South Korean Won (KRW) Dashboard

01

Choose Currency

Choose how much you wish to sell and calculate the price. Verify your identity and the preferred method for delivering your funds.

02

Ship Your Currency

Request a shipping kit and shipping instructions. The instructions will be delivered to you electronically.

 

03

Receive Your Funds

You will receive a receipt for the currency exchange, and the funds will be transferred into your account once we receive your shipment.

FAQs

Anything else on your mind about exchanging South Korean won or navigating related financial services? Whether you’re preparing for a trip, checking exchange rates, or planning international money transfers, these answers will help you understand how the won works and how US First Exchange ensures secure, reliable transactions every time.

Ahat Does South Korean Money Look Like?

South Korean won banknotes are easy to recognize by their bright colors, intricate designs, and cultural themes. Each note features a famous historical figure on the front and scenes of Korea’s heritage, art, or achievements on the back. For example:

• The ₩10,000 note is green and features King Sejong the Great, the creator of Hangul (the Korean alphabet), while the reverse shows scientific instruments from his reign.

• The ₩50,000 note is yellow-orange and highlights Shin Saimdang, a respected artist and poet, along with her botanical paintings of plants and insects.

Others feature well-known Confucian scholars and imagery from Korea’s history, including traditional pavilions, calligraphy, and landscapes. Circulated coins are smaller, metallic, and display simple imagery such as numbers, national symbols, or historical landmarks. Korea also issues collectible coins on special occasions, often with commemorative designs and higher craftsmanship, though these are not used in everyday transactions.

Real banknotes have holographic strips, raised printing, watermarks, and color-shifting ink you can check by touch or by holding them up to the light. At US First Exchange, we guarantee the legitimacy of the Korean won we handle by using De La Rue machines, internationally trusted for their precision in verifying NID security features. This ensures every KRW note you exchange with us is authentic and secure.

Who Sets the South Korean Won Exchange Rate?

The Bank of Korea plays a key role in managing the value of the Korean won (KRW), but it does not set a fixed rate against the US dollar. Instead, the KRW to USD exchange rate is determined by global supply and demand in the foreign exchange market. Factors like trade flows, interest rates, and economic conditions all influence how much 1 KRW is worth in USD or vice versa.

Different financial institutions, such as banks and money exchangers, use this market-driven rate as a base but may apply their own adjustments. These are often reflected in provider exchange-rate stats, which explain why the rate you see at one provider can differ slightly from another. 

To check the most accurate and up-to-date figures, you can use our online currency converter to instantly see how much KRW converts to USD, or vice versa, before making your exchange.

Why Is the South Korean Won so Weak?

The strength of any currency depends on economic conditions, global demand, and historical context. The South Korean won is sometimes viewed as “weak” compared to major world currencies because of a few key factors:

• Inflation rate: Periods of higher inflation in South Korea can erode the value of the won, making it appear weaker against the US dollar or other strong currencies.

• Korean history: The won has been revalued and reissued multiple times throughout modern history, especially after the Korean War. These changes, while stabilizing the economy, also contribute to the perception of a weaker currency.

• Currency rankings: On the global stage, the won is less widely traded than currencies like the USD, EUR, or JPY. This lower ranking in global trade and reserves can make the won more vulnerable to shifts in market sentiment.

It’s important to note that “weak” does not mean unstable. South Korea maintains a strong, advanced economy, and the won is a reliable currency for trade, collecting, and travel money. At US First Exchange, you can always check the latest KRW performance, ensuring you get up-to-date rates when buying or selling KRW.

Should I Buy Korean Won before Traveling to South Korea?

Yes, it’s usually a smart idea to purchase some local travel money in advance. Having Korean won (KRW) on hand when you land makes it easier to pay for essentials like taxis, subway tickets, and meals, especially if your first stop is the busy city of Seoul, where cash is still commonly used in smaller shops and markets. While many places in South Korea accept credit cards, relying solely on them isn’t ideal. 

Fees on cross-border payments can add up, and card acceptance isn’t guaranteed everywhere. Carrying local Korean currency gives you flexibility and peace of mind for handling money in South Korea. It’s also worth paying attention to KRW rates before you travel. Buying South Korean won ahead of time lets you lock in more favorable exchange rates and avoid the higher fees you might face at airport kiosks or hotels. 

At US First Exchange, you can set up exchange rate alerts to keep up and choose the best time to buy KRW online.