Banking, Credit Cards, and Currency Exchange in Korea
While stationed in the Republic of Korea, U.S. military personnel and their families will have access to a variety of financial services both on and off post. Although many local businesses accept major debit and credit cards, cash is still preferred in certain locations—particularly in small shops, markets, and restaurants. For this reason, it is advisable to carry a modest amount of Korean currency (won) when traveling off base.
During initial arrival and in-processing, most financial transactions will take place within U.S. military installations, so interaction with the local economy is limited at first. However, as personnel become more familiar with their surroundings, it is common to explore and make purchases off installation.
On-Post Financial Services
Several banking institutions serve U.S. military communities throughout Korea. These include:
These institutions offer a full range of services including ATM access, currency exchange, wire transfers, and financial counseling.
Foreign Transaction Fees
When stationed overseas, some banks waive foreign transaction fees—typically 1–2% of each purchase—if you provide documentation such as deployment or OCONUS PCS orders. Contact your financial institution in advance to confirm whether you qualify for these exemptions.
Currency Exchange and ATM Access
Most ATMs located on U.S. installations in Korea allow users to withdraw either U.S. dollars or Korean won. When using these ATMs, the applicable exchange rate is set by the issuing bank. Service members may also withdraw U.S. dollars and exchange them for local currency at off-post currency exchange centers, which may offer more favorable rates than banks or airports.
Well-established exchange vendors are located near most major installations. Real-time exchange rate information can be found online or through mobile apps to help you make informed decisions when exchanging funds.
Credit and Debit Card Use
Chip-enabled credit and debit cards (EMV cards) are recommended for use overseas. Many merchants in Korea have adopted chip-and-PIN terminals, and some automated kiosks and machines may not accept magnetic-stripe cards.
If your card lacks a chip, most retailers can still manually swipe the card, but acceptance may vary. For areas that do not accept cards—such as street vendors or small family-run businesses—cash is often the only accepted form of payment.
Using a chip-enabled card adds an extra layer of security, helping to protect against fraudulent activity such as data skimming. In the event that your card is not accepted, ATMs remain a reliable option for withdrawing cash.
Reminder: Most hotels, retail chains, and larger businesses in South Korea accept U.S. credit cards. However, stand-alone vending machines, street vendors, and some small businesses may only accept cash in Korean won.