Converting from Israeli Shekel (ILS) to South Korean Won (KRW)

What is Israeli Shekel (ILS)

The Israeli Shekel (ILS) is the official currency of Israel and is represented by the symbol ₪. The shekel is subdivided into 100 agorot. The Bank of Israel, established in 1954, issues the coins and banknotes used in the country. The shekel has undergone several changes over the years, with the New Israeli Shekel (NIS) being introduced in 1985 to replace the old shekel at a rate of 1,000 to 1.

The ILS is known for its stability relative to other currencies, largely due to Israel's advanced economy and strong financial system. The economy is primarily technology-driven, with a significant focus on innovation, research, and development. While the shekel is widely used within Israel, it is also accepted in some neighboring regions, making it a convenient currency for travelers in the area.

What is South Korean Won (KRW)

The South Korean Won (KRW) is the official currency of South Korea, represented by the symbol ₩. One won is divided into 100 jeon, though the jeon is rarely used in everyday transactions. The Bank of Korea, founded in 1950, manages the currency, ensuring its supply and stability.

The KRW has a vital role in the global economy, as South Korea is one of the leading industrialized nations in Asia. The country is known for its advanced technology sector, with prominent companies such as Samsung and LG contributing to its financial strength. The South Korean economy is heavily export-oriented, with major products including automobiles, electronics, and machinery, which helps keep the won stable on international markets.

Converting ILS to KRW

When traveling between Israel and South Korea or engaging in trade, knowing how to convert ILS to KRW is essential. The exchange rate can fluctuate due to various factors, including economic indicators and market trends. To convert Israeli Shekels to South Korean Won, it is crucial to check the current exchange rate, which can be found on financial news websites, currency converter apps, or banks.

To perform the conversion mathematically, you can use the formula:

KRW = ILS × exchange rate

For example, if the exchange rate is 1 ILS = 330 KRW, and you wish to convert 100 ILS, you would calculate:

KRW = 100 ILS × 330 (KRW/ILS) = 33,000 KRW

It’s important to note that currency conversions often include fees when done through banks or currency exchange offices. Hence, it’s advisable to compare rates before making a conversion. This will ensure that you get the best deal whether you are traveling, investing, or conducting business between Israel and South Korea.