The South Korean Won, also known as the Korean Republic Won (KRW) is the official currency of South Korea. The South Korean Won has undergone numerous changes since it’s establishment after World War II in 1945. After the war, the Won replaced the Korean Yen at par which was at par with the Japanese Yen. It was pegged to the US Dollar for a while and had a series of devaluations and then became known as the Hwan in 1953. Then, in 1962, the South Korean Won was reintroduced and took the place of the Hwan at a rate of 1 won = 10 Hwan. Eventually, in 1997 the South Korean Won maintained a floating exchange rate with agreement with the International Monetary Fund. Today, the South Korean Won is widely accepted among online trading brokerages operating out of Asia and South Korea. The currency has become respected and known as a major currency among some Asian countries.show more
The South Korean Won is represented by the “원” symbol in South Korea, and by the “₩”symbol in the Western World and South Korea. As well, the currency can also be represented by it’s ticker or code, which is (KRW). When representing the South Korean Won, the currency code follows the currency, while the symbol proceeds the currency. For example, (100 KRW, ₩100). The South Korean Won can be broken up into subunits of 100, each one being called a jeon. The most frequently used banknotes are ₩1,000, ₩5,000, ₩10,000 and ₩50,000. The South Korean Won also is represented in coins and the most frequently used coins are ₩10, ₩50, ₩100, ₩500.
South Koreans can easily exchange their South Korean Won within South Korea or with South Korean brokerages and exchanges. As for international trading brokerages, accepting and exchanging South Korean Won is not very common. More often than not, South Korean traders will have to exchange their currency before sending it to an international trading brokerage accepting South Korean Traders. However, some of the larger brokers do accept and exchange South Korean Won, although it is not common. As for international traders wanting to trade with a South Korean brokerage, they do usually accept US Dollars in addition to South Korean Won. The most commonly traded currency pairs with the South Korean Won include USD, AUD, CAD, EUR, and JPY.
The South Korean Won is issued by the Bank of Korea and is regulated by a number of entities including the Bank of Korea, the Ministry of Strategy and Finance, the Financial Supervisory Commission, the Seoul Foreign Exchange Market Committee, and the South Korean Financial Supervisory Service. South Korean trading brokerages provide traders with a variety of banking options. The most popular is deposits and withdrawals via various e-wallets. South Korea is quite advanced in terms of digital money, and e-wallets are used quite frequently. More traditional methods such as bank transfers and debit and credit cards are also supported.