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Payment Methods in South Korea: Guide for UK Travellers
by
iFAST Global Bank
South Korea consistently ranks among the most popular holiday destinations for UK travellers.
Whether you’re munching on delicious street food in Busan, going on a shopping spree in Seoul, taking in the sights on Jeju Island, or soaking up the vibrant city life of Incheon, there’s something for every kind of traveller.
When it comes to making payments in South Korea, travellers have plenty of options. While card payments are the most common form of payment in South Korea, Cash and QR payment options are still useful to carry around.
This guide covers the main payment methods available in South Korea, along with practical tips to help UK travellers pay more conveniently throughout their trip.
Do You Need Cash in South Korea?
The South Korean Won (KRW) is the official currency of South Korea. While cards and QR payments are commonly accepted around most of South Korea, it is still advisable to carry some cash, particularly when visiting smaller shops, street food stalls, local markets or certain rural areas in South Korea.
Smaller merchants may prefer cash or QR payments, while some may not accept international cards. It is also useful to carry smaller denominations, as vendors may not always have sufficient change for larger notes.
Need extra cash? UK travellers with the iFAST Global Bank’s Multi-Currency Debit Card can withdraw cash instantly at ATMs in South Korea without any withdrawal fees*.
*Additional service charges may be imposed by ATM operators.
E-wallets and Mobile QR Payments in South Korea
QR payments are becoming more and more popular in South Korea, with a range of local and international payment options available.
Popular options include:
Alipay
Toss
Kaokaopay
Bplepay
All these options are supported by Zeropay, the government backed QR payment system that links all the Korean payment apps together.
Don’t have these apps? iFAST Global Bank customers can use Worldwide Scan & Pay** to make cross-border payments directly from the iFAST GB mobile app at Alipay+ and Zeropay compatible QR merchants and supported national QR networks.
Simply scan the merchant’s Alipay+ or Zeropay QR code and confirm the payment in the app — no physical debit card or separate payment app required.
**Scan & Pay is for cross-currency payments only. Availability of QR payments may vary by country and merchant. T&Cs apply.
Payment with Debit or Credit Cards
Credit and debit cards are convenient payment options across more developed areas in South Korea. Visa and Mastercard are widely accepted at hotels, shopping malls, restaurants, cafés and airports, although smaller local businesses may still prefer cash or QR payments.
Tip: Before travelling, compare the foreign exchange rates, overseas transaction fees and other charges that may apply across your cards. When given the option to pay in GBP, it is also worth checking the exchange rate and any applicable fees before confirming the transaction.
Travellers with iFAST Global Bank’s Multi-Currency Debit Card^ can make payments globally, with competitive real-time exchange rates and acceptance across 200 countries and territories. When spending in South Korea, payments can be automatically converted from GBP to KRW.
^Multi-currency debit card is available for UK residents only.
Travel Effortlessly in South Korea
A little preparation can make paying in South Korea much easier. Consider having some Won on hand, preparing your debit or credit cards for overseas use, and setting up Worldwide Scan & Pay before your trip.
Using a combination of cash, cards and QR payments gives you greater flexibility wherever you are travelling in South Korea.
iFAST Global Bank is a member of the Financial Services Compensation Scheme (FSCS).
iFAST Global Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 716167. We are registered in England and Wales, our company number is 4797759.
Please note that the provided details serve as general information and should not be considered as financial advice or endorsements. We strongly advise customers to diligently carry out their own research and consider seeking expert guidance for tailored financial choices.
