How to Exchange Money in Korea – A Complete Guide for Travelers

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 If you’re planning a trip to Korea, one of the first things you’ll need is Korean Won (KRW, ₩). While card payments are widely accepted in Seoul and other big cities, having some cash on hand is always useful for street food stalls, traditional markets, taxis, or small shops.

Here’s everything you need to know about exchanging money in Korea.

1. πŸ’΅ Currency Basics

  • Korea’s currency is the Korean Won (KRW).

  • Common bills: ₩1,000, ₩5,000, ₩10,000, ₩50,000.

  • Coins: ₩10, ₩50, ₩100, ₩500 (though coins are less used nowadays).

πŸ’‘ Tip: Download a currency converter app (like XE or Wise) to easily check exchange rates.

2. ✈️ Exchanging at the Airport

  • Incheon International Airport has plenty of currency exchange counters.

  • The rates are usually less favorable than in the city, but it’s convenient if you need cash right away.

  • Good option: Exchange a small amount at the airport, then change the rest in Seoul.

3. πŸ™️ Money Exchange in Seoul (Best Rates)

The best rates are often found at licensed money changers in popular areas:

  • Myeongdong (λͺ…동) → Famous for the best exchange rates, especially in side streets.

  • Namdaemun Market (λ‚¨λŒ€λ¬Έμ‹œμž₯) → Reliable shops with competitive rates.

  • Itaewon (μ΄νƒœμ›) → Convenient if you’re staying nearby.

πŸ’‘ Always compare a few shops before exchanging.

4. 🏦 Banks and ATMs

  • Major banks like KB Kookmin, Shinhan, Woori, Hana offer currency exchange.

  • Operating hours: usually 9 AM – 4 PM, weekdays only.

  • ATMs (look for the Global ATM sign) allow you to withdraw KRW directly with your foreign debit/credit card.

  • Some ATMs charge extra fees, so check with your bank.


5. πŸ“± Digital & Card Payments

  • Korea is a highly cashless society – credit cards and mobile payments are accepted almost everywhere.

  • Foreign-friendly cards: Visa, MasterCard, AMEX.

  • T-money card → A rechargeable transportation card you can also use for small purchases at convenience stores.

6. πŸ“ Useful Tips

  • Bring clean, undamaged bills when exchanging money. Some shops refuse old or torn notes.

  • Always exchange at authorized money changers to avoid scams.

  • Keep some small bills (₩1,000, ₩5,000) for street food and taxis.

  • Avoid exchanging money at hotels – they usually have the worst rates.

🌸 Final Thoughts

Exchanging money in Korea is safe, easy, and reliable if you know where to go. For the best experience:

  1. Exchange a little at the airport.

  2. Head to Myeongdong or Namdaemun for better rates.

  3. Use cards and ATMs for convenience.

With these tips, you’ll never have to worry about running out of Korean Won while exploring Seoul! πŸ™️✨

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