The South Korean won has weakened against the Singapore Dollar once again! So, if you’re planning on making the most of every South Korean won, the time is now!

On 16 April 2024, the South Korean won hit a historic low of 1 SGD to 1019.18 KRW against the SGD! Today, as of 21 August 2024, the current 1 SGD to Korean won rate at the time of writing, is 1 SGD to 1023.92 KRW on Google.

Whether you’re a cultural buff, a foodie, an adventurer, or there to chase your favourite K-pop idols and ride the Hallyu wave, it’s no doubt time to head to the Land of Kimchi and make the most of every won! Read on for more information on what’s up with the South Korean won exchange rate.

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SGD to Korean won: How’s It Going?

Fig A:

Image Credits: Trading Economics

Fig B:

Image credits: Monetary Authority of Singapore

First of all, let’s break down both Fig A and Fig B. Fig A describes the general journey of the South Korean won across the last year — showing that as of 16 April 2024, 1 KRW was exchangeable for 0.000981 SGD, the lowest it’s ever been. Today, as of 21 August 2024, 1 KRW is exchangeable for 0.000977 SGD.

Similarly, in Fig B, you’re looking at the monthly average of 1 SGD to 100 KRW (0.0972) in July 2024. While August’s average rates have yet to be released, you can clearly see that the average monthly rate has been steadily decreasing against the SGD and is at its lowest throughout the past year.

The current SGD to Korean won exchange rate at the time of writing is 1 SGD to 1023.92 KRW as of 26 April 2024. But why is that?

What’s Up With The South Korean Won?

Image Credits: Google

According to recent reports, the South Korean won reached a historic low against the Singapore dollar following the recent electoral defeat of South Korea’s ruling party. According to The Korea Times, this result is likely to stall the government’s policy agenda, including proposed measures for tax relief and regulatory easing. Exacerbated by inflationary pressure from the U.S. dollar, shares of companies previously poised to benefit from upcoming government initiatives also experienced a decline on 11 April.

However, according to BNN Bloomberg, some investors predict that the influence of President Yoon Suk Yeol’s party setback in parliamentary elections won’t last long as South Korean stocks rebounded on 10 April following the initial market turbulence. While others predict continuity in government efforts to address Korea’s company valuations due to bipartisan support.

Whatever the case is, we suggest planning your next trip to Korea soon to make use of these weakening SGD to Koran won rates while you still can. Psst, the holidays are coming up soon – happy shopping! 😋

So How Do I Use YouTrip To Enjoy The Best South Korean Won Rates?

In a nutshell, YouTrip works to “unpinch” your wallet — so you don’t need to worry about losing money from exchange rate margins. 

✅  Simply top up your desired amount of SGD into your YouTrip wallet.

✅  To check out the latest SGD to Korean won rates, use the Mastercard Calculator (remember to include ‘0’ under bank fees!) before you spend.

✅ And that’s it, you’re ready to start spending in Korea! All you have to do is to use your YouTrip Mastercard in SGD and we’ll do all the work for you with Smart Exchange™!

Save On The Best SGD to Korean Won Rates With YouTrip!

And just like that, you’re ready to head to the Land of Morning Calm and enjoy saving with the best rates in town! Whether you’re planning to head to Korea or not, don’t forget to take your YouTrip card with you on your next holiday to make full use of our wholesale exchange rates (i.e. no pesky bank fees!). 

Sign up now with <YTBLOG5> to get FREE S$5 in your account and be sure to check out our YouTrip Perks page for exclusive offers and promotions too!

For more great tips and guides like this, join our Telegram(@YouTripSG)and subscribe to our free weekly newsletter here or down below! And while you’re at it, why not join the conversation with thousands of #YouTroopers in our very own Community Telegram Group @YouTripSquad? Get tips and tricks to everything YouTrip including exclusive invites to exciting events and experiences, & be part of the #YouTripSquad! 💜

Stay safe, and happy travels!

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