Where to Exchange Money in Seoul: Best Rates in 2026

Exchanging money is one of the first things travelers worry about when arriving in Korea. The won-to-dollar rate has been volatile in recent years, and where you exchange your cash can make a real difference — sometimes 3 to 5% on the same amount.

I live in Seoul, and friends visiting from abroad always ask me the same question: "Where should I exchange my money?" So in this guide, I'll walk you through every option in 2026 — Myeongdong currency shops, banks, airport counters, ATMs, and prepaid cards like WOWPASS — and which one actually saves you the most.

⚠️ Exchange rates change daily. The comparisons below reflect typical rate differences between options, not exact numbers. Always check the day's rate before exchanging large amounts.

Quick Answer: Where Should You Exchange?

If you just want the short version, here's the ranking by typical rate (best to worst):

1. Myeongdong currency exchange shops — best rates, especially for USD
2. WOWPASS kiosks — close to Myeongdong rates, plus prepaid card convenience
3. Hana Bank or KB Kookmin — solid rates, official receipts
4. ATM withdrawal with a travel debit card — fair mid-market rate, small fees
5. Incheon Airport exchange counters — convenient but the worst rates

For most travelers, the best strategy is: exchange a small amount at the airport (₩50,000–₩100,000) for immediate transit costs, then exchange the rest in Myeongdong or use a card-based option in the city.

Option 1: Myeongdong Currency Exchange Shops

Myeongdong is Seoul's unofficial money-changing district. Within a few blocks, you'll find dozens of small exchange booths competing on rates — and the competition keeps prices sharp.

Why Myeongdong wins on rates

These shops typically beat airport rates by ₩30–₩60 per US dollar, and bank rates by ₩10–₩30. On a $500 exchange, that's roughly ₩15,000–₩30,000 saved versus the airport.

Well-known shops

• Money Box — multiple branches in Myeongdong; reliable rates
• K Exchange — about 5 minutes from Myeongdong Station Exit 5
• Daekyung Exchange — long-running local shop near the main shopping street

What to know before you go

• USD gets the best rate. JPY, EUR, and CNY are accepted but the spread is wider
• Bring clean, unfolded bills. Damaged or marked notes may be rejected or get a worse rate
• No commission at most shops — the rate already includes their margin
• Compare 2–3 shops within a block; rates can differ by ₩5–₩10 per dollar
• Open hours are usually 9 AM to 9 PM, slightly shorter on Sundays

Tip: Most shops post their rates on a digital board outside. Look for the "Buying" rate — that's the rate at which they buy your foreign currency from you.

Option 2: WOWPASS

WOWPASS is a prepaid card designed specifically for tourists in Korea. You load it with your home currency at a kiosk, and it converts to won at a rate close to Myeongdong shops. The card then works as a debit card across Korea — and includes T-money for transit.

How it works

1. Find a WOWPASS kiosk (Incheon Airport, major subway stations, hotels, Myeongdong)
2. Insert cash in your home currency, or use a foreign credit card to top up
3. The kiosk issues a physical card loaded with Korean won
4. Use it like a debit card at stores, restaurants, and transit

Pros and cons

• Pro — exchange rate is usually better than airport counters and most banks
• Pro — built-in T-money for subway and bus
• Pro — kiosks available 24/7 at the airport, unlike bank counters
• Con — 4% surcharge if you top up with a foreign credit card (cash top-up has no surcharge)
• Con — leftover balance refunds have fees and are slower than cash

WOWPASS makes sense if you prefer cashless travel and want a single card for everything. If you'll mostly use cash, plain Myeongdong exchange is cheaper.

Option 3: Korean Banks

Major Korean banks like Hana Bank (KEB Hana), KB Kookmin, Shinhan, and Woori all exchange foreign currency at official rates. Hana Bank is generally considered the best for foreigners — it has the most experience with international customers and slightly better rates on major currencies.

What you'll need

• Your passport (required by law)
• The cash you want to exchange
• About 10–15 minutes — banks are slower than exchange shops

When banks make sense

• You're exchanging a large amount ($1,000+) and want an official receipt
• You're carrying a less common currency (some Myeongdong shops only handle major ones)
• You want the security of a regulated institution

Bank hours are typically 9 AM to 4 PM on weekdays, closed weekends — which makes them less convenient for tourists than Myeongdong shops.

Option 4: ATM Withdrawals with a Foreign Card

If you have a travel-friendly debit card (Wise, Revolut, Charles Schwab, or similar), withdrawing from a Korean ATM can give you a fair mid-market rate without the markup of a cash exchange.

Where to find ATMs that accept foreign cards

• Global ATMs in convenience stores (look for "Global ATM" or "Foreign Card" labels)
• Citibank, Standard Chartered — most reliable for international cards
• KB Kookmin and Hana Bank ATMs at major branches
• Incheon Airport — multiple Global ATMs in the arrivals hall

Fees to expect

• ATM fee in Korea: approximately ₩3,600–₩4,000 per withdrawal
• Your card issuer's foreign transaction fee (varies by bank — check before you travel)
• Daily withdrawal limit usually ₩1,000,000 per day

Tip: Withdraw a larger amount in one transaction to spread the fixed ATM fee across more cash. Two ₩500,000 withdrawals cost twice as much in fees as one ₩1,000,000 withdrawal.

Option 5: Incheon Airport Exchange (Last Resort)

Airport exchange counters are the most convenient option but have the worst rates. Banks at the airport — even Hana Bank and KB — apply wider spreads than their downtown branches.

How much worse is the airport?

Typically ₩30 to ₩60 worse per US dollar compared to Myeongdong. On $500, that's a difference of roughly ₩15,000–₩30,000 — enough for a couple of nice meals.

When the airport still makes sense

• You need immediate cash for the airport bus or taxi
• You're arriving late at night when Myeongdong shops are closed
• You only need a small amount (₩50,000–₩100,000) to tide you over

The smart move is to exchange just enough at the airport to get to your hotel, then handle the rest in the city.

Comparing Your Options at a Glance

Option	Rate	Convenience	Best for
Myeongdong shops	Best	Medium	Cash users, large amounts
WOWPASS	Very good	High	Cashless travelers
Korean banks	Good	Low (limited hours)	Large amounts, receipts
ATM withdrawal	Fair	High	Travel card holders
Airport counters	Worst	Highest	Emergency only

Which Currency Should You Bring?

Not all foreign currencies get equal treatment in Korea.

• USD — best rates, most widely accepted at every shop
• JPY, EUR, CNY — accepted at most major shops, slightly wider spreads
• GBP, AUD, CAD, SGD — accepted at larger shops and banks, but rates are noticeably worse
• Other currencies — may not be accepted at small Myeongdong booths; banks or the airport are safer

If you're coming from a country with a less-traded currency, it's often cheaper to convert to USD at home before flying to Korea — the double conversion still beats Korean rates on minor currencies.

Tips to Save Money on Exchange

• Exchange in larger amounts. Most Myeongdong shops give better rates for $500+ exchanges
• Compare rates before committing. Walk past 2–3 shops and check the digital boards
• Bring clean USD bills. Tears, ink marks, or heavy folds can lower your rate
• Avoid hotel exchange counters. Their rates are usually as bad as the airport
• Don't exchange at home. Korean shops almost always beat foreign banks on KRW rates
• Track the rate on Google or XE before you go to know what's fair on the day

Common Scams and Pitfalls

Korea is generally very safe for currency exchange, but a few things to watch for:

• Posted rates vs actual rates. Some smaller booths advertise an attractive headline rate but apply a different one at the counter. Confirm the rate before handing over cash
• "No commission" but worse rate. A shop with no commission and a poor rate can cost more than one with a small commission and a good rate. Always compare the final won amount you'll receive
• Damaged bills. Some shops accept them at a discount; others reject outright. Bring crisp notes when possible
• Late-night booths. A few 24-hour booths have noticeably worse rates than daytime shops. Compare carefully if exchanging at night

Frequently Asked Questions

Can I use credit cards everywhere in Seoul?

Mostly yes — Korea is one of the most card-friendly countries in the world. But small restaurants, traditional markets, and street food vendors often only take cash, so carrying ₩50,000–₩100,000 is still useful.

Is it better to bring cash or use ATMs?

For most travelers, a mix works best. Bring USD for one large exchange in Myeongdong (best rate), and keep a travel debit card for ATM withdrawals if you run short.

Can I exchange Korean won back to my home currency before leaving?

Yes, at the same Myeongdong shops, banks, or airport counters. The "selling" rate (when they sell foreign currency to you) is worse than the "buying" rate, so you'll lose a bit on the round trip. Try not to over-exchange in the first place.

Is WOWPASS better than just using a Wise or Revolut card?

WOWPASS gives you cash-like convenience and built-in transit. Wise/Revolut give better rates and lower fees but only work where cards are accepted. If you want the absolute lowest cost, Wise + a Myeongdong cash exchange is hard to beat.

Are exchange shops open on weekends?

Most Myeongdong shops are open every day, including weekends, typically 9 AM to 9 PM. Banks are closed on weekends, which is one reason Myeongdong is more popular with tourists.

Final Thoughts

Exchanging money in Seoul doesn't have to be complicated. The single most important tip: don't do it all at the airport. Take out just enough for your first day, then head to Myeongdong (or a WOWPASS kiosk) for the bulk of your exchange.

For most travelers in 2026, the winning combo is a small airport exchange for arrival, a larger Myeongdong exchange for daily cash, and a travel debit card as backup. With this approach, you'll pocket the savings instead of handing them to a counter at the airport.

Have a great trip to Seoul, and I'll keep sharing more practical guides for foreign visitors. Thanks for reading.