Currency Rates for South Korean Won
Currency Exchange Rates for South Korean Won. Currency Information on KRW for South Korea - ₩. The foreign exchange currency code for KRW represents the South Korean Won exchange rate.
GBP to KRW
History The principle South Korean currency was the Korean Mun during the 1600s. It was replaced by the Yang in late 1800s. Yang became the first decimalized Korean Currency, but it was replaced by the Won in early 1900s. The Won became the principle Korean currency. During the Japanese rule, Korea was forced to use the Korean Yen. After World War II, South Korea adopted the Won to replace the Yen. Later, the Won was replaced in the 1950s by the Hwan. The second Won was introduced in the 1960s to replace the Hwan, and it remained the main currency until today.
Banknotes and Coins Currently, the South Korean Won is available in both coins and bills. The most frequently used coins include 100 and 500 coins while W1, W5, W10 and W50 coins are rarely used. Frequently used banknotes include 1000, 5000, 10000, and 50000 bills. New bill sizes have been introduced recently. The higher the value the larger the bill.
Restrictions The Bank of Korea (BOK) imposes several restrictions on the South Korean Won. BOK does not approve any cash exports/imports that exceed $10,000 or equivalent both by citizens and foreigners. BOK must approve any transfer of domestic and foreign currency across the borders that exceeds $1 million or equivalent. Any proceeds repatriation from invisible and capital trade above $500,00 ought to be made within 18 months to South Korea or the proceeds should remain overseas for international trade. South Korean companies can engage in foreign exchange derivatives trade up to 100 percent maximum of the export and import value. Regulations limit domestic companies to obtain foreign currency loans for international use only except for small and medium size firms. Personal loans between locals and non-locals must be reported to the BOK.
Substitute currency There is no substitute currency to the South Korean Won.
Issues The South Korean Won is vulnerable to changing geopolitical tensions on the Korean Peninsula and can decline if South Korea's sovereign CDS premium increases.
One won is subdivided into 100 jeon, though the jeon is not used in everyday transactions, and is only used for displaying foreign exchange rates.
The won currently in use is the second incarnation of the currency, and it was introduced in 1962, when it replaced the hwan at a ratio of 1 won: 10 hwan.
In 1975, the last hwan were removed from circulation, meaning that the won was the sole currency of South Korea.
Send Money Transfer to South Korea . Banknotes are available in denominations of 100, 5000, 10,000 and 50,000 won, and coins circulate in denominations of 10, 50, 100 and 500 won.