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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According to a report published by the International Trade Administration on 20th May 2024, tourism contributes 30% to Montenegro's GDP. Furthermore, the country is planning to boost its tourism prospects with a great focus on the following areas. Ecotourism  Cultural Tourism  Rural Tourism  Furthermore, another report published in ReportLinger suggests that the number of tourists to Montenegro is likely to reach 3.4 million by 2028. This is again a 2.8% rise from the number of 2.9 million tourists in 2023. Also, the tourism revenue is expected to reach $95 million by 2028. Now, in this scenario, Kotor is emerging as a sustainable tourism gem after a successful sustainability assessment by the Global Sustainable Tourism Council (GSTC). The Port of Kotor in Montenegro, Cruise Lines International Association (CLIA), and the Municipality of Kotor have done a successful assessment of the city. Vladimir Jokić, Mayor of Kotor, has commented, “As the Mayor of Kotor, I am pleased to say that Kotor is one of the few cities in the region that has undergone an important sustainability assessment process as a tourist destination. Together with the Global Sustainable Tourism Council (GSTC) and CLIA, we brought together various stakeholders from public life to gather their input. All participants from public life, city government bodies, state authorities, universities, the civil sector, the economy, and entrepreneurs took part in this process. The assessment results provided us with a clear insight into the impact of tourism on our city, which will help us develop effective strategies for sustainable tourism – that is, how we should move forward regarding tourism.”  So, Kotor today is a benchmark in sustainable tourism in the European region, and it is a budget-friendly travel destination among tourists for the following reasons. 1. Affordable Accommodation Options, Including Hostels And Guesthouses  Kotor has plenty of budget stays, from cozy guesthouses run by local families to hostels right inside the Old Town. Many include free Wi-Fi, breakfast, and kitchen access. Prices start at around €10–€15 per night during the off-season, and you’ll often meet other travelers sharing tips over morning coffee.  2. Stunning Natural Beauty With Mountains And The Adriatic Sea  Kotor sits where the rugged Dinaric Alps meet the calm Adriatic Sea. Whether you’re hiking up to the fortress or just wandering the waterfront, every corner feels like a postcard. The Bay of Kotor, often called Europe’s southernmost fjord, is perfect for swimming, kayaking, or just soaking in the sunset.  3. Rich Cultural And Historical Heritage In The Old Town  The Old Town is a maze of medieval lanes, Venetian palaces, and stone churches dating back to the 12th century. Walking here feels like stepping back in time and the best part is that exploring them is absolutely free! You can easily spend hours admiring its architecture and lively squares without spending a cent.  4. Numerous Free And Low-Cost Attractions  Many Kotor Montenegro activities are budget-friendly and free. Strolling along the Marina is the most relaxing experience I had at Kotor, Montenegro. Furthermore, the entrance fees to the museums and cathedrals here are very few. You need to just pay a few dollars. Overall, the magic of Kotor lies in exploring the city on foot or by boat the Kotor Bay. 5. Easy Access To Hiking Trails Like The Ladder Of Kotor  1350 Steps! Yes, you have to climb 1350 steps to complete the Ladder of Kotor hike. However, climbing up so many steps is a rewarding experience as the panoramic views of the city and the surroundings are breathtaking. 6. Budget-friendly Local Cuisine And Street Food  Kotor Montenegro food is comforting and simple, an extension of the simplicity of the city. I fell in love with sell burek or the savory pastries here. The filling in these pastries will remind you of your mother or grandmother who can create the biggest magic on the plate with the simplest ingredients. Furthermore, the family-run taverns or konobas here served the best grilled meat and seafood at the most affordable price.  7. Proximity To Other Balkan Destinations  You can easily include visiting places such as gems like Budva, Podgorica, or Dubrovnik in your Kotor Montenegro itinerary. Regional and international buses are available during the daytime and nighttime to explore these places on a budget. 8. Friendly Locals And A Welcoming Atmosphere  Montenegrins are hospitable, and language is never a barrier here. Many people here speak English. Especially the younger ones are well-versed in the language. So, it does not matter whether you are visiting Kotor for the first time or the last time. You will connect easily. 9. Vibrant Backpacker Community And Social Hostels  Kotor Montenegro hostels are beyond budget-friendly accommodations. These turn out to be the local social hub for solo travelers. Many of these hostels focus on activities such as:  Hiking Trips  Group Dinners  Local Events  Pub Crawling  So, you make new friends and earn new experiences with the locals guiding you. 10. Opportunities For Volunteering And Work Exchanges  Are you a digital nomad? Or, are you staying longer in Kotor? Many cafes, hostels and eco-projects in the city offer work-exchange programs or volunteer services. Explore platforms such as Worldpackers and Workaway to explore the listed job opportunities. Furthermore, there are many hostels and cafes where you can work for a few hours and get free accommodation and food in return. I have found several such listings on Worldpackers. You will have to work for 20 to 24 hours a week and have to shoulder working at receptions, administration, cleaning and housekeeping. You will get a shared dormitory and one meal in exchange for these services.  How To Plan The Kotor Montenegro Budget Travel For A Week? A week in Kotor can cost as little as $300–€400. Here is a quick breakdown. Montenegro Budget Travel Expenses Cost Breakdown Accommodation in Hostels $15–$25 per night Meals $5–$10 per meal at local eateries Kotor Montenegro Transport $10–$20 for buses and local travel Tours and Entrance Fees $5–$15 Total Average Daily Cost $35-60  Top Budget-Friendly Hostels In Kotor, Montenegro  Have a look at the table below for the list of budget-friendly hostels in Kotor, Montenegro. Staying in a hostel is one of the cheap ways to travel to Kotor Montenegro for backpackers.  Hostel Name Address Highlights Google Maps Montenegro Hostel 4U Bokeljskih brigada bb, Kotor • 30 Seconds from the beach• Great social vibe• Rooftop terraceClick HereHostel Pupa Njegoseva 254, Suranj, Kotor • Near the bus terminal and Old Town• Cozy common area Click HereOld Town Youth Hostel Stari Grad 284, Kotor • Inside Old Town• Party-friendly• Great for solo travelersClick HereHostel Centrum Stari Grad, Kotor • 2-minute walk from Old Town gate• Communal kitchenClick HereMontenegro Backpackers Home Old Town, Kotor • Great location• Excursions available• Well-equipped kitchenClick HereGuesthouse STEP Near Old Town, Kotor • Terrace Hiking • Access Budget-Friendly Click HereKotor Nest Coliving Kotor, Old Town • Ideal for digital nomads• Modern amenitiesClick Here Is Visiting Kotor Montenegro, Worth It?  I was walking through Old Town and stumbled upon a group of elderly men playing traditional Montenegrin music on guitars and accordions. Locals stopped, clapped, and danced spontaneously. They even invited me to join in. I learnt the local dances right there on the cobblestones. Now, this is the spirit of Montenegro, it’s about living life to the fullest and understanding the magic of minimalism. Furthermore, the main attractions such as the St. Tryphon Cathedral, the town of Perast, the Blue Cave, the Bay of Kotor, and the City Walls allow you to soak in its cultural heritage, history, and scenic beauty on a budget. Is Kotor, Montenegro, Struggling With Overtourism? Yes, like Venice, Barcelona, and many other major European cities, Kotor, the “Unsung” coastal beauty, is also struggling with the perils of overtourism. The rising number of cruises to the city is leading to this problem. As a result, the locals are now advocating for higher entrance fees. So, discussions are going on about raising the entrance fee, which is 1 Euro. This is justified because housing costs are rising due to the increase in tourism, and there are also environmental concerns. And it is not just homeowners who are worried about these growing numbers. The local shopkeepers and NGOs who work for community development and environmental issues are also concerned by the sudden boost in tourism. During my trip, I had the opportunity to meet Ms. Mandic, an environmental activist in the city. She said, “Hundreds of tourists are visiting the city every day. They are writing the city’s future, which will be irreversible.”  The Municipality of Kotor and the local tourism authorities will monitor the numbers to maintain the pristine charm of the coastal town. Montenegro Budget Travel: Frequently Asked Questions (FAQs)  Here are the frequently asked questions and answers about the Montenegro budget travel. 1. Are 4 Days Enough For Kotor, Montenegro?  Yes, 4 to 5 days are enough to explore the city of Kotor in Montenegro. You can walk through the Old Town, enjoy a boating tour in the Bay of Kotor, visit the nearby towns, and explore local life by having food at the family-run taverns in Kotor. 2. Is Kotor Or Budva Better?  Kotor and Budva both places are beautiful. However, Kotor is less touristy with its quaint cafes and the medieval Old Town, which stands as the eternal witness. Furthermore, Kotor is more suitable for budget-travelers as walking, hiking, cycling and biking are the best modes of knowing this city of Montenegro.  3. Which Language Is Spoken In Montenegro?  Montenegrin is the language of the people of Montenegro. However, Montenegrin is a part of the Serbo-Croatian language variety. So, it is similar to other languages such as Serbian, Croatian, and Bosnian.Furthermore, many people here, especially the younger ones speak in English.  4. Can You Drink Tap Water In Montenegro?  Yes, you can drink tap water in Montenegro. Furthermore, you will find fresh water springs around Lake Skadar and in the mountains. Furthermore, food in Montenegro is also checked in labs to ensure complete safety. 5. What Are The Common Crimes In Kotor? Burglary and theft are the most common crimes in Kotor, Montenegro. Along with pickpocketing and snatching of purses, these crimes also include theft at ATMs. Furthermore, these crimes increase in number during the peak tourist season or the summer months.Also, organized crimes, especially the ones related to drug smuggling, are quite common in Kotor. In fact, according to the United Nations Office on Drugs and Crime report “Montenegro-UNODC Strategic Partnership Framework (2024-2029),” “..., organized crime in Montenegro is mostly related to drugs smuggling. Montenegro is part of the ‘traditional’ opiate route from Afghanistan to Europe, or so called ‘Balkan Route’. In terms of trafficking routes, heroin is thought to come via road to Montenegro from Albania, Kosovo or Serbia and travel further towards Croatia and other European countries. 6. What Is The Best Time To Visit Kotor, Montenegro?  The summer months of July and August are the peak months for visiting Kotor in Montenegro. However, for budget friendly travelers, November to February is the ideal time for a visit to Kotor. Despite rainfall being a factor, these are the months for skiing and watersports in nearby mountains. Also, with the number of tourists being fewer in these months, the accommodation charges are lower than in the peak season.On average, your daily expenses in these months will be around $5 less than the peak summer months.