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Serving
Students at
Santa Ana
College and
Santiago
Canyon College
SOUTH KOREA
Currency
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Won
is used in Korea
TRAVEL
EXCHANGE
CURRENCY
EXCHANGE
CURRENCY
CONVERTER
Currency
The South
Korean unit of money is the WON (W). Notes are in denominations of
W10,000, 5000 and 1000. W1000 is called Chon Won in Korean (chon means
'one thousand'). Coins are in denominations of W500, 100, 50 and
10. At this time (1999) the value of the WON is about 1,250 WON's
per U.S. dollar. The thousand WON bill would equal about 80 cents in U.S
money. The largest South Korean bill is 10,000 WON or about $9.00
U.S.
E-money,
a new currency system currently on trial in Korea, will supplant 20% of
the country's total bank notes by 2004, according to a report released
by the Korea Chamber of Commerce and Industry. (SEOUL Asia Pulse, August
8, 2000)
Currency
Exchange
Foreign
banknotes and travelers checks can be exchanged at foreign exchange banks
and other authorised money changers.
Credit
Cards
Diners
Club, Visa, American Express and MasterCard are widely accepted at major
hotels, shops and restaurants in the larger cities. Check with your credit
card company for details of merchant acceptability and other services which
may be available.
travelers
checks
Accepted,
but may be difficult to change in smaller towns. To avoid additional exchange
rate charges, travelers are advised to take travelers checks in US Dollars.
Currency
Restrictions
There
are restrictions on the import of local currency; check with the Embassy
for current allowances. Foreign currency amounts greater than US$10,000
(including travelers checks), must be declared on arrival. Export of local
currency is limited to W500,000. Export of foreign currency is limited
to the amount declared on arrival.
Banking
Hours
9:30 a.m.
- 4:30 p.m. Monday to Friday; 9:30 a.m. - 1:30 p.m. Saturday.
Links
to More Information
WON
- South Korean Monetary System
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