2018 Asian Meeting of the Econometric Society

June 21 – 23, 2018 / Sogang University, Seoul, Korea

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Travel’s Essentials

Time Zone

UTC/GMT+9 hours, referred to locally as KST (Korea Standard Time)


Korea’s climate is regarded as a continental climate which has the four distinct seasons. Summer lasts from June to early September and it is the hottest and wettest season. The mean temperature is between 23 to 26 degrees Celsius.

Business Hours

  • Banks : (Weekdays) 09:00-16:00 / (Weekends and National Holidays) Closed
  • Government Offices : (Weekdays) 09:00-18:00 / (Weekends and National Holidays) Closed
  • Post Offices : (Weekdays) 09:00-18:00 / (Weekends and National Holidays) Closed
  • Department Stores : 10:30 – 20:00 (Closings will vary accordingly to each store.)
  • Convenience Stores : 24 hours

Currency & Credit Cards

Korea’s official currency unit is the won. Korean currency consists of 10, 50, 100 and 500 won coins, and 1,000, 5,000, 10,000 and 50,000 won bills. The exchange rate is approximately US$1 to KRW 1,124 as of August 4, 2017. Most of the businesses in Korea widely accept credit card payments at major hotels, department stores, large restaurants, and stores; Visa, Master, American Express, Diner’s Club and other credit cards can be used.


Tipping is not a traditional Korean custom. Sometimes fancy restaurants and luxury hotels may add a service charge of 10% but normally you do not need to prepare for extra charge since it will be included in the bill.

VAT (Value-Added Tax)

Value-added tax (VAT) is levied on most goods and services at a standard rate of 10% and is usually included in the retail price. At tourist hotels, this 10% tax applies to meals and other services and is added to the bill.

Electricity and Voltage

The standard voltage in Korea is 220 volts. The outlet has two round holes and is the same type used in France, Germany, Austria, Greece, Turkey, and many other countries. If you do not have a multi-voltage travel adapter, you can borrow one from your hotel's front desk. If you want to buy one in Korea, you can do so at a duty-free shop, convenience shop at the airport.

Telephone / Mobile Phone

To make international phone calls, first dial the international dialing code (001, 002 or 008), then the country code, followed by the area code, and then the phone number. Most convenient stores, hotels, and airports sell domestic and international phone cards. It is available to rent mobile phones and apply for roaming services at Incheon and Gimpo International Airports.

Business Hours

  • Police : 112
  • Fire & Ambulance : 119
  • Int’l Telephone Information : 794
  • Tourist Information : 1330
  • Tourist Complaint Center : +82-2-735-0101

Useful Links

  • Travel Guide to Korea
  • Travel Guide to Seoul
  • Shopping Guide in Seoul