Planning a trip to South Korea? Read on ahead to get an answer to the most important question, ‘Where to go for foreign currency exchange in South Korea for the best rates?’
South Korea is a must-visit location for any traveler because of its illustrious history, breathtaking beauty, energetic cities, year-round festivals, and significant influence on international pop culture. South Korea is a fascinating nation in East Asia that will enthrall you at every step, from Seoul’s vibrant capital to Jeju Island’s breathtaking beaches. Your breath will be taken away by everything South Korea has to offer, whether you’re looking to learn more about the country’s distinctive culture, sample some delectable local cuisine, or simply take in the breathtaking natural scenery.
Korean Currency Info
For Korean Won, there are four different bill types. ₩50,000, ￦10,000, ￦5,000, ₩1,000. The five types of coins are ₩500, ₩100, ₩50, ₩10, and ₩1.
The import or export of domestic or foreign cash is unrestricted. However, sums greater than USD 10,000 or equivalent must be disclosed.
Trying to decide where you should exchange your money can be rather difficult. Before traveling to Korea, some people attempt to exchange their currency in their home country, while others may decide it is more appropriate to do so once they arrive.
The exchange rate and the most advantageous method for converting your money to Korean Won are crucial factors to consider before traveling to Korea. Will changing your currency beforehand be more convenient? Maybe just using USD would be simpler? Where do you exchange money? You have undoubtedly thought about each of these concerns while you have planned your vacation to Korea.
We are going to go over it all step-by-step because foreign currency exchange in South Korea can be overwhelming.
Where Can You Exchange Currencies in South Korea?
One of the few places in the world where you may obtain favorable exchange rates from banks in South Korea. While in Seoul, you can rely on the bank’s service.
The staff at the counter can assist us in both English and Japanese, which is a benefit of exchanging money in banks. At banks like KEB Hana Bank, Shinhan Bank, and Woori Bank, which are especially created to cater to tourists, you will undoubtedly enjoy this specialized service.
The sole drawback to bank services is their irregular opening hours (standard bank hours are 09:00 – 16:00 from Monday to Friday).
In addition to banks, there are reputable one-on-one money changers where you may load up on Korean Wons for our culinary and fashion trips. They can be found in Itaewon, Dongdaemun, and Myeongdong. In sections of the city other than these well-known tourist destinations, it is uncommon to find a service provider with competitive prices.
Visitors are urged to stay away from the eccentric currency exchange kiosks with enormous umbrellas on the pavements, even though the majority of money changers in Seoul are permitted.
Traveler’s cheques can be exchanged at select service booths and in banks. Just keep in mind to just sign the cheque’s bottom portion in the teller’s presence. Otherwise, they won’t accept your check.
Additionally, remember to bring a legitimate ID because certain banks require one while conducting transactions.
Best Places to Exchange Money in Seoul
You will get money exchange centers in all international airports; however, it is advised to use city centers as airport exchange rates are quite higher around the world and in Korea.
- Myeongdong
- Shinhan Bank
- Woori Bank
- Myeongdong Ilpumhyang Money Exchange
- Myeongdong “Embassy Exchange” (in front of the Chinese Embassy)
- Money Box Myeongdong – Money Box has 8 locations in Korea and focuses on money exchange. One of the finest rates in Myeongdong may be found at Money Box Myeongdong, which can exchange up to 18 different types of money. Communication shouldn’t be a problem because their staff is also fluent in English, Japanese, Chinese, and Korean.
- Jeil Money Express
- Dongdaemun
- Currency Exchange counters in the Dongdaemun market area
- KEB Hana Bank
- Shinhan Bank
- Kookmin Bank
- Woori Bank
- Itaewon
- KEB Hana Bank
- Industrial Bank of Korea
- Shinhan Bank
- Royal Exchange counter (near Itaewon station)
A very practical automatic currency exchange machine called WOW exchange is available in Seoul in addition to the money exchanges in Myeongdong. If you can’t get to a currency exchange in Myeongdong, look for these automatic currency conversion machines elsewhere in Seoul.
You can exchange US Dollars, Taiwan Dollars, Hong Kong Dollars, and Japanese Yen here. They are ideal for people with limited time or who don’t want to go all the way to Myeongdong.
Other Options of Foreign Currency Exchange
Credit Cards in Seoul
Your credit card offers the absolute best currency rate for purchases in South Korea. Before you decide to use your credit card, don’t hesitate to get in touch with your bank in advance to inquire about any additional costs. Major credit cards, like Visa and Mastercard, are extensively accepted throughout all businesses in the Seoul area.
ATM Card Withdrawals
Many ATMs accept international credit cards like Visa/Plus for cash withdrawals in local South Korean Won. Before deciding to use your ATM card abroad, please inquire with your bank about any additional charges.
Traveler’s Cheques
Most hotels, banks, and even currency exchange counters accept traveler’s cheques, but there may be some additional fee charges.
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