Currency Exchange in Korea: Best Rates and Tips

Myeongdong Money Exchange: The narrow alleys of Myeongdong in Seoul have numerous exchange offices offering some of the best rates in Korea. Competition keeps rates competitive. Look for places displaying large rate boards. Hongdae and Itaewon: Tourist areas also have competitive exchange offices. Compare rates before exchanging. Banks: Offer reliable but not the best rates. Convenient if you need official receipts or large amounts. Operating hours: 9 AM - 4 PM weekdays. Incheon Airport: Rates are worse than city centers but convenient for initial cash needs. Exchange only what you need immediately.

Global ATMs: Found at convenience stores (GS25, CU, 7-Eleven) and banks. Look for 'Global ATM' signs. Fees typically range from 3,000-5,000 won per withdrawal. Card payments: Major credit cards (Visa, Mastercard) are widely accepted. Some small shops and traditional markets prefer cash. Always carry some won. Travel cards: Wowpass and Namane cards (available at airports) offer good exchange rates and work at most Korean card terminals. They're convenient alternatives to carrying cash or using foreign cards.

Dynamic currency conversion: When paying by card, always choose to pay in Korean won (KRW), not your home currency. Converting at the terminal usually means worse rates. Airport hotels and tourist shops: Often have worse rates. Compare before exchanging large amounts. Check your bank: Some banks charge foreign transaction fees (typically 1-3%). Consider cards with no foreign transaction fees for travel. Exchange rate apps: Use apps like XE Currency to check current rates before exchanging. Know the mid-market rate to evaluate offers.

How much cash to carry: Korea is increasingly card-friendly. 100,000-200,000 won in cash is usually sufficient for a week, supplemented by card payments. Breaking large bills: 50,000 won notes can be hard to break at small shops. Get smaller denominations when exchanging. T-money card: Purchase at convenience stores for 4,000 won. Use for transit and small purchases. Refund remaining balance when leaving Korea. Tipping: Not customary in Korea. Service charges are included. Don't feel obligated to tip at restaurants, hotels, or taxis.