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South Korea Travel Money - Best Options for New Zealanders

Our guide outlines everything you need to know about spending money in South Korea, specifically cash vs debit and credit cards vs travel money cards.
Updated 13 October 2025
Summary:
  • South Korea is increasingly a popular year-round place to visit, even though Air New Zealand suspended direct flights to Seoul citing a shortage of aircraft engines.
  • South Korea is a technology-based economy and society and is becoming less cash-based. However, ordering food at machines, buying metro tickets and street purchases are usually cash transactions. The train from Seoul-Incheon Airport appears to be cash-only, although there are nearby ATMs.
  • The official currency of South Korea is the Won, often represented as KRW or with the "₩" symbol locally. Over the past year, the exchange rate for NZD to KRW has seen some fluctuations, but on average, 1 NZD hovers around 800 KRW. As the NZD weakens, a trip to South Korea gets more expensive, and vice versa. However, the Won is generally weak which makes South Korea cheaper to visit than a lot of people first realise.
  • Most New Zealanders will pre-book and/or prepay hotels, Airbnb and train tickets, but on-the-ground costs can be a lot more than prepaid costs. For this reason, having the most economical and convenient payment method for South Korea makes every dollar go further.
  • We are confident in suggesting that travelling in South Korea will be mostly card-based, with some cash payments. For this reason, the best approach is to get a travel money card that offers the best FX rates with minimal fees for ATM withdrawals.

Our guide explains everything you need to know to make travelling in South Korea a cost-effective experience. We cover:
Advertising disclosure: We may receive a payment if you sign up for a card via MoneyHub - please read our advertising policy for more details.

Related guide: The Best Travel Money Cards

Option 1 - Using Cash in South Korea

If you want physical Korean Won notes before leaving New Zealand for South Korea, you have a couple of options:

Getting KRW Cash from an NZ Bank: Most NZ banks have stopped offering FX cash services; Westpac is currently the only provider, but it does not offer Korean Won. 

Getting KRW Cash from a Bureau de Change/Forex Booth:
The primary operators are travel money booths like Travelex and No1 Currency. However, the FX rates are well below mid-market rates, meaning you'll get less KRW for your NZD than you otherwise would if you withdrew KRW from an ATM once you're in South Korea.

Getting KRW Cash When You Arrive in South Korea:
  • If you want to have physical Korean Won on hand for your arrival, there are ATMs in the arrivals areas and arrival concourses of Seoul-Incheon, Busan and all other major airports. The ATM fee you'll pay to withdraw money depends on your bank; for example, Kiwibank will charge NZ$6 while ANZ is free.  Any ATM fee will be deducted from your bank account when you withdraw. 
  • You'll likely receive 10,000 Korean Won bills, which are worth around NZ$12 each (depending on the FX rate at the time), but if you get 1,000 or 5,000 Won notes, you can use them for small purchases without issue.

Our View: We've found that the FX rates at Forex booths are very expensive and offer poor value for money. In practical terms, if you use Wise to withdraw money from an ATM in South Korea, you'll get the best rates and avoid the poor value FX rates offered in kiosks in and around New Zealand.

Bonus: The Wise Debit Card offers withdrawals of up to NZ$350 per month without charging a transaction fee, meaning you can withdraw up to around KRW 280,000 in cash without paying FX transaction fees (after NZ$350, it's a flat 1.75% fee). 

Know This: If you make a one-off withdrawal of say, the equivalent of NZ$1,000 while outside of New Zealand, Wise will charge you fees on the $650, whereas the first $350 per month is free.

Using Korean Won Cash - Pros and Cons

Pros:
  • Universal Acceptance: South Korea mostly accepts cash, and it's easier to have a stack of 10,000 KRW notes on you to use when you can't pay by card, but the chances of this are becoming less and less as South Korea goes increasingly cashless. 

Cons:
  • Safety Concerns: While South Korea is safe and theft against tourists is virtually unheard of, carrying large amounts always poses a risk, especially in crowded areas. However, you can always leave a portion of KRW in a hotel room safe or keep it somewhere secure on you.
  • Airport Exchange Woes: While convenient, exchanging NZD to KRW at the airport can be costly if you use a high-fee debit card at an ATM or get a bad rate at the Forex kiosk in New Zealand or South Korea. This is because rates are often marked up, and there might be hidden commission fees, reducing the amount of KRW you receive for every NZD you change.​

If I have spare Won on the last day I'm in South Korea, what should I do with them?

  1. Spare notes and coins have a habit of gathering dust back in New Zealand, and it may be some time before you visit South Korea again. The best way to avoid having leftover currency is to spend the notes and coins on your last day; many people make a part payment alongside their card to settle a final bill, for example a lunch or dinner, before they fly out. Or you can put the cash towards the hotel bill if you're settling the bill at the end of your stay.
  2. You may be able to convert them back to NZD within South Korea, or you can do this when you return to New Zealand. The KRW/NZD rate isn't likely to be market-leading at an FX kiosk. However, having NZD you can spend is more useful than KRW notes that sit there, so it's a cost worth incurring.
  3. Lastly, if you know someone visiting South Korea in the future, giving them Won notes and coins makes for a nice present they'll appreciate.

Option 2 - Using NZ-Issued Debit and Credit Cards in South Korea

Many New Zealanders will use a debit and/or credit card when in South Korea to pay for meals, long-distance transport and shopping.

What Do New Zealand Banks Charge for Card Use? Most banks impose foreign transaction fees ranging from 0% to 3.5% of the total transaction amount. This fee is atop the exchange rate margin the bank adds to the daily exchange rate. Some banks might also charge a flat fee for overseas ATM withdrawals. 

For example, if you're using an ANZ Visa Debit or credit card, you'd typically incur a fee of 1.30% of the transaction amount when you make a purchase overseas per the ANZ's website while Kiwbank's debit cards will charge you 2.50%. The Co-operative Bank goes higher with a 2.60% fee. If you withdraw from an ATM, you may also pay an additional overseas ATM fee; it depends on the bank.

More details: Detailed bank charges are in our Debit and Credit Cards FX Fee comparison.

Using NZ Bank Cards - Pros and Cons

Pros:
  1. Convenience: Your NZ debit or credit card (and travel money card) is versatile and will be accepted anywhere cards are taken
  2. Tracking: One underrated advantage is the ability to track your expenses. With mobile banking apps, you can keep tabs on your spending, set budgets, and even receive instant transaction alerts. Travel in South Korea is going to incur some big costs and keeping track of your spending is essential.

Cons:
  1. Unpleasant Surprises: The cost of convenience can be high, and what NZ banks charge their customers to use a card overseas varies. The combined effect of foreign transaction fees and the bank's exchange rate margin can result in you paying significantly more than expected. Make sure you know the fees you'll be charged by reading your bank's website - our summary of overseas debit and credit card fees explains more.
  2. Dynamic Currency Conversion (DCC) Pitfalls: Sometimes you are offered to pay in NZD instead of KRW at card terminals in South Korea. It might seem tempting to accept the NZD amount, but this service, called DCC, will almost always result in higher costs as the provider takes a margin, and the exchange rates used are often less favourable, and there might be hidden fees as well. When you agree to pay in KRW, you'll always get the bank or travel money card's best FX rate. 
  3. Potential Card Issues: There's always a risk of your card being declined, skimmed, or even captured by ATMs. While these issues are rare and South Korea isn't a place associated with bank fraud, having a backup card is good, alongside a sufficient level of cash (e.g. a handful of 10,000 KRW notes).

Our View:
  • While using a New Zealand bank debit or credit card in South Korea offers undeniable convenience, too many New Zealanders pay far too much in bank fees for the privilege of doing so.
  • It's not unreasonable to spend around NZ$2,000 to $5,000 for a couple to have two weeks in South Korea. Paying $150+ in bank fees and getting bad NZD/KRW rates during the week is best avoided. Some banks are fair, but many fee-gouge and charge you a small (but still hefty) percentage on every time your card is used. We don't think paying the bank 2.50%+ on every dollar you spend is a good use of money. 
  • Please double-check the fees associated with your specific bank and consider alternative options like travel-specific or multi-currency cards that offer better rates and fewer fees.

Related guide: The Best Travel Money Cards

Option 3 - Using Travel Money Cards (Including the Wise Debit Card) in South Korea

Know This First: Our review and comparison of travel money cards confirms Wise as the best option, with no card a close second. This includes options from Travelex, OneSmart and Cash Passport. For this reason, we've focused on Wise for this section to explain what you need to know.

Getting Familiar with the Wise Debit Card Usage in South Korea
Wise offers a travel money card that lets you have multiple currency wallets and comes with a physical and digital debit card. This includes KRW, meaning you can buy KRW in advance and store it in a KRW digital wallet. If you prefer to load NZD rather than lock in an KRW forex rate, you can do that too. This means when you spend in KRW, transactions are converted into NZD and deducted from your balance at the forex rate at the time of purchase. 

What Does Wise Charge for Card Use? Wise prides itself on transparent fees and real exchange rates. They charge a small conversion fee (around 0.47%) when you convert your money to KRW, which is typically much lower than traditional banks, with the additional benefit of leading FX rates.
​
ATM withdrawals are free up to a certain limit (NZ$350 per month), after which a 1.75% fee is applied. However, if you make a one-off withdrawal of say, the equivalent of NZ$1,000 while outside of New Zealand, Wise will charge you fees on the $650, whereas the first $350 per month is free.

Using the Wise Debit Card - Pros and Cons

Pros:
  • Acceptance: You can use a Wise card anywhere Visa or Mastercard are accepted which covers any Korean business that takes cards and all ATMs.
  • Competitive Rates: Wise uses the real exchange rate (the one you see on Google) and thus avoids the typical markup that banks add.
  • Multi-currency: The Wise borderless account lets you hold and manage money in multiple currencies (including KRW), which can be extremely useful when travelling to more than just South Korea.
  • Transparent Fees: You always know what you're being charged, with no hidden costs. 
  • Instant Notifications: The Wise app notifies you immediately after every transaction, helping you keep track of your spending.

Cons:
  • ATM Withdrawal Limit: While they offer free ATM withdrawals, it's only up to a certain limit. Beyond that, there's a 1.75% fee.
  • Not a Credit Card: The Wise card is a debit card, meaning you can't spend money you don't have - we argue this is also a positive feature to avoid holiday debt.

​Our View: The Wise debit card, with its transparent fee structure and competitive exchange rates, is a value-delivering choice for many travellers in South Korea. Combining the card with some cash will ensure you're prepared for all situations, and with zero FX fees on withdrawals up to NZ$350 per month (around KRW 280,000), the card delivers on value.

Related guide: The Best Travel Money Cards

Our Top-Rated Travel Money Card - The Wise Debit Card

Christopher Walsh
MoneyHub Founder (and Frequent User of Wise)
We like the Wise Debit Card because it lets you:
  1. Get the best exchange rates out of any card on the market in New Zealand, including KRW
  2. Spend abroad without hidden fees, and track all your spending through their app
  3. Convert and hold 54 currencies (Wise uses the real exchange rate to convert). You can store KRW in a wallet, meaning you can buy KRW in advance and lock in the rate
  4. Go 'cardless' by connecting your Wise card to Apple Pay or Google Pay
  5. ​Order the card with a low one-off $14 card issue fee and set it up in minutes via the Wise website or app

Our view:
  • The Wise Debit Card has no tricky fees, and is years ahead of all the other traditional travel money cards.
  • You will convert at the best exchange rates and pay very low fees on each transaction. Best of all, it's easy to use and won't confuse you the way traditional travel money cards might.
  • There may be fees for anyone who relies on physical cash - you can make two withdrawals of up to NZ$350/month in total (or the equivalent foreign currency) without any fees. However, after NZ$350, you will pay ATM fees (NZ$1.50/withdrawal) and a 1.75% commission. These fees are not charged when you use the card to pay online or in-store.
  • We don't have much time for the rest of the travel money cards available and can't offer a "runner up", which is unusual in most comparisons on MoneyHub. In this case, the other options don't offer anything as innovative and cost-effective as Wise does.

Must-Know Tips for Using Money in South Korea

Tipping Is Not Common

In South Korea, tipping is not part of the culture. Service staff do not expect tips; offering one can sometimes cause confusion.

Know the ATM Hours - Some Aren't 24/7

Many ATMs in South Korea can be found outside banks, but some ATMs are located inside public transport stations, which aren't open 24/7. Plan withdrawals accordingly. ​

Keep Track of Your Expenditures

It's easy to lose track of spending - we suggest an app like Wise, which gives you instant payment notifications (when you're on WIFI or data), which helps you stay aware of your spending.

Understand Return Policies

Korean stores can have different return and exchange policies than in New Zealand. It's essential to ask and understand the terms before making significant purchases.

NZD to KRW Conversion and Spending KRW - Frequently Asked Questions

How does the NZD usually fare against the KRW?

The NZD-KRW exchange rate can fluctuate based on economic factors, and in 2025 has been as high as 850 KRW to 1 NZD. You can check the live rate here.

Can I use my travel money card, NZ debit card, or credit card everywhere in South Korea?

Yes - few places are "cash only", so your card will be accepted widely from downtown Seoul to a Jeju Island. However, it's recommended to carry both cards and cash for flexibility.

Is South Korea expensive for NZ tourists?

South Korea can be pricey, but you can manage costs with careful planning. Major cities like Seoul and Busan might be more expensive, but many budget-friendly options like guesthouses, local eateries, and free attractions exist.

What's the best way to get the most Korean Won for my NZD?

Services like Wise can offer better exchange rates than traditional banks or airport exchange counters. The rates are better, the fees are lower, and there's an app to track all spending so you know exactly what you paid for something.

Our Conclusion

South Korea is a unique travelling experience; overpaying for the Won you'll spend can easily be avoided with the right payment card. To access Won, we suggest considering the following:

Cash
  • Having Won on hand is useful, and arguably essential at smaller or more informal retailers.
  • Though convenient, exchanging NZD at Seoul-Incheon airport is best avoided as the rates won't match those offered by local Korean banks.
  • The Wise Debit Card lets you withdraw KRW at an ATM and avoid fees (on amounts up to NZ$350 a month) while also spending using chip and pin and contactless payments.

NZ Bank Cards
  • Cards are widely accepted. However, the fees charged by NZ banks on forex can be high - somewhere between 0% and up to 2.60%, in addition to overseas ATM fees if you withdraw cash. 

Wise Debit Card (acting as a Travel Money Card)
  • The Wise Debit Card provides a transparent, multi-currency option with competitive exchange rates and minimal fees. However, it's essential to have a reasonable cash reserve, even if South Korea feels too modern for cash.
  • With the Wise card, users can benefit from cost-efficient withdrawals up to a specified monthly limit without facing FX conversion fees.

​​Our View: To make every dollar go further, we suggest considering the Wise Debit Card as your primary spending tool, ensuring you get great rates and minimal fees. You can then use your NZ-issued debit card and/or credit card as a backup. However, if you do want to withdraw cash, Wise allows up to around KRW 280,000 a month free of fees.

Our Top-Rated Travel Money Card - The Wise Debit Card

Christopher Walsh
MoneyHub Founder (and Frequent User of Wise)
We like the Wise Debit Card because it lets you:
  1. Get the best exchange rates out of any card on the market in New Zealand, including KRW
  2. Spend abroad without hidden fees, and track all your spending through their app
  3. Convert and hold 54 currencies (Wise uses the real exchange rate to convert). You can store KRW in a wallet, meaning you can buy KRW in advance and lock in the rate
  4. Go 'cardless' by connecting your Wise card to Apple Pay or Google Pay
  5. ​Order the card with a low one-off $14 card issue fee and set it up in minutes via the Wise website or app

Our view:
  • The Wise Debit Card has no tricky fees, and is years ahead of all the other traditional travel money cards.
  • You will convert at the best exchange rates and pay very low fees on each transaction. Best of all, it's easy to use and won't confuse you the way traditional travel money cards might.
  • There may be fees for anyone who relies on physical cash - you can make two withdrawals of up to NZ$350/month in total (or the equivalent foreign currency) without any fees. However, after NZ$350, you will pay ATM fees (NZ$1.50/withdrawal) and a 1.75% commission. These fees are not charged when you use the card to pay online or in-store.
  • We don't have much time for the rest of the travel money cards available and can't offer a "runner up", which is unusual in most comparisons on MoneyHub. In this case, the other options don't offer anything as innovative and cost-effective as Wise does.
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