Exchanging money
There’s no secret “best place” to get Korean won — what matters is how much you lose to the spread. Here’s how the cost works, and your real options: cash, a prepaid card, or your own card.
Both rates are KRW per 1 unit of your home currency. Find the mid-market rate in any currency converter, then enter the rate you were actually offered.
| Value at mid-market | 690,000 KRW |
| You receive | 665,000 KRW |
| Your all-in rate | 1,330 KRW |
| Lost vs mid-market | 25,000 KRW · 3.6% |
An estimate from the rate and fees you enter — not a live rate, and nothing is stored. The point: compare the rate you are offered with the mid-market rate; the gap is your real cost.
What does exchanging actually cost?
The cost hides in the rate, not a fee. Every exchange has a mid-market rate — the fair midpoint — and the rate you’re offered sits a little worse than it. That gap is the spread, and it’s what you pay even when a booth says “no commission.”
Why is that? Banks and changers quote off a base/mid rate (매매기준율) and add a margin to each side. A bank’s 환율우대율 (“preferential rate”) just waives part of that margin — 90% means you pay only 10% of it. So the only fair yardstick is: how far is the offered rate from mid-market?
Where should I change cash?
There’s no single “best” place, but the spread differs by channel. Airport and other convenience counters are easy but usually carry a wider spread; licensed city money-changers and bank app pre-order (with airport pickup) can be tighter. Always compare the posted rate to mid-market.
Why is that? Each channel sets its own margin on top of the base rate, and convenience tends to cost more. Rates are posted, so you can compare before handing over cash — a few won per dollar adds up on a larger amount.
Prepaid all-in-one cards (WOWPASS, Namane)
These are loadable cards aimed at visitors: top up with foreign currency or cash, then tap to pay where cards are accepted — and many double as a transit card. They’re popular because they fold exchange, payment, and transit into one card, sidestepping the ‘will my card work / can it tap on transit’ problems.
Why is that? A foreign card often can’t tap on Korean transit and isn’t accepted everywhere; a prepaid card loaded with KRW behaves like a local card. The trade-off is you’re trusting that card’s exchange rate and fees — so check them on the app/kiosk, the same way you’d compare a cash rate to mid-market.
Using your own card or a travel card
A travel/multi-currency card from home (for example Wise) is fine for paying at shops and restaurants, and lets you hold KRW. But it isn’t a Korean transit default, and ATM acceptance is patchy — so don’t rely on it alone.
Why is that? Korea’s transit gates don’t yet take foreign contactless cards, and some ATMs reject foreign cards. A home travel card covers point-of-sale spending well; for getting on a bus/subway you still want T-money or a prepaid all-in-one card.
QR wallets (Alipay+, WeChat Pay, UnionPay…)
If your normal payment app at home is a QR wallet — Alipay+, WeChat Pay, UnionPay, PayPay, GCash and similar — it works at a growing number of Korean merchants, but acceptance is merchant- and rail-specific. Treat it as a handy extra, not your only plan.
Why is that? Korea has been expanding tourist QR-payment acceptance, which is convenient for visitors from China, Hong Kong, Japan, Macao, Malaysia, the Philippines and beyond. But coverage isn’t universal, so a card plus a little cash remains the dependable backup.
Run your own numbers
Common terms
Frequently asked
Just enough for your first transport and a meal. Airport counters are convenient but usually carry a wider spread, so do the bulk of your exchange in the city — or skip cash and use a card.
Not by itself. With currency exchange the cost is built into the rate (the spread), not a separate fee. A “no commission” booth with a wide spread can cost more than one with a small fee and a rate closer to mid-market — so compare the actual rate.
Often, yes. Korea is largely cashless, so a prepaid all-in-one card or a home travel card covers most spending — keep a little cash for small shops, markets, and some transit top-ups.