Payment methods in South Korea (2024)

FAQs

Payment methods in South Korea? ›

Payment Options

Visa and MasterCard are the most widely accepted types, with some high-end hotels and restaurants accepting American Express. For smaller restaurants, outdoor markets, and bus fare, cash is necessary. However, don't carry excessive amounts of cash.

Payment Options

Visa and MasterCard are the most widely accepted types, with some high-end hotels and restaurants accepting American Express. For smaller restaurants, outdoor markets, and bus fare, cash is necessary. However, don't carry excessive amounts of cash.

CREDIT CARDS ISSUED OVERSEAS can be used in Korea with most merchants, although Korean credit cards are often required for online purchases. You must continue to make payments on your overseas credit card to your own country's card issuer. Visa and Mastercard are the most widely accepted networks in South Korea.

Card payments are common - and often preferred - in South Korea. Credit and debit cards are widely accepted and in most places you can make contactless payments with your physical card or a wallet like Apple Pay. Having some cash in your pocket can be reassuring, but it's not necessary to carry a lot in most cases.

Credit cards have been a common payment method in South Korea since the 1960s, and remain the preferred payment method today, accounting for more than 50% of the online e-commerce payment volume.

ATMs often accept foreign credit cards, too. As well as credit and debit cards are popular payment methods in South Korea, global credit cards may only be accepted at select locations, such as large hotels and businesses. Smaller retailers and restaurants may have difficulty processing foreign credit cards.

Mastercard and Visa are the most widely accepted. Contactless payment is more commonly available at major hotels, stores, and restaurants. While traveler's checks should be accepted at major hotels and banks, they're not as common or widely used as they once were.

South Korean won is the only reliable currency in South Korea. Some places, especially in larger cities, will accept US dollars, but change will generally be given in won.

To put it shortly, you should exchange in Korea. Some people try to exchange their money in their home country before heading to Korea, while others may deem it fit to exchange it in Korea. To get the best rates, you're going to want to exchange currency in Korea, rather than your home country!

You should get into the habit of carrying more cash than you would at home. Crime levels in Korea are relatively low, but you should remain vigilant. Credit cards are accepted at most major hotels, department stores, and better restaurants but cannot be relied upon.

Can I go cashless in Korea? ›

South Korea is moving quickly towards a cashless society. In 2021, only 14.6 percent of transactions in South Korea were made with cash, making it one of the leading cashless countries in the world.

A restaurant experience in South Korea is different from Europe or the United States, in that a tip is never expected. In much of Europe, restaurant service is a predictable percentage that is included in the bill (service compris), which isn't done in Korea.

Credit Cards in South Korea

Most major credit cards are accepted with Visa and MasterCard being the most widely so, but many shops and banks charge a transaction fee of between 2-4%. Amex is also accepted in a few places in the major tourist areas, but will not be quite as useful.

Born from the country's leading search engine, Naver, this app combines search, discovery, and payments. From online shopping to in-store purchases, Naver Pay offers a holistic and interconnected experience, reaffirming its status as a significant player in the Korean payment app ecosystem.