How to Exchange Cash

If you're visiting Seoul and bringing cash with you, you'll likely need to exchange it for Korean won (₩). While Korea is increasingly card-friendly, it’s always smart to have some cash on hand—especially for small shops, transportation, or when visiting more local neighborhoods. Here's everything you need to know about exchanging money in Seoul the easy, safe, and smart way.

1. Know the Basics: Currency & Denominations

Korea uses the South Korean won (KRW). Bills commonly come in ₩1,000, ₩5,000, ₩10,000, and ₩50,000 denominations. Coins are ₩10, ₩50, ₩100, and ₩500.

At the time of writing, $1 USD is roughly ₩1,300, but rates fluctuate—so always check the latest before exchanging large amounts.

2. Best Places to Exchange Money

Not all exchange locations are created equal. Here’s where to go:

a. Myeongdong (Downtown Seoul)

This is one of the best spots for competitive exchange rates. You'll find small currency exchange booths run by locals (many speak English, Chinese, or Japanese), and they often have better rates than banks or airports. Just walk around the main shopping streets and look for signs that say “Money Exchange.”

b. Namdaemun Market & Dongdaemun

Both areas have booths that offer fair rates, especially for USD, JPY, and CNY.

c. Banks (Shinhan, KEB Hana, Woori)

Reliable but slightly lower rates compared to private booths. You'll need your passport and may have to fill out a form. Some banks have multilingual ATMs or tellers who can help with English.

d. Airport (Incheon or Gimpo)

Convenient but not recommended for exchanging large amounts. Airport exchange counters typically offer the lowest rates. If needed, exchange just enough to get into the city.

3. Can I Use ATMs to Withdraw Cash?

Yes! Most major convenience stores (like 7-Eleven, CU, GS25) and bank branches have international ATMs that accept foreign cards. Look for the “Global ATM” or “Foreign Cards Accepted” sign. These usually support Visa, Mastercard, Cirrus, Plus, and others.

Heads-up:

• Your bank at home might charge a foreign transaction or ATM fee.
• Korean ATMs sometimes have withdrawal limits (₩100,000–₩500,000 per transaction).

4. Tips for a Smooth Exchange Experience

• Bring crisp, clean bills. Torn or heavily marked notes might be rejected.
• Check the rate first. Use apps like XE or Google to know the current market rate.
• Avoid sketchy-looking booths. Stick to well-reviewed places, especially in tourist areas.
• Compare a few places. Even a small difference in rate can make a noticeable difference if you're exchanging a lot.

5. Can I Use USD, JPY, or CNY in Korea?

Not really. Korea strongly prefers using KRW. Some places in tourist-heavy areas may accept foreign currency, but it’s rare and not worth relying on. Exchange your cash to KRW for a smoother trip.

Final Thoughts

Exchanging cash in Seoul is safe and easy if you know where to go. For the best rates, try Myeongdong or local markets. Avoid changing too much at the airport, and don’t forget to check your bills before you hand them over. With a bit of planning, you’ll be set to enjoy Seoul’s cafés, markets, and street food stalls without missing a beat.