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The South Korean Won (KRW) is the official currency of South Korea, while the Australian Dollar (AUD) is the official currency of Australia, as well as Christmas Island, Cocos (Keeling) Islands, Heard Island, McDonald Islands, Kiribati, Nauru, Norfolk Island, and Tuvalu. As of July 21, 2025, 1000 South Korean Won is equivalent to approximately 1.10 to 1.12 Australian Dollars. Exchange rates fluctuate constantly, so it is important to check the current rate before performing any currency conversions.
| Characteristics | Values |
|---|---|
| 1000 South Korean Won | 1.12 AUD |
| Exchange rate | 0.0011 |
| Average exchange rate (2024-07-19 to 2025-07-18) | 0.001105 AUD |
| High point for KRW/AUD rate | 0.001136 AUD (24 June 2025) |
| Low point for KRW/AUD rate | 0.001076 AUD (19 July 2024) |
| KRW/AUD rate increase | +2.63% |
| Year-to-date increase of KRW against AUD | +1.02% |
| 10-year decrease of KRW against AUD | -5.32% |
| Exchange rate (21 July 2025) | 0.001105 AUD |
| 1 KRW in AUD | 0.001105 AUD |
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What You'll Learn
South Korean Won to Australian Dollar conversion rates
The South Korean Won (KRW) is the official currency of South Korea, while the Australian Dollar (AUD) is the official currency of Australia. As of 5 November 2025, 1000 South Korean Won is worth 1.12 Australian Dollars, with an exchange rate of 0.0011.
The Won was first used as Korea's currency between 1902 and 1910. In 1945, Korea became divided, resulting in separate currencies, both called the Won, for the South and the North. The Australian Dollar is currently the fifth most traded currency in world foreign exchange markets.
When spending abroad, it is important to consider exchange rate markups and transaction fees. Some platforms allow you to save your favourite currencies to check how the exchange rate changes over time. You can also set alerts for when the exchange rate reaches your desired level.
It is worth noting that currency rates fluctuate frequently and can be extremely volatile. Information provided by sources is often for educational or informational purposes only. Your financial situation is unique, and it is recommended to not rely on exchange rates provided without confirming with other sources.
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History of the Won
The Korean won (KRW) is the official currency of South Korea and has been used in some form for thousands of years. The name "won" is derived from the hanja character "圓", meaning "round", which describes the shape of the silver dollar. The old "won" was a cognate of the Chinese yuan, which was derived from the Spanish-American silver dollar.
After World War II ended in 1945, Korea was divided, resulting in two separate currencies, both called the won, for the North and the South. Both replaced the yen at par. The first South Korean won was subdivided into 100 jeon, and it initially had a fixed exchange rate to the US dollar at a rate of 15 won to 1 dollar. However, a series of devaluations followed, partly due to the Korean War (1950-1953). The first South Korean won was replaced by the hwan on 15 February 1953, at a rate of 1 hwan = 100 won.
In 1946, the Bank of Joseon introduced 10 and 100 won notes, followed by 5 and 1,000 won notes in 1949. A new central bank, the Bank of Korea, was established on 12 June 1950, and assumed the duties of the Bank of Joseon. The Bank of Korea has issued banknotes in denominations ranging from 1,000 to 50,000 won. The notes feature early Yi or Chosŏn dynasty figures, including the writer Yi Hwang, featured on the 1,000-won note.
The modern version of the won dates back to 1902, when Korea was not yet divided into North and South. From 1910 to 1945, Korea was under Japanese control, and the won was replaced with the Korean yen, tied to the Japanese yen. After World War II, the United States and the Soviet Union occupied the southern and northern parts of Korea, respectively, leading to the creation of North and South Korea in 1948. A new South Korean won currency was issued in 1949.
With the reintroduction of the won as South Korea's currency in 1962, the Bank of Korea initially issued coins in denominations ranging from ₩1 to ₩100. However, due to inflation, the ₩1 and ₩5 coins were withdrawn from circulation in 1992. New coins with a value of 500 won were introduced in 1982, and in 1983, a new series of 1, 5, 10, 50, and 100 won coins was issued. As of 2020, there are only four South Korean won coin denominations being minted: ₩10, ₩50, ₩100, and ₩500.
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Best time to convert currencies
As of 5 November 2025, 1000 South Korean Won (KRW) is worth 1.12 Australian Dollars (AUD). The South Korean Won is the 15th most traded currency in the world, and its value can be influenced by the country's economy. South Korea's economy has grown rapidly over the past century, and it relies heavily on its exports. The election of President Moon Jae-in in 2017 boosted consumer confidence and led to a 3% increase in South Korea's GDP. This confidence helped growth in exporting sectors, which contributed to the country's economic success.
When it comes to determining the best time to convert currencies, there are several factors to consider:
- Market trends and volatility: Keep an eye on the market trends and volatility of the currency pair you are interested in. Currencies can fluctuate due to various economic and geopolitical factors, so monitoring these trends can help you identify favourable exchange rates. For example, if you notice that the AUD has been consistently strengthening against the KRW over time, you may want to convert your AUD to KRW when the rate is particularly favourable.
- Your time horizon: Consider your time horizon, which refers to how soon you need to make the currency conversion. If you have a flexible time horizon, you can afford to wait and observe the market for a more favourable exchange rate. On the other hand, if you have a specific deadline, such as an upcoming trip or financial commitment, you may need to convert within a certain timeframe, regardless of the current rate.
- Frequency of conversion: If you regularly convert between AUD and KRW, for example, if you have ongoing transactions or investments in both currencies, you may want to take advantage of favourable rates when they arise. In this case, staying informed about market movements can help you optimise your conversions.
- Economic indicators: Pay attention to economic indicators and news from both Australia and South Korea. Factors such as interest rate decisions, inflation rates, and political events can impact the value of a currency. For instance, if the Reserve Bank of Australia (RBA) raises interest rates, the AUD may strengthen against other currencies. Similarly, positive economic news or successful political initiatives in South Korea could boost the value of the KRW.
- Use of specialised tools: Utilise specialised tools and platforms that provide real-time exchange rate information and historical rate comparisons. These tools can help you track the AUD-KRW exchange rate and set rate alerts. For example, you can set a notification for when the exchange rate reaches a certain threshold, allowing you to take advantage of favourable rates.
- Mid-market rates: Consider using services that offer mid-market rates, which are the true exchange rates between currencies, free from any markup or hidden fees. Banks often add a hidden markup to the exchange rate, so using a service that provides the mid-market rate can result in significant savings, especially for large currency conversions.
By considering these factors and staying informed about market dynamics, you can make more informed decisions about the best time to convert your currencies. Remember that currency exchange rates can be unpredictable, and it is impossible to time the market perfectly every time. Diversifying your currency holdings and regularly reviewing your financial goals can help you effectively manage your currency conversions over the long term.
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How to convert currencies
Currency conversion is a common task that can be performed in several ways. One way is to use an online currency exchange platform, which provides the mid-market exchange rate—the same rate quoted between banks. Online converters may charge a fee for this service, which varies depending on the currencies involved. Banks also provide currency conversion services, but their rates may differ from those found online as they earn small profits on exchanges.
To convert currencies, you must first identify the base currency in the given exchange rate. The base currency is the first currency mentioned in the rate and is the one that is fixed at a single unit. For example, in the exchange rate EUR/USD 1.25, the euro is the base currency. This means that €1 is worth $1.25.
Once the base currency is identified, you can apply the exchange rate in the correct direction. If converting from the base currency, multiply by the exchange rate. Using the previous example, to convert €8 million into dollars, we would multiply €8 million by $1.25 per euro, resulting in $10 million. On the other hand, if we are converting to the base currency, we divide by the exchange rate. So, if we are converting $10 million into euros, we would divide $10 million by the exchange rate of 0.80, yielding €8 million.
Online currency converters can be used to find the exchange rate between two currencies. These converters provide the rate as the amount of one currency that can be bought with the other. For instance, if $1 buys 0.6250 euros, then $10,000 would be worth 6,250 euros (10,000 x 0.6250 = 6,250). Similarly, if one euro buys $1.60, then $10,000 would still be worth 6,250 euros (10,000/1.60 = 6,250).
As an example, let's consider converting 1000 South Korean Won (KRW) into Australian Dollars (AUD). Using an online currency converter, we find that 1000 KRW is equal to approximately 1.12 AUD with an exchange rate of 0.0011 for a particular day. Thus, 1000 South Korean Won is equivalent to about 1.12 Australian Dollars.
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The Australian Dollar's global standing
As of 5 November 2025, 1000 South Korean won is equivalent to 1.12 Australian dollars. The Australian dollar is the official currency of Australia and its external territories, as well as three independent Pacific Island states: Kiribati, Nauru, and Tuvalu. It was introduced as a decimal currency on 14 February 1966, replacing the non-decimal Australian pound. The conversion rate at the time was two dollars to the pound.
The Australian dollar is often regarded as a risk-seeking currency, providing higher returns when the global macroeconomic landscape is stable. Its performance is driven by commodity prices and the country's exports to APAC countries, including China. This means that the Australian dollar varies significantly during the business cycle, rallying during global booms and falling during recessions or when domestic spending is high. This movement is often in the opposite direction to other reserve currencies, which tend to be stronger during market slumps.
The Australian dollar is a reserve currency and was the sixth-most-traded currency in the foreign exchange market as of Q1 2024. It is also one of the most held reserve currencies in global reserves. The Royal Australian Mint has an international reputation for producing quality numismatic coins, including commemorative 50-cent coins and Australia's first triangular coin, introduced in 2013.
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Frequently asked questions
As of 5 November 2025, 1000 South Korean Won is equivalent to 1.12 Australian Dollars.
As of 21 July 2025, 1 South Korean Won is equal to 0.001105 Australian Dollars.
The South Korean Won has increased in value compared to the Australian Dollar. As of 21 July 2025, the Won has increased by +1.02% year-to-date against the Australian Dollar.
It is advisable to convert Korean Won to Australian Dollars early in the week if you need AUD urgently. Forex markets are closed on weekends, so trading late in the week might result in a delayed settlement until the following week. Additionally, between 3-4 PM GMT is often a good time to convert as currency market liquidity and trading volume tend to be the highest during this time.
