Those who travel to the Korean Peninsula are curious and useful to know what currency of Korea is in circulation in this area. First of all, it is worth remembering that today there are two countries on the peninsula, in which the money has differences, although they are called the same - “won”.
North Korea
This country is still virtually closed to foreigners. Since 2010, residents are forbidden to have foreign money - only the currency of Korea is used. This made it possible for the “black market” to flourish. "Won" contains one hundred chon. However, at present, the jung is such a small unit that it is practically not used.
The currency of North Korea has a fixed rate established and controlled by the state. Officially:
- For one American dollar, 130 North Korean won can be obtained;
- for the euro they will give 141 won;
- per ruble is supposed to get 1.7 won.
You can exchange currency for local money only in one bank and several hotels. However, foreigners should not do this, since they are forbidden to use local money. If it turns out that a foreigner has used the services of "black exchangers", participants in this process can be imprisoned or deported without the right to return. Foreign tourists can shop in foreign exchange shops, and the cost of accommodation, meals and excursions is included in the price of the permit.
South Korea
More recently, the currency of this country has been inextricably linked with the exchange rate of the American currency. However, today the country's leadership has ensured that this course has become “floating”. Korea’s currency is called “won,” but its exchange rate differs from its North Korean namesake:
- per dollar is supposed to get 1208 won;
- the euro costs 1310 won;
- the ruble is only 16 won.
It is important that the official exchange rate and sale in exchangers are practically the same.
You can change any amount of currency here, in some small shops payment is allowed in dollars.
In addition, there are large duty-free shops that only foreigners or Korean residents accompanying foreigners can enter. In these stores you can pay with both the American dollar and the South Korean won.
The country uses banknotes of 1 thousand won, 5 thousand, 10 thousand and 50 thousand. In addition, there are coins of 1, 5, 10, 50, 100 and 500 won. Considering that rounding up to 10 won is allowed in the calculations, coins of one and five won are almost never found.
When leaving the country, the currency of Korea must be exchanged for dollars or other “convenient” currency, since in other countries it is almost impossible to make an exchange.
Exchangers can be found here in any city and town, so you don’t have to worry that at the “crucial” moment you will be left without the opportunity to exchange dollars or euros. On a national scale, this is happening on the international currency market.
Plastic cards
If in North Korea you can pay by credit card only in units of large hotels in the capital, then in South ATMs and terminals are everywhere. Actually, here cards are much more often used than the currency of South Korea. Cashless payments are used by large shops, and hotels, and mini-hotels, and even small roadside shops.