Understanding the relationship between South Korea and India currency is essential for anyone traveling between the two countries, sending money home, managing student finances, or making cross-border business transactions. The South Korean Won (KRW) and the Indian Rupee (INR) have a dynamic exchange rate that fluctuates with global economic conditions, and knowing how to navigate this relationship can save you significant money.
This comprehensive guide covers everything about the KRW to INR exchange rate, the best ways to exchange currency, how to send money between South Korea and India, banking options for Indian students in Korea, and practical money management tips.
South Korea Currency: The Korean Won (KRW)
The official currency of South Korea is the Korean Won, represented by the symbol “W” with a double horizontal stroke and the ISO currency code KRW. The Korean word for the currency is “원” (pronounced “won”).
The won is issued and managed by the Bank of Korea (한국은행), the country’s central bank, which was established in 1950. The won has been in its current non-decimal form since 1962, when South Korea dropped the hwan and reintroduced the won at a rate of 10 hwan to 1 won.
Korean Won Denominations:
Banknotes currently in circulation:
- 50,000 won (featuring Shin Saimdang, a famous Joseon Dynasty artist and mother of scholar Yulgok)
- 10,000 won (featuring King Sejong the Great, creator of the Hangul alphabet)
- 5,000 won (featuring Yi I, the Confucian scholar also known as Yulgok)
- 1,000 won (featuring Yi Hwang, a leading Confucian scholar of the Joseon period)
Coins currently in circulation:
- 500 won
- 100 won
- 50 won
- 10 won
- 1 won (rarely used in practice)
The 50,000 won note is the most commonly used denomination for everyday large purchases. Smaller purchases at convenience stores, public transport, and street food stalls are typically handled with 10,000 won notes, 1,000 won notes, and coins.
India Currency: The Indian Rupee (INR)
The official currency of India is the Indian Rupee, represented by the symbol “Rs” or the official symbol introduced in 2010, and the ISO currency code INR. It is issued and managed by the Reserve Bank of India (RBI).
Indian Rupee Denominations:
Banknotes currently in circulation:
- 2,000 rupees (though the RBI announced withdrawal from circulation in 2023; most have been returned to banks)
- 500 rupees
- 200 rupees
- 100 rupees
- 50 rupees
- 20 rupees
- 10 rupees
Coins:
- 10 rupees
- 5 rupees
- 2 rupees
- 1 rupee
The rupee is divided into 100 paise, though paise coins are no longer practically used in transactions.
KRW to INR Exchange Rate: Current Overview
The exchange rate between the Korean Won and the Indian Rupee fluctuates daily based on global market forces. As of 2025, the approximate exchange rate has been hovering in the following range:
1 KRW = approximately 0.062 to 0.065 INR
Conversely: 1 INR = approximately 15 to 16 KRW
This means:
- 100,000 KRW = approximately 6,200 to 6,500 INR
- 1,000,000 KRW (1 million won) = approximately 62,000 to 65,000 INR
- 10,000 INR = approximately 155,000 to 160,000 KRW
These are approximate mid-market rates. The actual rate you receive when exchanging money will always differ slightly from the mid-market rate due to bank margins, exchange service fees, and the platform or provider you use.
Note: Exchange rates change every business day and can shift significantly during periods of global economic turbulence, geopolitical events, or central bank policy changes. Always check the current rate on a reliable financial platform such as XE.com, Google Finance, or your bank’s official portal before making any exchange.
Historical Context: KRW vs INR Performance
To understand how the KRW and INR relate to each other over time, it is useful to look at historical trends.
South Korean Won Strength The Korean Won is generally considered a moderately strong currency in the Asian context. South Korea’s export-oriented economy, dominated by companies like Samsung, Hyundai, LG, and SK, creates consistent demand for won in international trade. The Bank of Korea actively manages monetary policy to maintain price stability, which contributes to the won’s relative stability.
During periods of global uncertainty, such as the 2008 financial crisis, the COVID-19 pandemic, and geopolitical tensions in Northeast Asia, the won has shown volatility but generally recovered within reasonable timeframes.
Indian Rupee Trends The Indian Rupee has generally depreciated gradually against most major currencies over the past two decades, reflecting India’s inflation dynamics and current account deficit. However, India’s strong economic growth trajectory has moderated this depreciation compared to weaker emerging market currencies.
As India’s economy has grown to become the fifth largest in the world by GDP and continues to grow rapidly, the rupee’s long-term trajectory is expected to stabilize relative to currencies like the Korean Won.
Practical Implication For Indian students and professionals in South Korea, the relative weakness of the rupee against the won means that sending money home from South Korea in won terms represents good value, but converting rupees to fund a Korean stay requires careful financial planning. Understanding the cost of living for students in South Korea helps in planning the right monthly budget.
How to Exchange Currency Between South Korea and India
Option 1: Exchange at Korean Banks Major Korean commercial banks including Kookmin Bank (KB), Shinhan Bank, Woori Bank, KEB Hana Bank, and NH Nonghyup Bank offer foreign currency exchange services. Korean banks typically handle major world currencies, but the Indian Rupee is not always directly exchangeable at Korean bank branches due to limited liquidity in the KRW-INR pair.
In most cases, Indian Rupees must first be converted to USD or a major currency before being converted to KRW. This double conversion involves two sets of margins and is not the most cost-efficient method.
Option 2: Exchange at Currency Exchange Booths Currency exchange booths (환전소) in Seoul, particularly concentrated in Myeongdong, Itaewon, and near major airports, offer competitive rates for common currency pairs. Again, direct INR-KRW exchange is rare; most exchanges will involve USD as an intermediary.
Option 3: Myeongdong Money Exchange Alley For those who have USD or EUR, Myeongdong in central Seoul has a row of independent currency exchange dealers who consistently offer rates 0.5% to 2% better than official bank rates for popular currency pairs. This is a well-known tip among Korean residents and frequent travelers.
Option 4: Online Remittance Platforms For sending money between India and South Korea, online remittance services offer the most competitive rates and lowest fees. Popular platforms include:
- Wise (formerly TransferWise): Offers near mid-market exchange rates with transparent, low fees. Supports both INR and KRW transfers.
- Remitly: User-friendly platform with competitive KRW-INR rates and multiple delivery options.
- Western Union: Available at thousands of locations across both countries; rates are less competitive than Wise but service is widely available.
- SWIFT Bank Transfers: Traditional bank-to-bank international wire transfers work but involve higher fees (typically 500 to 1,500 INR on the sending side plus correspondent bank fees of $15 to $30 on the receiving side).
For Indian students in South Korea who regularly send money home or receive money from family, Wise is generally considered the most transparent and cost-effective option for KRW-INR transfers.
Option 5: Airports Airport exchange counters at both Incheon International Airport and major Indian airports offer currency exchange but at notably worse rates than other options. Use them only in emergencies or for small amounts.
Banking in South Korea for Indian Students and Residents
Indian students and professionals living in South Korea need a Korean bank account for receiving salary or scholarship disbursements, paying rent and utility bills, using the T-Money card for public transport, shopping and online purchases on Korean platforms, and using Korean apps like KakaoTalk, Coupang, and Naver Pay.
Opening a Bank Account in South Korea To open a bank account in South Korea, you generally need:
- A valid passport
- Your Alien Registration Card (ARC), which is issued after you register at the local immigration office
- Your Korean mobile number (registered in your name)
- In some cases, a letter from your university confirming enrollment
The ARC is the most critical document. You receive it within 90 days of arriving in South Korea on a long-term visa. International students who are studying in South Korea on a D-2 student visa must register for their ARC promptly to access financial services.
Recommended Banks for International Students KEB Hana Bank and Kookmin Bank (KB) are the most international-student-friendly options. Both have English-language banking services and dedicated foreigner banking desks at branches near major university districts. Shinhan Bank also offers a foreigner-specific account called the “Shinhan SOL” account that can be opened with minimal documentation shortly after arrival.
Online-Only Banking Options KakaoBank and Toss Bank are digital banks that offer easy account opening via smartphone app. However, foreigners may face restrictions depending on ARC status and verification requirements.
Understanding Cost of Living in South Korea for Indian Students
To properly manage finances in South Korea, Indian students need to understand the cost of living in KRW and translate it to INR equivalents.
Monthly Budget for an International Student in Seoul (Approximate KRW amounts):
University dormitory accommodation: 300,000 to 600,000 KRW per month Private studio apartment (one-room): 500,000 to 800,000 KRW per month (plus deposit called “보증금”) Monthly food budget (eating out and groceries): 300,000 to 500,000 KRW Transportation (T-Money): 50,000 to 100,000 KRW Mobile phone plan: 30,000 to 70,000 KRW Health insurance (NHIS): approximately 60,000 to 80,000 KRW Miscellaneous expenses: 100,000 to 200,000 KRW
Approximate Total Monthly Budget: 840,000 to 2,150,000 KRW
Converting to INR at the current approximate rate of 1 KRW = 0.063 INR:
Approximate Total in INR: 53,000 to 135,000 INR per month
This is a meaningful figure for Indian families to understand when planning financial support for a student abroad. University dormitories significantly reduce costs and are recommended for students in their first year. Detailed budgeting guidance for different types of student accommodation and lifestyle in Korea can help families plan more precisely.
Scholarships and Funding for Indian Students in South Korea
Understanding the KRW-INR relationship is particularly relevant for scholarship recipients. South Korea offers several prestigious scholarships for international students that are denominated in KRW.
Government of Korea Scholarship (GKS / KGSP) The Global Korea Scholarship, administered by the National Institute for International Education (NIIED), provides:
- Full tuition coverage
- Monthly stipend of 900,000 KRW (undergraduate) or 1,000,000 KRW (graduate)
- Airfare coverage (round trip)
- Medical insurance
- Korean language training
At current exchange rates, the graduate monthly stipend of 1,000,000 KRW equals approximately 63,000 INR. This is a substantial supplement for a student living in university accommodation.
University-Specific Scholarships Top Korean universities such as Seoul National University, Yonsei, Korea University, and KAIST offer merit-based scholarships ranging from partial tuition waivers to full tuition plus stipend packages. Scholarship values are typically stated in KRW and should be assessed against current exchange rates.
For comprehensive information on scholarship applications and financial planning for Indian students, explore the resources available at Study in South Korea.
Sending Money from South Korea to India: Step-by-Step Guide
Many Indian workers and students in South Korea regularly remit money to their families in India. Here is a clear step-by-step process for doing so efficiently:
Step 1: Choose Your Remittance Platform Compare rates on Wise, Remitly, and Western Union for the KRW to INR corridor on the day you intend to send. Rates differ daily.
Step 2: Register and Verify Your Account Create an account on your chosen platform using your ARC number, Korean bank details, and Indian beneficiary’s bank account information (account number and IFSC code).
Step 3: Enter the Transfer Details Enter the amount you wish to send in KRW. The platform will show you the exact amount in INR the recipient will receive, including all fees, before you confirm.
Step 4: Fund the Transfer Link your Korean bank account and authorize the debit. Most platforms complete transfers to Indian bank accounts within 1 to 3 business days.
Step 5: Notify Your Recipient Send the transfer reference number to your family member in India so they can monitor receipt.
Important Note on RBI Regulations Under India’s FEMA (Foreign Exchange Management Act), Indian residents can receive remittances from abroad into their NRO or NRE accounts or standard savings accounts. There are no limits on the amount a foreign resident can remit to India, but amounts above a certain threshold may require the sender to provide source-of-funds documentation on the Korean side depending on Korean financial regulations.
Impact of Currency Fluctuation on Indian Students in South Korea
Exchange rate movements between KRW and INR have direct practical implications for Indian students and their families.
When KRW Strengthens Against INR If 1 KRW buys more INR than before, it means Korean expenses become more expensive in rupee terms. A student’s tuition fee or rent, stated in KRW, will require more rupees to cover. Families sending money from India to cover Korean expenses will need to send larger rupee amounts for the same KRW value.
When INR Strengthens Against KRW If the rupee gains against the won, Indian expenses in Korea become cheaper in rupee terms. Students sending won back to India as remittances will receive fewer rupees per won.
Hedging Strategy for Families For families supporting a student in Korea over a multi-year period, converting a portion of funds to USD and keeping them in a foreign currency account can provide a buffer against sharp INR depreciation. This is not financial advice but a commonly used strategy worth discussing with a financial advisor.
Tax Implications for Indian Residents Earning in South Korea
Indians working or earning in South Korea should be aware of the Double Taxation Avoidance Agreement (DTAA) between India and South Korea, signed in 1985 and subsequently amended.
Under the DTAA, income earned and taxed in South Korea may qualify for a tax credit or exemption when computing Indian tax liability. This prevents the same income from being taxed twice. However, the exact application depends on the nature of income (salary, business income, royalties, etc.), residency status under each country’s tax laws, and the specific provisions of the agreement applicable to the type of income.
If you are an Indian national working in South Korea and remitting income back to India, consulting a chartered accountant familiar with India-Korea DTAA provisions is strongly recommended.
Practical Tips for Managing KRW and INR
Always keep some cash in KRW. South Korea is highly cashless in urban areas, but smaller vendors, traditional markets, and rural areas still prefer cash.
Use a multi-currency debit card like Niyo Global or HDFC Forex Plus when traveling between India and South Korea to avoid multiple conversion fees.
Track exchange rates using XE Currency or Google Finance and plan larger conversions when the rate is more favorable.
Avoid exchanging money at Indian airports before departure to South Korea. The KRW is rarely held in large quantities at Indian airport exchange desks, and rates are typically poor.
If you are an Indian student in South Korea receiving scholarship funds in KRW, do not hold large amounts in your Korean account longer than necessary if you plan to convert them to INR. Rates can shift meaningfully over days or weeks.
Understand your Korean bank’s international wire transfer fees before initiating large transfers. Some banks charge a flat fee of 5,000 to 10,000 KRW per transfer plus a percentage margin on the exchange rate.
The Study in South Korea team regularly provides updated financial guidance for prospective and current students navigating these cross-border financial decisions.
Frequently Asked Questions About South Korea and India Currency
Is the Indian Rupee accepted in South Korea? No. Indian Rupees are not accepted as payment in South Korea. You must convert rupees to Korean Won before using money in Korea.
Can I use Indian debit or credit cards in South Korea? Yes. Visa and Mastercard-branded Indian cards work at most Korean ATMs and payment terminals. However, foreign transaction fees of 2% to 3.5% typically apply. Using a zero-forex card minimizes these charges.
What is the best way to carry money to South Korea from India? A combination of USD in cash (for exchange in Myeongdong upon arrival) and a multi-currency forex card provides the best balance of flexibility, security, and competitive rates.
How much cash can I carry from India to South Korea legally? Under Indian customs regulations, Indian residents may carry up to USD 3,000 (or equivalent) in foreign currency cash without declaration. Amounts above this require a Currency Declaration Form at the airport.
Are there ATMs in South Korea that dispense won using an Indian card? Yes. Most Woori, Shinhan, and KB bank ATMs, as well as ATMs bearing the Global ATM logo, accept international cards. Foreign cards may face per-transaction limits and fees.
Conclusion: Navigating South Korea and India Currency with Confidence
The KRW to INR exchange rate, the practical aspects of currency exchange, remittance options, and day-to-day financial management in South Korea are all areas that Indian students, workers, and families need to understand clearly.
The most important steps are: open a Korean bank account promptly after receiving your ARC, use transparent remittance platforms like Wise for regular transfers, monitor exchange rate trends, and budget your monthly expenses in KRW so you have a clear picture of what support you need from India.
South Korea is a financially well-organized country where banking, online payments, and transfers work efficiently once you are set up properly. The initial administrative steps may seem overwhelming, but they become routine quickly.
If you are preparing to study or work in South Korea and need guidance on financial planning, visa processing, university applications, or pre-departure preparation, the team at Study in South Korea is here to help you every step of the way.