Short answer: exchange a small amount at the airport for your first day. If you need more, compare two or three licensed exchange offices in Myeongdong, or use a bank during weekday business hours. Bring your passport and always ask for the final KRW amount before you hand over cash.
Not sure how much to change? Use our Currency & Korea Prices tool to convert your money into KRW and compare it with typical Korea travel costs before you exchange.
Choose the right place
| Your situation | Best option | What to know |
|---|---|---|
| Just landed | Airport counter | Official and convenient; exchange only first-day cash |
| In central Seoul | Licensed Myeongdong office | Compare 2–3 displayed offers |
| Outside tourist areas | Bank branch | Reliable, but usually weekday business hours |
Airport: change only what you need first
Incheon has official bank and exchange counters in both terminals. Some counters run 24 hours; others have limited hours, so check the live airport directory. Use the airport for transport, food and a cash backup — not necessarily your whole trip budget.
Taking a taxi or airport bus after exchanging money? Keep your hotel address in Korean, not only the hotel name. Use the Korean Address Converter to prepare a copyable version before you leave the terminal.
Myeongdong: compare, then exchange
Myeongdong is useful because several licensed private exchange offices are close together. Check the final KRW amount at two or three counters, including any fee. Seoul says private exchange offices commonly operate around 6:00 AM–9:00 PM, but branch hours vary. Do not use informal street offers.
Bank: the dependable fallback
Use a bank if you are outside central Seoul or prefer a standard process. Bring your passport; exchange offices normally require a passport or residence card. If a branch cannot handle your currency, try another branch rather than relying on an unofficial option.
How much cash should you carry?
- Start small: enough for your first day and emergencies.
- Use cards for most spending: cards are accepted at most stores, restaurants, hotels and tourist attractions.
- Keep cash for: small vendors, market stalls, transport-card top-ups and lockers.
- Split your cash: do not keep everything in one wallet.
Before you exchange
- Bring your passport.
- Ask: “How many won will I receive after fees?”
- Count the notes and keep the receipt before leaving.
- For an exchange above US$10,000, check customs-declaration requirements first.
FAQ
Do I need a lot of cash in Korea?
No. Korea is card-friendly, but a modest cash backup is useful.
Is Myeongdong safe for exchanging money?
Use licensed exchange offices or banks, not informal street offers.
Can I exchange money without a passport?
Bring your passport. It is normally required.
Last verified: August 21, 2026. Rates, fees, counter locations and hours change frequently; confirm them before exchanging.
Sources
- Seoul Metropolitan Government: Currency Exchange
- Incheon International Airport: currency exchange directory
- VISITKOREA: Airport foreign-exchange banks
