Where to Exchange Money in Korea for the Best Rate
Exchange only a small amount at Incheon Airport, then compare city exchange shops in areas such as Myeongdong, which travel guides say vary by shop and time of day. Bring your passport and crisp bills. You can carry up to USD 10,000 into Korea without declaring it; above that, you must report it to customs.
- Best starting point
- City exchange shops; airport banks for the first night
- Bring
- Passport and clean, larger-denomination bills
- Declaration limit
- USD 10,000 on arrival
- Official info
- Korea Customs Service
What should I know before I exchange money?
Rules and options checked October 26, 2026
Korea's currency is the won, and the rate you get depends far more on where you exchange than on which currency you carry. There is no single official "best" counter, and shop rates change through the day. A Creatrip exchange guide, updated August 13, 2026, says rates at Myeongdong and other city shops "vary by shop and time of day," so treat any figure you read online as a snapshot.
- Worth knowing: Most spending is by card. Our cash or card guide explains why you may need only a modest amount of won for markets and street food.
- A common mistake: Exchanging a large sum in the arrivals hall because it feels safer. Forum users quoted by the ATM Fee Saver community page call airport counters overpriced and suggest they suit late arrivals or emergencies. That is anecdotal, not an official comparison.
- Local tip: If a card terminal asks whether to pay in your home currency or won, choose won, as the Creatrip guide also advises.
Where can I exchange money in Korea?
You can exchange at airport bank counters, city exchange shops, bank branches and self-service kiosks, and each trades convenience against rate. The Incheon Airport directory lists Hana Bank near Exit 4 on the first floor of Terminal 1 arrivals, KB Bank (marked 24H) near Arrival Hall B, and Woori Bank near Gate 11 on the third floor of Terminal 1 and near Arrival Hall A on the first floor of Terminal 2. A Korea Times report from December 2023 said KB, Woori and Hana are authorized to run airport exchange offices through the end of 2033.
| Option | Best for | What to know |
|---|---|---|
| Airport bank counters | First-night cash after landing | Convenient; forum users report wider margins (anecdotal). KB lists 24H. |
| City exchange shops | Larger amounts of USD, EUR or JPY | Rates vary by shop and time; guides name Myeongdong, Hongdae and Dongdaemun. |
| Bank branches | Daytime weekday exchange | Hours are about 09:00 to 16:00 Monday to Friday, per a travel guide. |
| Self-service kiosks | Quick exchange in tourist areas | Limits, currencies and hours vary by machine; passport check is common. |
| Pre-booked airport pickup | Locking a rate before you fly | Creatrip offers USD only, rate set at booking, with a refundable 10,000 won deposit. |
Practical example: a visitor landing at midnight can change about the cost of a taxi or airport transfer at the 24-hour KB counter, then change the rest at a Myeongdong shop the next afternoon. Our Incheon Airport to Seoul guide covers the ride into the city.
How do I get the best rate?
Compare the total won you would actually receive for your amount, not the headline rate on a sign. The Creatrip guide advises checking whether a rate is quoted per USD 1 or per USD 100 and whether fees are included. Shops in Myeongdong, Hongdae, Dongdaemun and Gangnam are listed by that guide, and Money Box Myeongdong at 52-1 Namdaemun-ro shows weekday hours of 09:00 to 21:00 and weekend hours of 10:00 to 21:00. Confirm hours before you visit, because shops can change them.
- Calculate the won per unit: Divide the won offered by the amount you hand over, then compare that number across two or three shops.
- Look for posted terms: A clear rate board and written fee terms make comparison easier.
- Avoid the worst case: Do not exchange a large sum at the airport at a normal arrival hour if a city shop is a short ride away.
- Keep the receipt: Kiosks print one, and a receipt helps if a number looks wrong.
If you carry foreign cash only for exchange, our WOWPASS guide explains a prepaid card that converts 16 currencies at its machines.
What do I need to bring to exchange cash?
Bring your original passport and clean, larger-denomination bills. The Creatrip guide says most exchange offices require a passport and that kiosks generally need passport verification. It also warns that torn, worn or marked bills may be refused and that its pickup service accepts new-design US dollars only.
- Currencies: The same guide says WOW Exchange machines around Seoul handle USD, TWD, HKD and JPY. Other currencies may be limited outside Seoul.
- Outside Seoul: It lists Nampo-dong, Seomyeon and Haeundae in Busan, with fewer shops and varying hours, so change enough in Seoul if you head south by KTX.
- Coins and small notes: Won banknotes come in 1,000, 5,000, 10,000 and 50,000 denominations, according to World Travel Guide. Ask for some small notes for transit and street food.
How much cash can I bring into Korea?
You can bring up to USD 10,000 into Korea without permission or declaration, and above that you must report it to customs. According to Korea Customs Service, the rule covers foreign currency, won and won cashier's checks, counted as a combined total. To report, tick "yes" on item 3 of the Traveler Declaration Form, write the amount and give the form to a customs officer to receive a Certificate of Foreign Currency Declaration.
- Do it before immigration: The same page says the certificate cannot be issued after you have left the immigration area.
- Penalties: Failing to report can mean up to one year in prison or a fine of up to 100 million won, according to the page.
- Leaving Korea: The page says non-residents leaving with foreign payment means within the amount brought in on their latest arrival need not report. The Incheon Airport customs page says approval is needed for non-residents taking out more.
- More arrival rules: See our arrival and customs guide and the VisitKorea restricted items page.
Should I use an ATM or a card instead?
For many visitors, a foreign card plus a small cash withdrawal costs less effort than carrying foreign cash, but your own bank's fees decide whether it is cheaper. World Travel Guide says to look for machines labelled "Global," "Global ATM" or "International ATM," which support Visa, Mastercard, Plus and Cirrus, and that convenience-store ATMs at 7-Eleven, GS25 and CU run 24 hours. Fees vary by bank and daily limits may apply.
- Check before you fly: Ask your bank for its foreign ATM fee and currency-conversion fee, because those are charged outside Korea.
- Carry a little cash: Forum users in the ATM Fee Saver page typically carried about 100,000 to 200,000 won for taxis, buses, street food and small shops, which is anecdotal.
- Transit: Load a transit card with cash using our T-money card guide.
FAQ
Where is the best place to exchange money in Korea?
Travel guides generally point to city exchange shops in areas such as Myeongdong, Hongdae and Dongdaemun, and rates vary by shop and time of day. Banks at Incheon Airport are convenient, but forum users report wider margins there, so exchange only what you need on arrival.
Do I need a passport to exchange money in Korea?
Most exchange offices ask for your passport, according to a travel booking guide, and self-service kiosks generally require passport verification. Carry the original passport, not a photocopy, whenever you plan to exchange cash.
How much cash can I bring into Korea without declaring it?
Korea Customs Service says you can bring up to USD 10,000 without permission or declaration. Above that total in foreign currency, won or won cashier's checks, you must report it to customs on arrival and get a certificate before leaving the immigration area.
Is it better to use an ATM or exchange cash in Korea?
Neither is always cheaper. ATMs with a Global or International label accept Visa, Mastercard, Plus and Cirrus, but your own bank adds its fees. Compare your card's fees with the won a shop would give you, and always choose won if a terminal offers your home currency.
Can I exchange money at a bank in Korea on the weekend?
Bank branches usually open Monday to Friday from 09:00 to 16:00 according to a travel guide, so use airport counters or city exchange shops on weekends. Some Myeongdong shops list weekend hours, but confirm before you go.
Official sources and useful links
Links open in a new tab. Rates, hours and rules above change; verify on these pages.
- Korea Customs Service: foreign currency declaration official rule on the USD 10,000 limit, the form and penalties
- Incheon Airport phone directory airport bank and currency exchange counter locations by terminal
- Incheon Airport customs declaration page rules for taking foreign currency out of Korea
- VisitKorea restricted items national tourism site listing the USD 10,000 means-of-payment restriction
- Korea Times: airport banks 2023 report on KB, Woori and Hana airport exchange concessions
- Creatrip exchange guide commercial guide to shops, kiosks, ID and pickup (updated August 13, 2026)
- World Travel Guide bank hours, banknotes and Global ATM tips
- ATM Fee Saver community page forum summary of traveler experiences, anecdotal only
Disclosure: This site shows ads served by Google AdSense, and some links may be affiliate links that earn a small commission at no extra cost to you. This never affects our recommendations. Prices and rules change, so please confirm details with the official sources before you travel.