet with roasted garlic ragout, scallops with potato creamKonoba AkustikMontenegrin / BalkanMuo10-20Grilled lamb chops, mixed prawns & mussels, Shopska salad Traditional Montenegrin Dishes You Must Try Traditional Montenegrin dishes are a wonderful fusion of Balkan and Mediterranean influences. 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Also, when you wander away from the main squares, you get stalls selling local delicacies at a lower price.  Also, the bakeries here are great for breakfast and snacks. You will get big portions of food for around 1 to 3 Euros in these bakeries. So, Kotor Old Town is a great locality to eat cheaply in the city.  2. Dobrota Dobrota is a favorite cheap eating place in Montenegro because of the variety of places it has. You can find a mini piazza or local stalls, family-run taverns, and restaurants.  Furthermore, Dobrota especially has the best grilled meat delicacies of the other two neighborhoods. This is something only locals know.  3. Muo Muo, or the Muo Village of Kotor, Montenegro, is replete with family-run taverns or konobas. These eating places are more affordable than the ones in Kotor Old Town or Dobrota.  Also, being family-run, the taverns offer authentic Montenegrin food.  Seasonal Pricing And Dining Tips For Kotor Montenegro Cheap Eats  For the transportation tips and cheap eats, you have to rely on locals or a local guide who will help you navigate Kotor.  Furthermore, it is always a smart option to visit eateries that have “menu of the day” deals. Also, keep in mind how food prices here differ every season. Tourist SeasonsMonthsExpected Change In Food Price High SeasonJune to AugustA price hike of 20–30%Off SeasonOctober to AprilExpect a 30-40% discount on the food items Drinking water in Kotor is safe. So, you can carry refillable water bottles instead of buying sealed bottles. Also, try the local wines and beers, such as Nikšićko, to save money.  Moreover, you must avoid restaurants that offer “special tourist menus.” These are marketing tricks and traps for charging a higher price for the same food.  What Are The Vegetarian And Vegan-Friendly Spots In Kotor, Montenegro?  Many local taverns and eateries serve vegetarian and vegan-friendly options in Kotor. 1. Vegan Options  Restobar Taraca is the most-trusted vegan-friendly eating option in Kotor. Its Buddha bowl, Vietnamese rolls, sandwiches, and teriyakis are some of the extensive vegan options available.  Java Coffee in Tivat is another vegan-friendly eating option in Kotor, Montenegro. It is especially famous for its vegan breakfast items and drinks.  You can have overnight oats, chia pudding, raw cakes, wraps, and plant-based milk here.  Hamsa Hummus & Happiness and Nama Sushi are two other popular vegan-friendly options in Kotor, Montenegro.  2. Vegetarian Options  Pizzeria Pronto, with its varied options in veg pizzas, is a popular vegetarian eating joint. Here, you will get the most popular veg options, such as Garden Fresh pizzas with fresh veggies, and simple Margherita pizzas with basil, fresh mozzarella, and tomato sauce.  You can even eat Spinach & Feta pizzas or the classic veggie one with bell peppers, mushrooms, tomatoes, etc.  What Are The Insider Tips For Eating Cheap In Kotor?  The tips for eating cheaply in Kotor start with choosing the right accommodation. Find a hostel or a budget-friendly accommodation with provisions for cooking. Now, look for discounts and deals at local supermarkets.  Stock up on meats, prosciutto, crackers, nuts, cheese, and wine.  Furthermore, if you are eating out, find out places that sell pizza by slices and shareable meat platters.  Also, have Burek for breakfast and as snacks. These flaky pastries are very filling, and most local bakeries sell them at 1 to 3 Euros.  Kotor Montenegro Cheap Eats: Frequently Asked Questions (FAQs) Here are the frequently asked questions and answers about Kotor Montenegro, cheap eats.  1. What’s The Average Cost Of A Meal In Kotor? The average cost of a meal in Kotor, Montenegro, is around 10 to 20 Euros. However, this amount is for lunch and dinner. For breakfast and evening snacking, you can have pastries from local bakeries, and the cost will be 1 to 3 Euros.  2. Is Tipping Expected In Kotor? Yes, tipping is customary in Kotor. Paying a 10% on your bill amount is the standard practice. However, if your restaurant bill already includes a service charge, it is you who can decide whether to pay the tip.Furthermore, when staying in a hostel or hotel, you will have to pay a tip of €2-€3 to the maids and €1 per luggage to the porters.In addition, a standard tip for a tour operator is €5-€10 per person.  3. Are There Late-night Food Options? Yes, Kotor has late-night food options. You will mainly find the pizzerias and eateries selling food late at night near the Kotor Old Town. The Nitrox Pub & Eatery is a popular eating and hanging out zone in Kotor. However, if you don’t want to visit a pub or bar, you can try local cuisine at traditional taverns or konobas. 4. Can I Find Vegetarian Food Easily? Yes, many eating places or traditional taverns in Kotor serve vegetarian food. Pizzeria Pronto is a popular joint to have vegetarian pizzas. Some other vegetarian-friendly food joints here are Restobar Taraca and La Catedral Pasta Bar.  5. Where Can I Buy Cheap Snacks? The local bakeries and Kotor Market are the best places to buy cheap snacks in Kotor, Montenegro. You can always negotiate with the local vendors, and the local market is the best place for buying vegetables and fruits at a low price. However, supermarkets are better options if you are stocking up in bulk. There you will find the family packs, best discount deals, and offers.