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Currency & Banking

The unit of currency is Korean Won (KRW), expressed as W. Coin denominations are W10, W50, W100 and W500. Bank notes are W1,000, W5,000, W10,000 and W50,000. As of December, 2017, the exchange rate is approximately W1,080 for $1 (USD).

Currency exchange

Foreign banknotes can be exchanged at most banks and other authorized moneychangers.

Banking hours

09:00 - 16:00, Monday through Friday

Credit Card

Visa, and MasterCard are accepted at almost all retail outlets, but Diners Club and American Express may only be accepted at major hotels, shops and restaurants in the larger cities. Check with your credit card company for details on merchant acceptance and other available services.


Outlets for 220 Volts/60Hz are mostly used in Korea. In order to convert the power into 110 volts please contact the hotel housekeeping and current transformer will be available.

Business Hours

Government office hours are usually from 9am to 6pm on weekdays and closed on Saturdays and Sundays. Banks are open from 9:00am to 4:00pm on weekdays and closed on Saturdays and Sundays. Major department stores are open every day from 10:30am to 8pm including Sundays.

Time Difference

Korea is 9 hours ahead of Greenwich Mean Time (GMT +9) and does not observe daylight savings time.

Tip & Tax


Tipping is not regularly practiced in Korea. Service charges are often included in the bill for rooms, meals, and other services at hotels and upscale restaurants.


Upon request, visitors can receive VAT refunds of about 10 percent for purchases at "Duty Free Shopping" outlets. Goods must be taken out of Korea within three months of purchase to be eligible for a tax refund. Only foreign tourists in Korea can apply for this tax refund. Visitors can receive refund on receipts with a minimum purchase amount of KRW 50,000 (around US$ 50). To receive VAT refund, present refund eligible receipts together with purchased goods at the customs desk at the airport on your day of departure. The customs desk/Cash Refund Office in front of the Airport Duty Free Shop.

Emergency Dial Number

Police : 112 / Fire & Ambulance : 119
※ These services are available 24 hours.

Useful Website

Korean Society for Stem Cell Research (Business Registration Number : 668-82-00175)
Contact Information
5008, The Catholic University For Korea Institute of Biomedical Industry, 222, Banpo-daero, Seocho-gu, Seoul, South Korea 06591

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