Korean Currency Rate And Money: All You Need To Know

May 19, 2023

Last Updated on: Sep 30, 2026

Travel Guides

For avid travelers and investors, the Korean currency rate can be a fascinating topic.

Understanding fluctuations in the won against other currencies can offer insights into the economy.

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

This article explores the Korean currency rate.

We will cover everything from 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.

Over time, 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 several changes to support price stability and economic growth.

Today, the South Korean won is the official currency of 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 help with budgeting and financial forecasting.

As of January 2023, the Korean won exchange rate fluctuates with global market conditions 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 by bank location and policy.

Check exchange rates online through various currency converter websites to make currency conversion easier. 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.

She was also 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 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. However, be aware of 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 its banknotes and coins.

Money-Handling And Etiquette

As in any country, knowing the cultural norms for handling money in South Korea matters.

For Koreans, money is not just a means of exchange 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.

As a result, you 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 shows respect.

This is especially true when exchanging money with older people or those of 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.

Still, having some Korean won for small transactions or in cash-only areas is always a good idea.

Keep this Korean currency rate information.

This will help you navigate financial transactions in South Korea with ease and respect for the country’s cultural norms.

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Sibashree is a travel, culture, and leisure writer who has been writing since the age of 12 and professionally since 2014. With more than a decade of travel writing experience and journeys across India and several parts of the world, she brings a deeply personal and thoughtful perspective to her work. A student of English Literature and Mass Communication, Sibashree has always viewed travel as more than movement — for her, it has been a way of understanding people, cultures, and herself. Her passion for spiritual exploration has also led her to many unusual and meaningful destinations over the years. Outside of writing, Sibashree enjoys watching European cinema, reading about global politics, and reflecting on the stories hidden within everyday places.

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