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Living in Korea

Korea Currency Exchange Tips

Compare exchange methods side-by-side — see how much you lose at the airport vs. Myeongdong money changers, banks, ATMs & cards.

1Your Currency

2Amount to Exchange

USD ($)

Reference mid-market rate: 1 USD ≈ ₩1,380 = ₩1,380,000 total

Note: These are reference rates for comparison. Actual rates vary daily.

Exchange Method Comparison

BESTMyeongdong Money Changers(명동 환전소)
₩1,370,340
-₩9,660(0.7% loss)
Rate: ₩1,370/USDSpread: ~0.7%

Best rates for cash. Located near Myeongdong station exits 5-6.

Korean Bank(은행)
₩1,359,300
-₩20,700(1.5% loss)
Rate: ₩1,359/USDSpread: ~1.5%

Safe and reliable. KB, Shinhan, Woori all offer exchange. Ask for preferential rate coupons (우대 쿠폰) on mobile banking apps.

Card Payment (Visa/MC)(카드 결제)
₩1,359,300
-₩20,700(1.5% loss)
Rate: ₩1,359/USDSpread: ~1.5%

Convenient for purchases. Actual spread depends on your card issuer. Always pay in KRW, never accept DCC (Dynamic Currency Conversion).

ATM Withdrawal(ATM 인출)
₩1,347,400
-₩32,600(2.4% loss)
Rate: ₩1,352/USDSpread: ~2% + ₩5,000 fee

Use Global ATMs at 7-Eleven (세븐일레븐) or CU. Fees: ₩3,000-5,000 per transaction + your bank's foreign ATM fee.

Airport Exchange(공항 환전)
₩1,324,800
-₩55,200(4.0% loss)
Rate: ₩1,325/USDSpread: ~4%

Worst rates. Only exchange minimal amount at Incheon Airport. Better to use ATM in arrivals area.

You save ₩45,540 by using Myeongdong Money Changers instead of Airport Exchange for this amount.

Recommendation

For medium amounts, Myeongdong money changers offer the best cash rates. If you can't visit Myeongdong, use your Korean bank's mobile app with a preferential rate coupon (90% 우대) — most banks offer these for free. Wise is excellent for transfers to your Korean account.

Where to Exchange Money in Korea

Myeongdong money changers (명동 환전소): The best rates in Korea, often within 0.5-1% of mid-market. Look for shops near Exit 5 or 6 of Myeongdong Station (Line 4). Many are open until 9 PM and handle all major currencies. No ID required for amounts under ₩5,000,000.

7-Eleven Global ATMs:The easiest way to get Korean won with a foreign card. Look for ATMs labeled "Global ATM" or "외국카드 사용가능" at any 7-Eleven convenience store. They accept Visa, Mastercard, Cirrus, and Plus networks. Fee is typically ₩3,000-5,000 per transaction, and your home bank may charge an additional foreign ATM fee.

Wise / Revolut: If you have a Korean bank account, transferring money via Wise (formerly TransferWise) gives you near mid-market rates with a transparent fee of ~0.3-0.5%. Revolut also works well for card payments in Korea with competitive exchange rates during weekday trading hours.