A practical guide to getting Korean won while traveling in South Korea. It explains airport exchange counters, banks, authorized exchange services, international ATMs, exchange-rate and fee checks, and a simple strategy for how much cash to exchange.
Most travelers do not need to exchange a large amount of cash before visiting South Korea. Cards are widely accepted, while Korean won is useful for transportation-card top-ups, traditional markets, smaller businesses, and payment backup.
The easiest strategy is usually to arrive with at least one internationally usable card, obtain a modest amount of Korean won for immediate expenses, and exchange or withdraw more only if you actually need it.
Where you exchange money matters less for a small amount than for a large amount. Convenience, opening hours, exchange-rate spread, ATM fees, and your own bank charges should all be considered.
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Know the Korean Won
South Korea's official currency is the Korean won, written as KRW or with the symbol ₩.
Common banknotes are KRW 1,000, 5,000, 10,000, and 50,000. Coins include KRW 10, 50, 100, and 500.
For everyday travel, it is useful to have smaller notes for transportation-card top-ups, markets, small purchases, and situations where a merchant cannot easily break a KRW 50,000 note.
Cards are widely used in Korea, so travelers generally do not need to carry the majority of their trip budget in physical cash.
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Where Can You Exchange Money in Korea?
Foreign currency can be exchanged at banks and authorized currency-exchange services.
VISITKOREA advises travelers to use banks, exchange service centers, or authorized exchange businesses. Banks generally operate during weekday business hours, while exchange counters in major tourism areas and airports may offer longer opening hours.
Always use a legitimate bank or authorized exchange provider. Avoid informal street exchanges or offers from individuals, even when the quoted rate appears attractive.
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Currency Exchange at Incheon Airport
Incheon International Airport is one of the easiest places to obtain Korean won immediately after arrival.
Bank branches, currency-exchange counters, and ATMs are available in both passenger terminals. Current airport information shows multiple exchange counters, with operating hours varying by location and some services operating 24 hours.
Airport exchange is particularly useful if you need Korean won for your first transportation-card top-up, food, or other immediate expenses.
For a large exchange, you may want to compare the airport rate with city banks or authorized exchange services after arrival. For a small first-day amount, convenience can matter more than finding the absolute best possible rate.
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Currency Exchange at Gimpo Airport
Gimpo International Airport also provides banking and currency-exchange services.
This can be useful for travelers arriving on an international flight through Gimpo or transferring between international and domestic travel.
Operating hours can differ by bank and location, so travelers arriving early in the morning or late at night should check current airport information rather than assuming that every staffed exchange counter will be open.
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Using Banks in Korea
Banks are a reliable option for exchanging major foreign currencies into Korean won.
General bank business hours are commonly around 09:00 to 16:00 on weekdays, although operating hours vary by bank, branch, and location.
Bring your passport because identification may be required for foreign-exchange transactions.
Not every branch handles every currency, and less commonly traded currencies may be difficult to exchange. If your home currency is not widely traded internationally, check availability before relying on a Korean bank to exchange it.
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Authorized Exchange Services in Tourist Areas
Major tourist districts can have authorized private currency-exchange businesses in addition to banks.
In Seoul, areas with large numbers of international visitors may offer several exchange options within walking distance of one another. This makes it easier to compare posted buying rates before exchanging a larger amount.
Do not compare only the headline number. Confirm whether the displayed rate is the rate for the currency you are selling and whether any separate commission applies.
If the difference is small and you are exchanging only a modest amount, spending significant travel time searching for a slightly better rate may not be worthwhile.
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Can You Withdraw Korean Won from an ATM?
Yes, many international travelers withdraw Korean won directly from ATMs using foreign-issued debit or credit cards.
However, not every ATM accepts every international card. Look for machines displaying international card-network logos or 'Global ATM' indications.
Incheon Airport has numerous bank and public ATMs, making it a convenient place to try an international withdrawal after arrival.
Your total cost can include an ATM operator fee, your home bank's overseas withdrawal fee, and a foreign-exchange markup. Check your own bank's fee structure before traveling.
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ATM Withdrawal or Cash Exchange: Which Is Better?
Neither method is always cheaper.
An ATM can be convenient because you do not need to carry large amounts of foreign cash, and the exchange conversion may be handled through your card network or bank.
Physical currency exchange can be useful when you already have major foreign currency in cash and can find a competitive rate.
The best option depends on the exchange spread, ATM fee, card issuer fee, and the amount being converted.
For many travelers, using both methods is practical: exchange or withdraw a small amount at arrival, use cards for most spending, and obtain additional cash only when needed.
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Be Careful with ATM Currency Conversion
Some ATMs may offer to display or process the transaction in your home currency instead of Korean won.
This type of conversion can make the total cost harder to compare because the ATM or payment provider may determine the conversion rate.
Read the screen carefully before confirming. Compare the offered conversion with the way your own bank handles foreign-currency withdrawals.
If you do not understand the conversion being offered, do not assume that seeing the amount in your home currency means it is cheaper.
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Old or Damaged Foreign Banknotes Can Be a Problem
Banks and exchange businesses may refuse old, heavily worn, damaged, or discontinued foreign banknotes.
VISITKOREA specifically advises travelers that old foreign currency may not be accepted at some exchange locations.
If you plan to bring physical foreign currency, use current-series notes in good condition whenever possible.
This is particularly important if you are bringing a large amount and relying on exchanging it after arrival.
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How Much Korean Won Should You Exchange?
If you expect to use international cards for hotels, restaurants, shopping, and attractions, you usually need only a modest cash reserve.
For many first-time visitors, around KRW 50,000 to 100,000 is a reasonable amount to have available initially. It can cover transportation-card needs, markets, small purchases, and backup payments.
You can always exchange or withdraw more later.
Travelers going to rural destinations, traditional markets, smaller towns, or cash-heavy businesses may prefer a larger reserve. Travelers spending mainly in central Seoul, major hotels, malls, and card-friendly restaurants may use very little cash.
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Do You Need to Exchange Money Before Arriving in Korea?
Not necessarily.
If your home airport or bank offers Korean won at a reasonable rate, carrying a small amount before departure can make arrival easier. But Korea has extensive banking, exchange, and ATM infrastructure, particularly at major international airports and in large cities.
There is usually little reason to exchange your full travel budget before departure.
A small arrival reserve plus international cards gives you more flexibility and reduces the amount of cash you need to carry.
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A Simple Currency Strategy for Most Travelers
For most visitors, a simple approach works best.
Arrive with two internationally usable cards. Obtain KRW 50,000 to 100,000 for initial cash needs. Use cards for most hotels, restaurants, cafés, attractions, and shopping. Use Korean won for transportation-card top-ups, markets, small businesses, and backup. Withdraw or exchange additional cash only when your reserve becomes low.
Keep emergency cash and your backup card separate from your main wallet.
This approach avoids both extremes: carrying too much cash and assuming that every transaction in Korea will work with one foreign card.
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Final Currency Exchange Checklist
Before traveling, check your bank's overseas card and ATM fees; confirm that your cards are enabled for international use; bring at least two payment methods; decide whether to carry a small amount of Korean won before departure; and keep current, undamaged banknotes if you plan to exchange physical foreign currency.
After arrival, compare convenience and cost rather than focusing only on the advertised exchange rate.
For a normal tourist trip, you do not need to optimize every small currency transaction. A reliable combination of cards, a modest cash reserve, and access to an ATM or authorized exchange service is usually enough.
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FAQ
What currency is used in South Korea?
South Korea uses the Korean won, abbreviated KRW and commonly shown with the symbol ₩.
Where can tourists exchange money in Korea?
Travelers can exchange foreign currency at banks and authorized exchange service centers. Major airports such as Incheon and Gimpo also have currency-exchange facilities.
Is it better to exchange money at Incheon Airport or in Seoul?
The airport is convenient for obtaining a small amount immediately after arrival. For a larger exchange, comparing rates at city banks or authorized exchange services can be worthwhile.
Can I withdraw Korean won with a foreign card?
Many ATMs accept international cards, particularly machines marked for global or international use. Compatibility and fees depend on the ATM and your card issuer.
How much cash should I exchange for Korea?
If you mainly use cards, KRW 50,000 to 100,000 is a practical initial reserve for many travelers. You can obtain more later if necessary.
Do Korean banks accept all foreign currencies?
No. Major currencies are easier to exchange than less commonly traded currencies. Check availability if you plan to bring a less common currency.
Can old foreign banknotes be exchanged in Korea?
Not always. Some banks and exchange services may refuse old, damaged, or discontinued notes, so bring current-series banknotes in good condition when possible.
Should I exchange my entire travel budget into Korean won?
Usually not. Cards are widely accepted, so most travelers are better off carrying a moderate amount of cash and keeping the rest available through cards or later withdrawals.
