If you’re preparing for a trip to Korea in 2025, understanding how and where to exchange money can help you save both time and money. This guide covers practical currency exchange strategies, tips for ATM use, and where to find the best rates in Seoul.
Should You Exchange Cash at the Airport?
Airport booths at Incheon or Gimpo are convenient but typically offer lower exchange rates. A smart approach is to exchange just ₩50,000–₩100,000 to cover transportation and meals upon arrival. Once in the city, you’ll have better options.
Best Places to Exchange Money in Seoul
- Myeongdong: One of the best areas in Seoul for competitive exchange rates, with many licensed money changers.
- Itaewon: Known for traveler-friendly services and multilingual staff.
- Banks: Reliable but slower and with less favorable rates.
- Hotels: Often offer the worst rates — only consider in emergencies.
Accepted Currencies
Most major currencies are accepted, including USD, EUR, JPY, CNY, TWD, and HKD. Less common currencies may not be eligible for exchange, so it’s best to bring widely used ones.
Using International ATMs
Visa, Mastercard, and UnionPay cards generally work at Korean ATMs labeled “Global ATM” or “Foreign Card ATM.” These can be found at convenience stores, airport terminals, and bank branches.
- Choose to be charged in KRW, not your home currency, to avoid Dynamic Currency Conversion fees.
- Be aware of withdrawal fees and limits based on your bank.
Paying with Foreign Currency in Korea
Korean won (KRW) is the only currency accepted at most shops, restaurants, and services. Exceptions include duty-free stores at airports and some souvenir shops, but rates are usually poor. Always pay in local currency if possible.
Should You Use Cards or Cash?
- Credit cards are widely accepted in urban areas, shops, and restaurants.
- Cash is still required in traditional markets, some taxis, and small vendors.
- Keep at least ₩20,000–₩50,000 on hand for flexibility.
Make sure your card has a chip. Some terminals don’t accept magnetic stripe cards, especially in older establishments.
Quick Summary
- Exchange a small amount at the airport on arrival.
- Go to Myeongdong or Itaewon for better rates.
- Use credit cards where accepted, but keep some cash.
- KRW is essential — don’t rely on paying with USD or EUR.
Planning ahead ensures you avoid unnecessary fees and stay confident during your first few days in Korea.