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 what your real options are: 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 you type is stored. The gap between the rate you’re offered and the mid-market rate is your real cost.
What does exchanging actually cost?
The cost hides in the rate, not in a fee. Every exchange has a mid-market rate, the fair midpoint, and the rate you’re offered sits a little worse than that. The gap is the spread, and you pay it even when a booth says “no commission.”
Why is that? Banks and money-changers quote off a base rate (매매기준율) and add a margin on each side. A bank’s preferential rate (환율우대율) waives part of that margin: 90% means you pay only 10% of it. So the fair yardstick is simple. 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 counters and other walk-up desks are easy, but they usually carry a wider spread. Licensed city money-changers and bank app pre-orders (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 you hand over any 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. Many double as a transit card too. They’re popular because they fold exchange, payment, and transit into one card, which gets around the ‘will my card work, and can it tap on transit’ problem.
Why is that? A foreign card often can’t tap on Korean transit, and it isn’t accepted everywhere. A prepaid card loaded with KRW behaves like a local card. The trade-off is that you’re trusting that card’s exchange rate and fees, so check them on the app or kiosk the same way you’d compare a cash rate to mid-market.
Using your own card or a travel card
A travel or multi-currency card from home (Wise, for example) works fine at shops and restaurants, and it lets you hold KRW. But it isn’t your default for transit, and ATM acceptance is patchy. Don’t rely on it alone.
Why is that? Korea’s transit gates mostly don’t take foreign contactless cards yet, and some ATMs reject foreign cards. A home travel card covers in-store spending well. To get on a bus or the subway you still want T-money or a prepaid all-in-one card.
QR wallets (Alipay+, WeChat Pay, UnionPay…)
If the payment app you use at home is a QR wallet (Alipay+, WeChat Pay, UnionPay, PayPay, GCash and the like), it works at a growing number of Korean merchants. Acceptance still depends on the merchant and on which network the wallet runs through. Treat it as a handy extra, not your only plan.
Why is that? Korea has been expanding tourist QR-payment acceptance, which helps visitors from China, Hong Kong, Japan, Macao, Malaysia, the Philippines and beyond. Coverage still isn’t universal, so a card plus a little cash stays the dependable backup.
Run your own numbers
Common terms
Frequently asked
Just enough for your first ride and a meal. Airport counters are convenient but usually carry a wider spread, so change the bulk of it 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 charged as a separate fee. A “no commission” booth with a wide spread can cost more than one that charges a small fee and quotes a rate closer to mid-market. 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.