Foreign Currency Exchange Guide for Travel to Korea 2022
Where should you go for the best possible rates? Check and compare our currency exchange rates updated daily and don't pay more than you should for Korean Won!
When going on a trip to Korea, one important thing to consider will be the currency conversion rate and the best way to exchange your currency to Korean Won. Will it be more convenient to exchange your currency beforehand? Maybe it might be easier to just use USD? Where can I change my currency? These are probably all questions that you have had while planning your trip to Korea. It can all be overwhelming, so let's review it one step at a time!
Firstly, before you head to any of the exchange center, check the updated daily rates.
Korean Currency Overview
There are four types bills for Korean Won. ₩50,000 , ￦10,000 , ￦5,000 , ₩1,000 . There are also 5 types of coins, ₩500, ₩100,₩50, ₩10, ₩1.
Should I Exchange money in Korea or Abroad?
It can be quite stressful to try to think about where you should exchange your money. Some people try to exchange their money in their home country before heading to Korea, while others may deem it fit to exchange it in Korea.
We recommend that you bring your home currency to Korea and exchange just a little to won at the airport (just enough for transportation costs from the airport to the hotel and then to the currency exchange). The ones in Myeongdong and Dongdaemun are the best place to exchange your currency in Korea. For those that are planning to travel outside of Seoul, make sure to exchange all your money before leaving Seoul as the price tends to be better in Seoul rather than other cities such as Busan or Daegu.
Converting USD to KRW
- Airport Currency Exchange < Currency Exchange within Korea (the currency exchange in Myeongdong is bound to get you the best price)
- Old USD < New USD
- Small Bills < Hundred Dollar Bills
Popular and Unpopular Currency Exchanges
The most popular Korean won currency exchange is the US dollar, Taiwan dollar, Hong Kong dollar, Japanese Yen. Other currencies can be exchanged as long as they are "marketable securities" but the rate may not be as good. Please go to the local exchange office to ask questions. Currently the currency exchange rates that are shown on Creatrip are a good reference.
Best Places to Exchange
Many of the best places to exchange money are in Myeongdong. As you can see from the map above, the currency exchanges are all nearby each other. If you get out of Exit 5, 6, or 7 of Myeongdong Station, you will be near the many of thecurrency exchanges.
Money Box Myeongdong
Address: 서울 중구 남대로 52-1
52-1 Namdaemun-ro, Jung-gu, Seoul
Hours: 09:00 - 21:00
Automatic Currency Exchange Machine: 24 hours
Money Box specializes in foreign currency exchange and has 8 branches all across Korea. Money Box Myeongdong can exchange up to 18 different forms of currencies and has one of the best rates in Myeondong. Their staff also can speak Korean, English, Japanese, and Chinese so there should not be any difficulty communicating. Creatrip members can also present a coupon and they will be provided with the best exchange rate at Money Box, ( 90% discount on currency exchange fees for USD, JPY, EUR and 75% discount on currency exchange fees for TWD, HKD, THB and VND).
You can check out the detailed review of Money Box for more information.
Myeongdong Ilpumhyang Money Exchange
Address: 서울 중구 명동 2가 105 B1
B1, 105 Myeongdong 2-ga, Jung-gu, Seoul
Hours: 09:00- 20:00 (Hours are subject to change)
Myeongdong "Embassy Exchange" (in front of the Chinese Embassy)
Address: 서울 중구 명동 2가 26
26 Myeongdong 2-ga, Jung-gu, Seoul
Hours: 09:00-21:00 (Hours subject to change)
Jeil Money Express
Address: 서울 중구 명동2가 85-6
85-6 Myeongdong 2-ga, Jung-gu, Seoul
Hours: 09:00-23:00 (Hours subject to change)
How can I know today's exchange rate?
You can see the updated rate daily on our website. Foreign currency prices change often, so please make sure to consistently check the website. You can access the page to see the current exchange rates here. It is also available on our app!
WOW Exchange Automatic Money Exchange
In addition to money exchanges in Myeongdong, Seoul has a very convenient automatic currency exchange machine called WOW exchange. For those that cannot make it to a currency exchange in Myeongdong, you can search for these automatic currency exchange machines around Seoul.
You can exchange US dollars, Taiwan Dollars, Hong Kong Dollars, and Japanese Yen here. They are perfect for those that do not have much time or are not willing to travel all the way out to Myeongdong.
Other Currency Exchange Locations in South Korea
For those that cannot make it out to Myeongdong, do not worry! There are plenty of other currency exchanges in Dongdaemun, Hongdae, and Itaewon. However, the exchange rate may not be as good as it is in Myeongdong! If you are looking for the best rates in Seoul, Myeongdong is the way to go!
There are also some currency exchanges that also have SIM cards for sale around Seoul. That may be another thing to consider when you are exchanging money. However if that is a hassle, you can also reserve a SIM card with us!
If you come to Busan, you can exchange currency at Nampo Station on Busan Metro Line 1, Exit 7. Although there are multiple currency exchanges across Busan, Woori and Youngjin Currency Exchange are the most well-known points in Busan.
In Daegu, people often come to exchange currecny at Jungang-ro. The two most famous foreign exchange points here are "Daesin Currency Exchange" and "Daemi Currency Exchange". They may not be working on weekends, so make sure to call before coming and ask if they are open!
Shinhan Bank Currency Exchange at Cheongju Airport is loacted next to gate 3 of Cheongju airport. Their hours of operation are 09:00-16:00. They only operate on days that international flights occur.
We hope that this offered some valuable insight into currency exchange in Korea for your next trip! If you have any additional questions, please leave a comment below or send us an email at firstname.lastname@example.org! You can also follow us on Instagram, Tik Tok, and Facebook to stay updated on all things Korea.