Currency Exchange in Korea: Best Tips for Travelers (2025 Guide)
Should You Exchange Cash at the Airport?
If you’re wondering whether to exchange money at Incheon Airport or wait until you’re in Seoul, here’s what you need to know:
- Airport currency exchange booths (Incheon, Gimpo) are convenient and reliable but usually offer less competitive exchange rates.
- It’s smart to exchange a small amount (₩50,000–₩100,000) at the airport for immediate needs like transportation or food.
Pro tip: Exchange just enough at the airport to reach your hotel. Then head to a city area like Myeongdong for better rates.
Where to Get the Best Exchange Rates in Seoul
- Myeongdong: Known for having the best exchange rates in Seoul. Dozens of licensed money changers in one place.
- Itaewon: Another tourist-friendly area with good rates and English-speaking staff.
- Banks: Safe but usually provide lower exchange rates and slower service.
- Hotels: Often the worst rates — only use as a last resort.
What Currencies Are Accepted for Exchange?
Most currency exchange counters in Korea accept major foreign currencies, including:
- US Dollar (USD)
- Euro (EUR)
- Japanese Yen (JPY)
- Chinese Yuan (CNY)
- Taiwan Dollar (TWD)
- Hong Kong Dollar (HKD)
Uncommon currencies may not be accepted. Check in advance or bring a widely accepted currency like USD or EUR.
Using International ATMs in Korea
If you have a Visa, Mastercard, or UnionPay debit or travel card, you can withdraw Korean won at most Global ATMs.
Where to find ATMs:
- Convenience stores (CU, GS25, 7-Eleven)
- Bank branches
- Airports and train stations
ATM Tips:
- Use ATMs labeled “Global ATM” or “Foreign Card ATM”
- Always choose to be charged in KRW (Korean won), not your home currency, to avoid high DCC fees
- Withdrawal limits and fees vary by your card provider
Can You Pay with USD or Other Foreign Currency in Korea?
Generally, no. Korea uses a strict local currency system, and only Korean won (KRW) is accepted in most places.
Limited exceptions include:
- Duty-free shops at airports
- Some tourist souvenir stores in Myeongdong or Insa-dong
However, even in those places, the exchange rate is poor. Paying in won is always the better option.
Should You Use Credit Cards or Cash in Korea?
- Credit and debit cards are widely accepted at restaurants, shops, and cafés.
- But: Small vendors, markets, and some taxis may only accept cash.
- Always keep at least ₩20,000–₩50,000 in cash for flexibility.
Note: Some older card terminals may not accept magnetic-only cards. Make sure your card has a chip and bring a backup card or cash just in case.
Summary: Currency Exchange Tips for Korea
- Exchange a small amount of cash at the airport when you arrive
- Visit Myeongdong for the best exchange rates in Korea
- Use cards where accepted, but always carry some Korean won
- Don’t expect to pay in USD or other foreign currencies — KRW is mandatory
Bookmark this guide before your trip. Having local cash and a plan will make your arrival in Korea stress-free and budget-friendly.