Global Major Cities Guide

Options and locations where visitors and immigrants can exchange foreign currency into Korean Won (KRW).

Sections

1. Recommended Places for Currency Exchange

Incheon offers several reliable options for currency exchange, including banks, currency exchange counters, and ATMs. Here are the most recommended places:

a. Incheon International Airport

Location: Currency exchange counters are located in both Terminal 1 and Terminal 2.
Providers: Major banks such as KEB Hana Bank, Woori Bank, and Shinhan Bank operate exchange counters at the airport.
Why Choose This Option: Convenient for travelers arriving in or departing from South Korea. The rates are slightly less favorable than in the city, but the convenience makes it a good option for small amounts.
Operating Hours: Most counters operate from early morning (around 6:00 AM) to late evening (10:00 PM), though some may be open 24/7.

b. Banks in Incheon City

Popular Banks: KEB Hana Bank, Shinhan Bank, Woori Bank, and KB Kookmin Bank.
Why Choose This Option: Banks generally offer better exchange rates than airport counters. They are reliable and transparent.
Operating Hours: Typically open Monday to Friday, 9:00 AM to 4:00 PM. Closed on weekends and public holidays.
Locations: Banks are widely available in Incheon, especially in areas like Songdo International Business District, Bupyeong, and near major subway stations.

c. Currency Exchange Booths

Where to Find: Popular areas like Bupyeong Market, Chinatown, and Songdo.
Why Choose This Option: Exchange booths often offer competitive rates compared to banks and airport counters. However, they may not be as transparent about fees.
Operating Hours: Vary by location but generally open from 10:00 AM to 8:00 PM.

d. ATMs

Why Choose This Option: ATMs are a convenient way to withdraw Korean Won (KRW) directly using your international debit or credit card. They are widely available in Incheon, including at the airport, convenience stores, and subway stations.
Considerations: Check with your bank for international withdrawal fees. Some ATMs may charge an additional fee (usually around 3,000–5,000 KRW).

2. Exchange Rates

Current Rates: Exchange rates fluctuate daily. As of October 2023, 1 USD is approximately 1,350 KRW, but this can vary.
Where to Check Rates: Use online currency converters (e.g., XE, OANDA) or check the rates displayed at banks and exchange counters.
Tip: Banks and exchange booths often display their rates on digital boards. Look for the "buy" rate for KRW when exchanging foreign currency.

3. Associated Fees

Bank Fees: Banks may charge a small service fee (around 1–2% of the transaction amount). Some banks waive fees for larger transactions.
Exchange Booth Fees: These may not always be explicitly stated, so ask for clarification before proceeding.
ATM Fees: International withdrawal fees can range from 3,000–5,000 KRW per transaction, plus any fees charged by your home bank.

4. Documentation Requirements

Passport: Required for currency exchange at banks and airport counters. Always carry your passport when exchanging money.
Visa/ID: Not typically required, but having your visa or alien registration card (if applicable) can be helpful.
Cash Only: Most exchange counters and banks only accept cash for currency exchange. Credit cards are not typically used for this purpose.

5. Operating Hours

Airport Counters: 6:00 AM to 10:00 PM (some 24/7).
Banks: 9:00 AM to 4:00 PM, Monday to Friday.
Exchange Booths: 10:00 AM to 8:00 PM (varies by location).
ATMs: Available 24/7 in most locations.

6. Tips for Getting the Best Rates

Avoid Airport Exchanges for Large Amounts: While convenient, airport rates are often less favorable. Exchange only a small amount for immediate needs.
Compare Rates: Check rates at multiple locations before exchanging. Exchange booths in busy areas like Bupyeong or Chinatown may offer better rates than banks.
Use ATMs for Small Withdrawals: If you have a bank card with low international fees, withdrawing cash from ATMs can be cost-effective.
Exchange Larger Amounts at Once: Some banks and booths offer better rates for larger transactions.
Avoid Weekends and Holidays: Exchange rates may be less favorable during weekends and public holidays when banks are closed.

7. Safety Considerations

Avoid Street Vendors: Never exchange money with unauthorized street vendors, as this is illegal and risky.
Count Your Money: Always count your money before leaving the counter to ensure you received the correct amount.
Keep Receipts: Retain your exchange receipt in case you need to exchange leftover KRW back to your home currency.
Use Reputable Locations: Stick to banks, airport counters, or well-known exchange booths to avoid scams.

8. Cultural and Local Nuances

Politeness: South Koreans value politeness. Greet the staff with a smile and say "Annyeonghaseyo" (hello) when you approach the counter.
Language Barrier: While many staff at banks and airport counters speak basic English, smaller exchange booths may not. Having a translation app or writing down your request can be helpful.
Cash is King: South Korea is a highly cash-friendly society, especially in markets and smaller shops. Having some KRW in cash is essential.
Tipping: Tipping is not customary in South Korea, so you don’t need to tip staff at exchange counters.

9. Emergency Tips

Lost Passport: If you lose your passport, you won’t be able to exchange money at banks. Use ATMs or contact your embassy for assistance.
Running Out of Cash: Many convenience stores (e.g., GS25, CU, 7-Eleven) have ATMs that accept international cards.
Currency Buyback: If you have leftover KRW, you can exchange it back to your home currency at the airport before departure. Keep your original exchange receipt for better rates.

By following these tips and recommendations, you can ensure a smooth and cost-effective currency exchange experience in Incheon, South Korea. Safe travels!