Bank notes are W1,000, W5,000 and W10,000. Bank cheques in higher denominations are also accepted as negotiable currency. Foreign bank notes and traveller's cheques can be converted into Korean won at foreign exchange banks and other authorised money changers. Credit cards, including VISA, American Express, Diners Club and Master Card are widely accepted at major hotels, department stores and larger restaurants, and many establishments will accept US dollars. The official exchange rate is subject to market fluctuations.
Smaller shops tend to be open longer hours.
In addition, a well placed and sourced personal introduction is essential. The Australian Embassy, Austrade's offices in Seoul and Pusan, the Honorary Consul in Pusan and the Department of Foreign Affairs and Trade and Austrade in Canberra, are well placed to assist. The Korean based agencies can provide introductory services and organise market contact programs for business visitors. Success also requires a willingness to visit the market on a regular basis to establish a network of contacts. Continuity of the personnel making the visits is also important.