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The various Currenciesof ASEAN Countries
Written by _ Kim Si-eun, CEO of ASEAN Lab
The currencies of ASEAN are as diverse as the region’s races and religions. Despite establishing a single economic market in 2015, the ten ASEAN countries do not have a unified currency like the European euro. Instead, each of the ten countries have their own currencies, which can be quite confusing. After business trips in ASEAN, I always return home with such a wide assortment of currencies that it is simply easier to save them until my next business trip, rather than exchange them for Korean won. Now that post-COVID-19 pandemic travel is resuming, I have once again assembled my saved currencies, which has brought fond memories of my travels there.
Within ASEAN, Indonesia and Viet Nam have among the most favorable exchange rates from Korean won. In Indonesia, 10 rupiah(IDR) is equal to 0.85 won, and 10,000 IDR is only 853 won. Every time I take out a banknote, it surprises me. Vietnamese dong(VND) is even better; 1 VND is equal to 0.05 won, and 10,000 VND is 530 won.
Although there is no currency integration, there are two countries that have a fixed exchange rate of 1:1 with each other Brunei Darusalam and Singapore. Through a Currency Interchangeability Agreement(CIA), they can use their own currency in each other’s country. Their exchange rates with South Korea are also the same: 1 Singapore dollar (SGD) and 1 Brunei dollar(BND) are both 961.55 won. However, due to the difference in awareness and usage, Brunei dollars may incur extra charges when they are exchanged in Korea. As BND is difficult to exchange in Korea, exchanging to SGD before going to Brunei Darusalam is a good idea.
There are a few additional ASEAN countries that also accommodate the use of foreign currencies. Cambodia is accustomed to using a mix of US dollars in addition to its own currency, the riel (KHR). In the border area, Thai baht(THB) can also be used. Lao PDR, a country which is adjacent to Thailand, also commonly uses Thai baht. Since the Lao kip(LAK) is difficult to exchange in Korea, I recommend taking US dollars to the two countries. The Thai baht popular as a substitute for the US dollar in place of the less stable currencies of Cambodia, Lao PDR, and Myanmar is 36.67 won for 1 THB, or 3,667 won for 100 THB. Since the death of King Bhumibol Adulyadej, the banknote was renewed with the face of the current King Maha Vajiralongkorn, but I have never seen the actual note yet.
In addition, 100 Philippine pesos(PHP) is equal to 2,306 won, and is one of the easier ASEAN currencies to exchange. One Malaysian ringgit (MYR) is 285 won, and unlike Singapore and Brunei Darusalam, the Malaysian ringgit cannot be used there. Before May 8, 1973, they had a 1:1 exchange rate, but it was discontinued due to the Malaysian currency crisis.
Last but not least is Myanmar. Out of all the ASEAN countries, Myanmar’s currency is most similar in value to Korean won. One Myanmar kyat(MMK) is equal to 0.63 won, and 1,000 MMK is about 630 won. However, due to the current political insecurities, it has a tendency to fluctuate, with the state controlling the inflows of the US dollar.
Today, we discussed the currencies of the ten ASEAN countries, which, although near to each other, have great differences. Traveling to Southeast Asia is on the rise with the relaxation of COVID-19 entry measures. Let’s familiarize ourselves with ASEAN currencies as we prepare for our visit.
※ Exchange rates are based on Naver’s alculations in mid-November 2022.
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