South Korea is the largest economy in Asia and has the third highest GDP on the continent. It is also the tenth
largest economy in the world. The country has made stunning improvements since the Korean War. The structure
of the economy has completely changed from an agricultural economy to a service‐based, consumer‐products‐
oriented economy. The economy has matured over a period of time, and Korea is among the fastest developing
nations in the world.

single won is divided into 100 jeon, the monetary subunit. The jeon is
not used anymore for everyday transactions and only appears on
foreign exchange rates. The South Korean won is a major currency in
Asia along with the Japanese yen, Singapore dollar, and Hong Kong

The won was first used as Korea's currency between 1902 and 1910. After the Japanese invasion and subsequent occupation, the won was replaced by the yen, made up of the Japanese currency and banknotes known as Korean yen.

In 1945, after World War II, Korea became divided, resulting in separate currencies, both called won, for the South and the North. The first South Korean won was subdivided into 100 jeon. Only banknotes, not coins, were issued, which initially circulated alongside banknotes of both the Japanese and Korean yen and Japanese coins.

The South Korean won was initially pegged to the U.S. dollar at a rate of 15 won = 1 dollar. A series of devaluations followed, the later ones in part due to the Korean War. This first South Korean won was replaced by the hwan on February 15, 1953 at a rate of 1 hwan = 100 won.

The won was reintroduced on June 9, 1962 at a rate of 1 won = 10 hwan. Its value to the U.S. dollar was pegged at 125 won = 1 U.S. dollar. It became the sole legal tender of South Korea on March 22, 1975 with the withdrawal of the last circulating hwan coins.

The structure of the currency in South Korea is based on denominations of coinage and paper currency. The
banknotes are issued in only three denominations and although the currency coins are issued in six denominations,
two out them are rarely used. The management of the currency in the country is through the Bank of Korea, which
regulates the currency flow, ensures price stability, issues banknotes and coins, and acts as a supervisory unit over
other city banks.

The three banknote denominations are 1,000; 5,000; and 10,000 won. With the newest series including advanced
security features, the won is now a difficult currency to counterfeit, and the banknotes are distinct and easy to
identify. The 1,000 won note has a blue dominated color pattern, the 5,000 won banknote has a red and yellow
color scheme, and 10,000 won note has green as the dominating color. One interesting feature of the banknotes of

The coinage in the currency is minted in six denominations: 1, 5, 10, 50, 100 and 500 won, the smallest two units being almost out of use. The 1, 5, and 10 won coins have plain edges and the higher face value coins have milled edges. The reverse of all the coins is embossed with the face value, along with the year of minting. The front sides depict several different images, and show the value of coins in hangul script. The coins portray the following

Since you're planning on working in Korea for at least one year, you're going to need a Korean bank account. There
are several banks to choose from, for example, Woori Bank, Nonghyup, and Key Bank. Your school can help you
choose the bank that is best for you. If you are going to transfer money back to an account in your home country,
look into the fees each bank charges for wire transfers before deciding to open your account.