Seoul

๐Ÿ’ฑ

Currency Exchange

Guidance on exchanging foreign currency for the South Korean won (KRW) and where to find currency exchange services in Seoul.

Sections

Currency Basics

  • Currency Name: South Korean Won (KRW)
  • Symbol: โ‚ฉ
  • Denominations:
    • Coins: โ‚ฉ10, โ‚ฉ50, โ‚ฉ100, โ‚ฉ500
    • Banknotes: โ‚ฉ1,000, โ‚ฉ5,000, โ‚ฉ10,000, โ‚ฉ50,000
  • Exchange Rate: The exchange rate fluctuates daily. As of October 2023, 1 USD is approximately 1,300 KRW, but always check the current rate before exchanging.

Where to Exchange Currency in Seoul

Seoul offers a variety of options for currency exchange. Here are the most popular and reliable locations:

1. Banks

  • Overview: Banks are the most secure and reliable places to exchange currency in Seoul. They offer competitive rates and transparent fees.
  • Popular Banks:
    • KEB Hana Bank
    • Woori Bank
    • Shinhan Bank
    • KB Kookmin Bank
  • Locations: Banks are widespread in Seoul, with branches in major districts like Myeongdong, Gangnam, and near tourist attractions.
  • Operating Hours: Typically 9:00 AM to 4:00 PM, Monday to Friday. Closed on weekends and public holidays.
  • Procedure:
    1. Bring your passport (required for foreigners).
    2. Fill out a currency exchange form (available in English at most banks).
    3. Present your cash and passport to the teller.
    4. Receive your exchanged currency and receipt.
  • Fees: Banks charge a small commission fee (usually 1-2% of the amount exchanged).

2. Currency Exchange Booths

  • Overview: Currency exchange booths are convenient and often offer better rates than banks, especially in tourist-heavy areas.
  • Popular Locations:
    • Myeongdong: Known for its competitive rates and numerous exchange booths.
    • Dongdaemun: Another hotspot for currency exchange.
    • Itaewon: Popular among expats and tourists.
  • Operating Hours: Typically 9:00 AM to 8:00 PM, but hours may vary.
  • Procedure:
    1. Compare rates at different booths (rates are usually displayed on digital boards).
    2. Hand over your cash and receive the exchanged amount.
    3. No passport is required at most booths.
  • Fees: Many booths do not charge additional fees, but the exchange rate may include a small margin.

3. Airports

  • Overview: Incheon International Airport and Gimpo Airport have currency exchange counters operated by major banks.
  • Convenience: Ideal for exchanging small amounts upon arrival or departure.
  • Rates and Fees: Exchange rates at airports are generally less favorable, and fees may be higher compared to city locations.
  • Tip: Exchange only a small amount at the airport for immediate needs (e.g., transportation to your hotel).

4. ATMs

  • Overview: ATMs in Seoul allow you to withdraw Korean Won directly using your international debit or credit card.
  • Locations: Found in convenience stores, subway stations, and near tourist attractions.
  • Procedure:
    1. Look for ATMs with a "Global" or "International" sign (supports foreign cards).
    2. Insert your card, select your language, and follow the prompts.
    3. Withdraw cash in KRW.
  • Fees:
    • ATM withdrawal fees (โ‚ฉ3,000-โ‚ฉ5,000 per transaction).
    • Your home bank may charge additional foreign transaction fees.
  • Exchange Rate: Determined by your card issuer, often close to the market rate.

Tips for Getting the Best Exchange Rates

  1. Compare Rates: Check rates at multiple locations before exchanging. Myeongdong is known for offering some of the best rates in the city.
  2. Avoid Airports for Large Exchanges: Exchange only a small amount at the airport for immediate needs, as rates are less favorable.
  3. Use Cash for Exchange: Exchanging physical cash often yields better rates than using cards.
  4. Monitor Exchange Rates: Use apps or websites like XE or OANDA to track real-time rates.
  5. Avoid Dynamic Currency Conversion (DCC): When using your card, always choose to pay in KRW rather than your home currency to avoid unfavorable conversion rates.

Things to Watch Out For

  1. Counterfeit Currency: Always exchange money at reputable locations to avoid counterfeit bills.
  2. Hidden Fees: Ask about fees upfront, especially at currency exchange booths.
  3. Exchange Limits: Some booths and banks may have minimum or maximum exchange limits.
  4. Receipts: Keep your receipt in case you need to exchange leftover KRW back to your home currency.
  5. Weekend Closures: Banks are closed on weekends, so plan your exchanges accordingly.

Cultural and Practical Advice

  1. Cash vs. Card: While Seoul is highly card-friendly, some smaller shops, street vendors, and traditional markets may only accept cash. Itโ€™s a good idea to carry some KRW in smaller denominations.
  2. Tipping: Tipping is not customary in South Korea, so you donโ€™t need to worry about carrying extra cash for tips.
  3. Language Barrier: Most bank staff and exchange booth operators in tourist areas speak basic English. However, having the amount you want to exchange written down can be helpful.
  4. Tax Refunds: If youโ€™re shopping in Seoul, keep in mind that you can claim tax refunds at the airport for purchases made at tax-free stores. Ensure you have enough cash or card balance for shopping.

Emergency Tips

  • If you run out of cash and need KRW urgently, use an international ATM or visit a 24-hour convenience store with an ATM.
  • If you lose your wallet, contact your embassy for assistance and consider using a money transfer service like Western Union.

By following this guide, youโ€™ll be well-prepared to exchange currency efficiently and enjoy your time in Seoul without financial stress. Safe travels!