Where to Exchange Money in Korea (and Where Not To)
Airport counters cost you 5–8% more than downtown. Here's where to actually change money in Korea, plus when a Wise or Revolut card beats cash entirely.
Changing money in Korea is easy — changing it well is where people lose ₩20,000–30,000 without noticing. The single biggest mistake is dumping all your cash at an airport counter the moment you land. Here's where to exchange, where not to, and when to skip cash altogether.
The short version
Exchange just a small buffer at the airport — about $30–50 worth — to cover the train, a bus, or a snack. Then change the bulk of your money at a licensed downtown money changer, where rates run roughly 5–8% better than the airport. In Seoul, that means the cluster of booths in Myeongdong (명동); compare two or three and pick the best board.
If you'd rather not deal with cash at all, a Wise or Revolut card gets you close to the real (mid-market) rate for card payments and fee-free ATM withdrawals up to a monthly limit. Most travelers do a bit of both.
How it actually works
Korea has four main ways to get won, and they're not equal.
Airport counters are the most expensive. Convenient, always open, but the rate is noticeably worse — on a $1,000 exchange the gap versus a good city shop can top ₩30,000. Use them only for a small arrival buffer.
Downtown money changers are the sweet spot for cash. The licensed booths in Myeongdong, Itaewon, and Namdaemun compete openly on rate, usually charge no commission, and post their numbers on a board so you can shop around in a single block. Clean, unfolded USD 100 notes tend to earn the best rate.
Banks (KEB Hana, Woori, Shinhan, and others) give a fair, safe rate — better than the airport, usually a touch worse than the best Myeongdong booth. You'll need your passport, and you're limited to branch hours. A solid choice if you're already opening an account or want a receipt.
ATMs and travel cards. Withdrawing won directly from an ATM with a fee-free debit card, or tapping a Wise/Revolut card, skips cash exchange entirely and lands near the mid-market rate. More on the mechanics in our ATM guide.
There are also self-service exchange machines and prepaid cards like WOWPASS at the airport and major stations — handy, though the rate sits between a bank and a downtown booth.
What it costs
- Airport counter: roughly 5–8% off the mid-market rate — the worst everyday option.
- Downtown money changer: often within 1–2% of mid-market, no commission. The best rate for cash.
- Bank branch: competitive, typically a small spread; passport required.
- Wise card: on a weekday, withdrawals and payments run very close to mid-market with no hidden markup; fee-free ATM use up to a monthly cap, then a small percentage after.
- Revolut card: similar, though weekend transactions can carry a ~1% surcharge depending on your plan.
The takeaway: the difference between the best and worst option on a typical trip is real money — enough for a few good meals — for what amounts to a ten-minute detour downtown.
Common misconceptions
"Get won at home before I fly." The won is a relatively closed currency and prices poorly overseas. Bring USD, euros, or yen and change it in Korea, or just use an ATM on arrival.
"The airport is a rip-off, so avoid it entirely." Not quite — a tiny airport exchange for immediate transport is sensible. You just don't want to change your whole trip's budget there.
"All downtown booths are the same." They're not. Rates vary booth to booth even on the same street, so glance at two or three boards before committing.
What locals do
Honestly, most Koreans rarely exchange cash — they tap cards or phones for nearly everything (see cash vs card in Korea). When they do need foreign currency for travel, they use their bank's app or a downtown changer, never the airport.
Long-stay foreigners tend to settle into the same pattern: a local bank account and card for daily life, and Myeongdong-style booths only for the occasional cash top-up or when converting leftover foreign notes.
Good to know
- Bring clean, large bills. Crisp, unfolded USD 100 notes get the best rate; torn or heavily creased notes may be refused or downgraded.
- Count before you leave the window. Booths are reputable, but always count your won at the counter.
- Only use licensed changers. Stick to official booths with a posted license and rate board — skip anyone approaching you on the street.
- Keep a card as backup. Even with cash, carry a fee-free card for the many places that prefer plastic, and read up before you land in our Incheon arrival guide.
Frequently asked questions
›Where do I get the best exchange rate in Korea?
Licensed downtown money changers, especially the clustered booths in Myeongdong in Seoul, consistently offer the best cash rates and no commission. Compare two or three side by side and you'll usually beat any airport counter or bank by a noticeable margin.
›Should I exchange money before flying to Korea?
Generally no. The Korean won is hard to buy well overseas, and home-country rates are usually poor. Bring major currency like USD or euros and exchange it in Korea, or just withdraw won from an ATM once you arrive.
›Is it better to use a card or exchange cash in Korea?
For most travelers a fee-free multi-currency card like Wise or Revolut is simplest — it gives close to the mid-market rate with no cash to carry. Keep some exchanged cash as backup for markets and street food, where cards aren't accepted.