We’re sharing some tips and tricks from VAT tax refunds to transport hacks to cut costs for your next big adventure.
South Korea has so much to offer and explore. From rich cultural experiences to exciting street food and K-pop culture, I feel like there’s always a little bit for everyone to discover. I’d say it’s one of the mid-range countries in terms of budget since tickets alone are a little more expensive as compared to travelling to countries in the Southeast Asian region. But the kind of experiences you get are pretty hard to beat. It’s one of the countries that are close by if you’re looking for an actual winter destination at the end of the year.
So sit tight, as we share our top 10 ways to save money while visiting Korea — all without breaking the bank.
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🇰🇷 10 Ways To Save Money While Visiting Korea:
1. Take Public Transportation
Image credits: Lonely Planet
It goes without saying that taking public transportation to get around can significantly help you cut costs and keep things within your budget. With Korea’s extensive subway and bus lines, you can get almost anywhere via public transport.
Be sure to get your hands on a T-Money card, or other cards like the Discover Seoul Pass (which we’ll talk more about later on), which will help you save more as compared to getting single tickets every time you get on public transport.
Of course, there are some occasions where getting a cab might make more sense in terms of time saved and convenience, especially if you’re travelling with a larger group. Try to find out what the base price is and figure out how to get to your next location in advance.
Top 10 Ways To Save Money In Korea 2023: Get your hands on a T-Money Card here
2. Look For Budget Accommodations
Image credits: Capsule Hotel Myeongdong
Besides your flights, accommodation costs are probably one of the most expensive parts of travelling around the world. Fortunately, with sites like Booking.com, Airbnb and more, you now have a whole range of options at your fingertips.
Instead of traditional hotels, consider renting out apartments or checking out lower-cost places like guest houses that are significantly cheaper, and sometimes more fun too. Some of the best memories I’ve had while travelling with friends were when we spent time playing games or even whipping up a meal in the apartment together.
And if you make use of your YouTrip Card while booking your next stay, you can get up to 15% cashback on Booking.com and enjoy 7% off Agoda with YouTrip Perks when you check out with your YouTrip card, which means additional savings on top of what you’ve already saved!
Of course, while looking for a place to stay, it’s also important to consider its proximity to basic amenities and ideally a train station because you don’t want to end up having to spend more on transport in exchange for a cheaper place to stay.
10 Ways To Save Money While Visiting Korea 2023: Find out more about YouTrip Perks here
3. Watch What or Where You Eat
Image Credits: The Daebak Company
While it can be fun to enjoy a night out at a fancy restaurant, prices can add up especially if you’re dining in some of the more touristy areas. One of the highlights of any trip to Korea is the street food that’s super accessible and easy to get your hands on. And of course, don’t forget to explore the wide range of options at convenience stores. Just imagine taking a nice bite of some warm tteokbokki that’s covered in sweet and savoury sauce while in the cold. It’s time to live out your influencer dreams and make those ASMR videos while enjoying a cool drink at the store, or while getting your hands on some tanghulu, that’s actually a sweet treat from Chinese street food that has been increasingly popular in South Korea.
Tongin Market
Image Credits: VISITKOREA
You can also make visits to traditional markets for some authentic Korean food, which makes for an experience in itself. Tongin Market is a great option because they serve food in smaller portions, which means that you get to try more options at a lower cost.
🕖 Opening Hours: 7 AM – 9 PM (Monday – Sunday)
📍 Address: 18 Jahamun-ro 15-gil, Jongno-gu, Seoul, South Korea
10 Ways To Save Money While Visiting Korea 2023: Find out more about Tongin Traditional Market here
4. Visit Free Attractions
Image credits: Destguides
Budget doesn’t always have to mean boring because there are plenty of things to see and do for little to no cost in Korea. We’ve compiled some of the best free things to see and do while in Korea, so be sure to check them out and include them in your itinerary.
10 Ways To Save Money While Visiting Korea 2023: Check out our ultimate savings guide in Korea for brands that are cheaper in Korea than back home
5. Go on Free Tours
Image credits: KKday
Getting to know a different culture and history of a place is important when it comes to travelling. Nothing beats having a local take you around, telling you the stories of the past and how the different cities came to be.
Seoul’s City Government provides almost 40 different walking tours around the city. Groups are kept to a maximum of 10 people and local volunteer guides will take you around markets, palaces, and other attractions. Tours are available in English, Chinese, Japanese, and Korean so you can find one that suits you best.
Note that reservations must be made at least three days in advance, so you should make a booking earlier in order to secure your spot.
Top 10 Ways To Save Money In Korea 2023: Check out the free Seoul Guided Walking Tours here
6. Do Things on Culture Day
Image credits: Adobe Stock
In Korea, the last Wednesday of every month is Culture Day, where over 2,000 places like museums, art galleries, sports facilities, theatres, and more are open to the public for free, till late, or at discounted prices. Entrance fees and paying for activities can amount to quite a bit, so this is a pretty great deal to catch.
There are also cultural events all around the city that you can visit for free to immerse yourself in the history and culture of the land, meant to promote Korean culture to locals and tourists alike. Catch a movie at the local cinema, enter the famous Gyeongbokgung Palace, or catch an exciting baseball match at a discounted price.
Top 10 Ways To Save Money In Korea 2023: Check out the list of places that participate in Culture Day here
7. Get out of the city with the Korea Rail Pass
Image credits: KKday
As with any metropolitan city, you’ll find that many things from accommodations to food and attractions may be cheaper once you get out of the main city. If your itinerary permits, consider getting out of the city and taking a train to Busan or other cities around for a change in pace and scenery.
With the Korea KTX Train Rail Pass, you can get unlimited train rides on almost all the trains operated by KORAIL. Depending on your travel plans, you can opt for a pass with validity ranging from two to five days, for a single passenger or for a group of two to five. You can even choose if you want to use the pass on consecutive days or on fixed days that fall within a 10-day time period. Financially, it definitely makes sense to get your hands on a pass if you’re intending to leave the main city.
⚠️ Do note that this pass is only valid on KTX train lines, and is not valid for use on the subway or bus rides within Seoul.
❗ Pro-Tip: if you book your Korea Rail Pass using Klook, you get to enjoy up to 5% cashback on your purchases. Yay for more savings!
Top 10 Ways To Save Money In Korea 2023: Find out more about the Korea Rail Pass here
8. Explore the City with your Discover Seoul Pass
Image credits: LOTTE HOTELS & RESORTS MAGAZINE
Valid only for non-South Korean passport holders, the Discover Seoul Pass lets you visit more than 70 major attractions for free, and a discounted ticket to over 120 attractions. The pass also makes for a Rail+ transportation card that can be used all around the subways and bus stations in Seoul.
Depending on your itinerary, getting the pass might help you make your money’s worth if you consider the amount it would cost to visit different attractions like the Seoul Tower, the COEX Aquarium, and Lotte World among others. You can choose cards valid from 24 hours to 72 hours, and it activates the moment you use it for the first time.
The card can be used for transport the moment you arrive in Korea for the AREX Incheon Airport Express, so be sure to get your hands on the pass before you leave for your holiday. And just like the Korea Rail Pass, you can purchase the card from Klook via YouTrip Perks for even more savings!
Top 10 Ways To Save Money In Korea 2023: Find out more about the Discover Seoul Pass and the attractions here
9. Make Full Use of Tax Refunds
Image credits: Korea Landscape
Any trip to Korea usually includes some sort of shopping spree, from the cutest accessories to the trendiest clothes and most sought-after skin care, most of us will come back with a whole bunch of stuff for ourselves and as gifts.
With each purchase, you usually would pay an additional 10% for Value Added Tax (VAT), which can amount to quite a bit, especially with bigger ticket items like branded items and skin care, which you can get back at designated tax refund kiosks at the airport and around the city.
There are certain requirements to getting those claims back, like each item must cost at least ₩30,000 (or ₩15,000 effective 2024), and must be new and un-used, which usually means that it should be in its original packaging or still have the tags and labels attached. Be sure to read through the conditions to make sure that you are eligible for the refund while shopping.
Top 10 Ways To Save Money In Korea 2023: Find out more about VAT refunds here
10. Plan your itinerary well
Image credits: Lonely Planet
Spontaneity is great, but if we’re being real, spontaneity costs too. If you’re planning to visit South Korea on a tighter budget, take some time to plan out your itinerary before getting on the plane.
Whether it’s to make sure you get your money’s worth with the different passes, booking flights and accommodation earlier to get better deals, or even just planning what you’re willing to spend more on and what you want to save on, a little bit of planning goes a long way.
Planning when you make your trip is important too, for the most affordable flights, you might want to avoid travelling during peak seasons and during festive holidays that attract thousands of tourists. But, if you want to be in town for different celebrations and festivities to fully immerse yourself in Korea’s culture, then you might want to book your trip earlier to feel a little less of the pinch.
Top 10 Ways To Save Money In Korea 2023: Check out Korea’s calendar of events here
More Savings, More Fun!
Being a little more conscious while planning your trip can make a world of difference in savings. It’s so important to travel smart so that you don’t spend unnecessarily. But of course, planning doesn’t mean that your holidays can’t be fun and that you have to stick to the plan obsessively. Ultimately, it’s okay to let loose and splurge a little since you’re on holiday after all. And as usual, don’t forget to bring your trusty YouTrip card along for the best Korean won rates all day.
As Singapore’s favourite multi-currency wallet, we aim to get those pesky fees out of the way and help you save on your travels. With the best foreign exchange rates, no longer will you have to deal with those long queues at money changers! So if you’re looking for a go-to travel card, sign up for your complimentary YouTrip card today with <YTBLOG5> and get FREE S$5 in your account! For more great tips and articles like this, join our Telegram (@YouTripSG) and subscribe to our free weekly newsletter here or down below.
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Happy travels!
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