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Currency Exchange in Korea: Stop Losing Money at the Airport

· 4 min read
Kai Miller
Kai Miller
Cultural Explorer & Photographer

You land at Incheon Airport. You are tired. You see a bank booth with a sign that says "Currency Exchange." You walk over and hand them $500.

Stop. You just lost enough money to buy a nice K-BBQ dinner.

The airport banks in Korea have the worst spread (margin) in the country. But you need cash for the bus, right? And you need it to buy a T-Money card?

Here is the strategic guide to getting the best exchange rate in South Korea.

Currency Exchange in Korea: Stop Losing Money at the Airport

1. The Cash vs. Card Reality​

First, do you even need cash? Korea is 95% cashless. You can use your Visa/Mastercard at:

  • Convenience Stores (even for a $1 water bottle)
  • Taxis
  • Cafes & Restaurants
  • Department Stores

But cash is MANDATORY for:

  1. T-Money Reloads: Subway machines ONLY accept cash.
  2. Street Food: That 3,000 won hotteok requires a 1,000 won bill.
  3. Traditional Markets: Some stalls in Gwangjang Market prefer cash (or give you more food if you pay cash).

Strategy: Exchange about 200,000 KRW ($150) in cash for a 1-week trip. Keep the rest on your card.

2. Method 1: WOWPASS (The Modern Favorite)​

If you visit Korea in 2024/2025, you will see orange "WOWPASS" kiosks everywhere.

What is it? It's a prepaid debit card + T-Money card in one.

How it works:

  1. Find a machine (Subway stations, Hotels).
  2. Scan your passport.
  3. Insert your home currency (USD, EUR, JPY, etc.).
  4. It dispenses a card loaded with KRW.

Why it's great:

  • Better Rates: Much better than the airport, slightly worse than Myeongdong.
  • Convenience: You don't need to find a manned booth.
  • Bonus: It works as a debit card at stores (Chip & PIN).

3. Method 2: Myeongdong Money Changers (The Best Rate)​

If you brought $1,000 in cash and want every single won possible, go to Myeongdong.

The private money exchange booths here compete fiercely, driving the spread to near-zero.

  • Famous Spots: "Money Box" and the "Embassy Exchange" (near the Chinese Embassy).
  • Process: Walk in, show passport, hand cash, get Won. No service fee.
  • Safety: Perfectly legal and safe. They count the money in front of you.

4. Method 3: Global ATMs (The Last Resort)​

If you run out of cash, look for an ATM with a "Global" sign.

  • Banks to look for: WOORI Bank, KB, Shinhan, Hana.
  • The Fee: Most charge a flat 3,600 KRW (~$3) fee per withdrawal, PLUS your home bank's fee.
  • Pro Tip: Always select "Charge in KRW" (Local Currency). If you select "Charge in USD," the machine applies a terrible conversion rate (DCC).

5. Method 4: NAMANE Card (The K-Pop Option)​

NAMANE is similar to WOWPASS/T-Money but with a twist: You can customize the card face with any photo (e.g., your favorite K-pop idol or your cat).

  • Pros: Cute souvenir. Works as T-Money and Debit.
  • Cons: Exchange rates for topping up are usually slightly worse than WOWPASS.

The Verdict: Your Action Plan​

  1. At Incheon Airport: Exchange only $50 (or 50 EUR) at the bank booth. Just enough to buy a T-Money card and pay for the bus/train to Seoul.
  2. In Seoul:
    • Option A (Easy): Find a WOWPASS machine at your hotel/station and load the rest.
    • Option B (Thrifty): Go to Myeongdong and exchange your cash stack at a private booth.

Cash is king for street food, but T-Money is king for travel. Make sure you know How to Use T-Money.