How to pay in South Korea and where to exchange Australian dollars for South Korean won in Australia?

The alternatives for payment in South Korea are very broad. The Asian country is one of the most developed in the technological field in the world. Thanks to this, the majority of payments made by residents are with card, as its use is completely widespread.

For a tourist, paying with a card is not so straightforward. The official currency of South Korea is the South Korean won and any payment you make with your credit or debit card will incur a fee that will be added to the exchange rate that your bank applies for that currency.

For every payment you make, you are adding a fee to your travel expenses. Therefore, the recommendation for spending your holidays in South Korea is to pay in cash. It will help you know how much you are paying in each place and keep track of your daily spending.

Moreover, not all credit cards are accepted in this country, and it is possible that your VISA or digital banking may not work properly.

It is not advisable to make your payments with a credit or debit card, as despite being accepted in many of the places you visit, the fees charged by your bank for each purchase can drive up the total cost of your trip. Furthermore, if you wish to use your card, make sure it is enabled for international use as your bank will proceed to convert the amount of that purchase from Australian dollars to South Korean won, applying the rate that is defined by the institution at that moment. Each of your purchases will incur that fee and it is possible that until your return to Australia you will not know how many Australian dollars you have spent in South Korea.

Yes, you can collect cash in South Korea, and in many situations it is even preferable. The use of cash is common in small markets like Namdaemun Market in Seoul, and it is common to pay in cash for fresh produce, souvenirs, and street food.

In many tourist areas such as Insadong in Seoul or Jagalchi Market in Busan, many small restaurants and cafés prefer cash payments. Finally, you can travel on public transport, such as buses, the metro, or trains, where cash payments are completely accepted.

Lastly, if you need to collect money, ATMs are available throughout the country, although it is important to check the applicable fees with your bank to minimise additional costs, so it is best to organise yourself and exchange most of the South Korean won you will use in Australia.

When travelling to South Korea, there is no limit on the amount of money you can bring into the country. However, if you carry cash equivalent to or exceeding 10,000 Australian dollars (or its equivalent in another currency, such as South Korean won), you must declare it to customs in South Korea. This declaration is necessary to comply with regulations aimed at preventing money laundering and other illegal activities. You can declare the cash using a form available at ports and airports, or online through the official Korean customs page or the website of the Ministry of Finance of South Korea.

No, it is not normal to pay with Australian dollars in South Korea, as its official currency is the South Korean won (KRW), and payments in Australian dollars are not accepted in most establishments. Although some hotels, restaurants or local guides/taxis in very touristy areas may accept Australian dollars, the exchange rate offered will be very unfavourable.

It is necessary to exchange Australian dollars for won before making any purchases. You can do this at banks, exchange offices, at airports, or directly with your card and have the bank make the exchange for each purchase you make (this will incur fees).

• Compare and choose: In Australia, you can compare exchange rates at different banks and exchange houses and choose the most favourable option. In contrast, in South Korea, you might encounter less competitive exchange rates and fewer options to compare.
• Change with no commission: Generally, the commissions for exchanging Australian dollars to South Korean won in Australia tend to be lower than at exchange points in South Korea, especially at airports and tourist areas where commissions can be very high.
• Initial Expenses: Upon arriving in South Korea, you will need cash for initial expenses such as transport, meals, or small payments in places that do not accept cards. Exchanging Australian dollars to South Korean won in Australia ensures that you have cash available from the very first moment.

The best way to exchange Australian dollars for South Korean won no commission is to do it online. Banks or hotels also usually offer currency exchange services, but their currency stock is always limited to the most common ones; moreover, exchange rates are subject to the bank's margins plus commissions.

Exchanging Australian dollars for won on the Global Exchange website guarantees you the best exchange rate, no commission. Within 24 hours you can collect your order at the airport before boarding your flight, with no extra airport fees.

Yes. Depending on the airport from which you start your journey, you will have the opportunity to exchange currency at the last minute. Global Exchange has more than 15 offices at Sydney International Airport. The exchange rates will not be as attractive as those obtained in your online currency exchange, but it is always a good resource for last-minute or unexpected trips. Check out Global Exchange currency exchange offices around the world.

• Avoid hidden fees: Always check the exchange rates and commissions before making any transaction. Some currency exchange offices may offer seemingly attractive rates, but charge high commissions.
• Make the currency exchange in advance to avoid rushing and poor exchange rates at the last minute. The option to exchange Australian dollars to South Korean won on the Global Exchange website will help you organise yourself. The online currency exchange from Global Exchange has no additional costs or commissions.
• Use rate comparators. There are online tools that allow you to compare the exchange rates offered by different entities. Using these comparators can help you get the best possible deal. However, remember that the online exchange rate from currency exchange offices is not the same as what you will find in a quick search on search engines. This amount is reserved for large transactions between wholesale entities.