KRWSouth Korean WonSouth Korean Won (KRW)
The South Korean won is the official currency of South Korea. The Bank of Korea is responsible for banknote issuance within the country's monetary system. KRW is the ISO code used in payment records and exchange-rate data, while the won symbol is common in domestic prices. The won has no minor unit in ordinary modern use, so KRW amounts are typically displayed without decimal places.
- ISO code
- KRW
- Symbol
- KRW
- Region
- Asia Pacific
- Currency type
- Fiat currency
- Exchange system
- The Bank of Korea is the central bank and has the authority to issue won banknotes and coins under Korea's managed currency system.
- Last reviewed
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KRW converter
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Quick facts
KRW at a glance
Currency profile
How KRW works
The South Korean won is the official currency of South Korea. The Bank of Korea is responsible for banknote issuance within the country's monetary system. KRW is the ISO code used in payment records and exchange-rate data, while the won symbol is common in domestic prices. The won has no minor unit in ordinary modern use, so KRW amounts are typically displayed without decimal places.
KRW conversions are used for travel, online purchases, technology trade, education and business payments connected with South Korea. The reference value shown by CurrencyHub is tied to the provider's publication date and is not an executable quote. Banks, cards and transfer services may apply different timing or customer rates. Because Korean won amounts often contain more digits than major dollar or euro amounts, readable grouping and clearly labeled direction are important.
- KRW amounts are normally expressed in whole won because the jeon is not used in ordinary cash payments.
- The modern won denomination dates from the 1962 currency reform that replaced the hwan.
Context
Why this currency matters
KRW is a major Asia-Pacific currency linked to a large export economy. Its exchange rates are commonly compared with USD, JPY and CNY in regional commerce and supply-chain planning. Won conversions also appear in travel budgets, entertainment purchases and education costs. Because a small change in the displayed rate can affect a large whole-won amount, calculations should retain source precision first and apply readable formatting only to the final displayed result.
Monetary framework
Exchange arrangement
The Bank of Korea is the central bank and has the authority to issue won banknotes and coins under Korea's managed currency system.
CurrencyHub shows daily reference rates. Banks, card networks, ATMs and transfer providers may apply different exchange rates, fees or spreads.
History timeline
Key dates for KRW
Bank of Korea established
The Bank of Korea was established on June 12, 1950 and became the country's central bank.
Bank of Korea - currency timelineHwan replaced the first postwar won
A currency reform introduced the hwan as the unit used before the current won denomination.
Bank of Korea - currency timelineModern won denomination introduced
The 1962 currency reform replaced hwan-denominated money with the won denomination still used today.
Bank of Korea - currency timeline
Usage and economy
How KRW is used
- Domestic prices, payroll and payments in South Korea.
- Export invoices, travel budgets and regional comparisons with JPY, CNY and TWD.
Country currency guides
Banknotes and coins
KRW currency units
The Bank of Korea lists the won banknotes that remain legal tender and their issue dates.
The Bank of Korea records the circulation coins issued in the modern won denomination.
One South Korean Won unit is recorded with 0 decimal places and uses Jeon as its minor unit.
Related currencies
Currency relationships
Explore currencies connected through regional use, trade comparisons or monetary relationships.
Currency topics
FAQ
KRW questions
Why is KRW important in global markets?
KRW is connected to a large export economy whose electronics, vehicles, ships and industrial goods are traded worldwide.
What currency did the modern Korean won replace?
The current won denomination replaced the hwan in the 1962 currency reform.
Why are KRW amounts usually shown without decimals?
The jeon is not used in ordinary modern transactions, so prices and cash amounts are generally stated in whole won.
Sources
Data and editorial review
Rate source: Frankfurter
Last reviewed:
Currency identity and cash information is checked against central-bank, government, ISO and official international sources.