Currency, payments, and budget tips.
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One of the greatest joys of traveling in Korea is the simplicity of paying. The price on the menu is the price you pay. There is no mental math for tax, and absolutely zero pressure to tip. In fact, trying to tip can lead to an awkward sprint down the street as a waiter tries to return your "forgotten" money.
Here is the practical guide to keeping your money safe (and spending it correctly).
South Korea wants you to shop. To encourage this, they have one of the most generous and easy Tax Refund systems in the world. The VAT (Value Added Tax) in Korea is 10%. After service fees, you typically get back about 6-7% of your purchase price. That might not sound like much, but if you buy a new pair of sneakers or stock up on skincare, it covers the cost of your dinner.
Here is how to get your money back without a headache.
You land at Incheon Airport. You are tired. You see a bank booth with a sign that says "Currency Exchange." You walk over and hand them $500.
Stop. You just lost enough money to buy a nice K-BBQ dinner.
The airport banks in Korea have the worst spread (margin) in the country. But you need cash for the bus, right? And you need it to buy a T-Money card?
Here is the strategic guide to getting the best exchange rate in South Korea.
