Is 2 Million Won a Lot of Money in Korea?
Gain clarity on the real purchasing power of 2 million Korean Won in South Korea's economy.
Understanding the value of currency in a foreign country can be complex, and two million Korean Won (KRW) is no exception. This amount translates differently depending on its use and the economic context of South Korea. Gaining perspective on what this sum represents requires looking at current exchange rates, daily expenses, and its standing relative to local incomes.
Understanding the Exchange Rate
Two million Korean Won converts to varying amounts in major international currencies. 2,000,000 KRW is approximately 1,427 US Dollars (USD), 1,230 Euros (EUR), and 1,063 British Pounds (GBP). It also equates to about 212,222 Japanese Yen (JPY). These exchange rates fluctuate, so figures are approximate.
Daily and Monthly Spending Power
Two million Korean Won can cover a moderate range of daily and monthly expenses for a single person in South Korea. An inexpensive meal at a restaurant costs around 10,000 KRW, with options ranging from 7,000 to 15,000 KRW. A mid-range dining experience for two might cost around 50,000 KRW. Street food offers budget-friendly options, often 2,000 to 8,000 KRW per item.
Public transportation is affordable. A single adult subway fare in Seoul costs about 1,250 to 1,350 KRW, and bus fares range from 850 to 1,500 KRW. A monthly public transport pass in Seoul averages around 59,951 KRW. Groceries for a single person might cost around 50,000 KRW per week, totaling about 200,000 KRW monthly. A broader estimate for monthly food expenses for one person is around 539,200 KRW.
Coffee averages about 3,000 KRW per cup, with prices ranging from 1,500 KRW to 7,000 KRW. A weekend cinema ticket costs around 15,000 KRW. While 2 million KRW would not cover rent in most major cities, it could sustain a single person for approximately two to three weeks, or a full month with very frugal spending if accommodation costs are excluded.
Relative to Korean Incomes
Two million Korean Won falls below the average and median monthly salaries in South Korea. The average monthly salary is approximately 3.815 million KRW, while the median salary is around 3.5 million KRW. For an entry-level professional, monthly earnings range between 2.5 million and 3.5 million KRW.
The national minimum wage for 2025 is approximately 2,096,270 KRW per month for a standard 40-hour workweek. This means 2 million KRW is slightly below the minimum wage. While it might represent a bonus or supplemental amount for some, it is not considered a comfortable monthly income for an individual in South Korea.
Impact of Location and Lifestyle
The actual purchasing power of 2 million Korean Won can be significantly influenced by geographic location and individual lifestyle choices within South Korea. Major urban centers like Seoul have higher living costs compared to cities such as Busan or smaller provincial areas. For instance, the cost of living in Seoul is estimated to be 26% higher than in Busan, particularly in housing, dining, and entertainment.
Individual spending habits also play a key role in how far 2 million KRW extends. Cooking meals at home, using public transportation over taxis, and choosing low-cost or free leisure activities can extend this amount. A single person’s estimated monthly cost of living in Seoul is about 1,492,515 KRW excluding rent, and around 1,600,000 KRW with rent, as accommodation consumes a significant portion. Living on 1 million KRW per month can be challenging in large cities, highlighting the importance of careful budgeting.