Money and Banking in Korea The currency of South Korea is the won (KRW) Notes issued: W10,000, W5,000, W1,000 & W500 Coins issued: W500, W100, W50, W10, W5, W1 The exchange rate may change but the approximate value is: 1 CAD = W935 1 USD = W940 1 EUR = W1,381 1 GDP = W 1,850 1 AUD = W820 1 NZD = W723 Banks are opened from Monday to Friday 9.30 am to 4.30 pm . There is usually someone that can assist you in English. Trying to use your bank accounts from home may prove difficult since few ATM's accept foreign bank cards. It is easier to set up a Korean bank account. You just need your passport and proof that you are working in Korea . You can ask your school for help with this. To send money home, you need the institution number, transit number, and bank account number of your bank account in your country. There is a small fee for this service. You can send anywhere from 60-80% of your paycheck every month. Legally you are only allowed 60% of your paycheck (if on a one-year visa) and the banks should make note of what you are sending overseas; however, some banks are more relaxed about this policy. Remember that Korean currency is not exchanged outside of Korea , so make sure you exchange all of your won before you leave the country.
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