How to Exchange Your Money to Korean Won: Global ATM, WOWPASS, & More

Exchange your currency into Korean Won using a WOWPASS machine and receive a debit card with the converted value! WOWPASS machines are available at Incheon Airport and other subway stations in Seoul. Learn about WOWPASS here.

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In a nutshell

  • What is the fastest way to get Korean currency? Withdrawing cash via a global ATM using your debit or credit card from your home country is the most convenient way to get Korean bills.
  • How can I exchange my foreign currency for Korean won? If you will bring in cash or coins in your home currency (e.g. USD, EUR, SGD, PHP, HKD, etc.) that you would like to convert into KRW, you can do so by any other following: visit a money exchange booth located in Incheon Airport or in the city, drop by a bank, or use the WOWPASS automated money exchange machine!
  • Where can I find a money changer in Korea? You will spot one easily inside Incheon Airport Terminals 1 & 2 and in popular tourist spots like Myeongdong, Gangnam, Hongdae, or Itaewon. If you would like to get the best exchange rate, visit this money exchange located in Gwangjang Market.
  • Which offers the best exchange rates? WOWPASS offers higher exchange rates than banks or money changers in South Korea. To avail of this service, simply book a voucher here, drop by a machine at the airport, insert your foreign bills, and also automatically receive the converted amount through a WOWPASS card.
  • Can I use my foreign-issued credit and debit card in South Korea? Yes, card acceptance is high in South Korea. You will be able to use your home-issued cards like Visa, Mastercard, AMEX, etc.
  • Do you want to get a personalized prepaid card in South Korea? There are now many cashless stores in Seoul, so you might want to get a debit card if you don’t have one yet. Find out how you can get one in South Korea here.
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Get to Know South Korea’s Currency

Before we dive into the ways you can exchange your foreign currency in South Korea, take time to familiarize yourself with Korean bank notes. This will help you speed up your cash transactions in stores.

How to Get Korean Won in South Korea

If you’re bringing in a debit card, credit card, or cash from your home country, here’s how you can get Korean bills for your trip:

1. Use an ATM in South Korea

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Getting your Korean Won (원) from ATMs in South Korea is your best bet for two reasons: convenience and competitive rates. 

You will easily spot an ATM when you walk towards the Customs gate at Incheon International Airport. The machine, which usually comes with a Global ATM label, accepts foreign-issued cards and can operate in English, Japanese, Indonesian, Filipino, Chinese, and other languages.

If you run out of cash in the middle of your trip, you can go to an ATM in a subway station or some convenience stores like 7-Eleven, Ministop, or CU. Just look for the ‘Global ATM’ sign and your card’s logo before making the transaction.

You can also withdraw your Korean Won from cash machines operated by Korea Exchange Bank, Shinhan Bank, Citibank, and Woori Bank. Most are available to use 24/7, but do note that some ATMs in Korea stop servicing after midnight.

‘Error Message’ from Korean ATM

Some people might get an error while trying to withdraw money from a Global ATM in Korea. On this rare occasion, just try another machine. (This happened to me once, and I had to try 3 ATMs before I was able to withdraw successfully).

If you still get the same error message, worry not and call your bank’s hotline. Fixes or authorizations should happen in less than an hour.

As a general rule, if you’re unsure whether your card’s activated for international use, call or visit your branch ahead of your Korea trip to have your card activated.

2. Visit a Bank Booth or Money Changer in South Korea (Airport or City)

The second best way to get Korean Won is by going to a money changer. You will find bank booths offering foreign currency exchange services in the airport and downtown Seoul.

If you’ll be coming from Incheon International Airport, you will find the following money changers:

  • Shinhan Bank in B1/F – Transportation Center
  • KEB Hana Bank in B1/F – Passenger Terminal West
  • Woori Bank in B1/F – Passenger Terminal East.

If you’re entering via Gimpo International Airport, you will see a Shinhan Bank and a Woori Bank in the Domestic Terminal 1/F.

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Most money changers in Korea officially follow the standard 9am-4pm business hours, though you might find some of them open ‘til late or even 24/7 to accommodate travelers arriving in the wee hours of the night. (Woori Bank near the Arrivals area in Incheon International Airport.)

You will not have a hard time converting your local money at the airport. Simply prepare your passport and cash, and you’ll have your Korean Won in no time.

Alternatively, if you don’t want to exchange all your money in Incheon International Airport, there are also several FOREX stations found in Myeongdong (near Chinese Embassy), Dongdaemun, and Itaewon (Some bank outlets can be found right outside the areas’ respective subway stations). These money changers can easily be spotted in these touristy places, so you need not worry about finding one. (They usually bear the No Commission or Best Price sign.)

I found that transacting with standalone money changers in Korea is very convenient. Most of them are open from 8am through 8pm, and some would not require you to present your passport, which makes transactions faster (and hassle-free if you actually forgot to bring yours while touring!). Currency exchange stations in the city also tend to offer higher exchange rates than those at the airport. Click below to see a good money exchange booth in Seoul:

3. Use a WOWPASS foreign currency machine

If you want to enjoy the best foreign currency exchange rates, you can use a WOWPASS machine in South Korea. Not only will you get fast and easy currency conversion, you can also get a WOWPASS card. This card will carry the exchanged amount, and you can use it for transportation and purchases like a T-Money card and debit card in one.

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  • PRICE: Book a WOWPASS voucher here starting at $3.8 (vs. regular price of $4.6)!
  • HOW TO USE:
    • After receiving your WOWPASS voucher, find a WOWPASS machine at Incheon Airport Terminals 1 or 2, Gimpo Airport, Seoul Station, Myeongdong Station, Hongik Univ. Station (Hongdae), Gangnam Station, & more.
    • Insert your bills in foreign currency, e.g. USD, EUR, SGD, PHP, HKD, AUD, GBP, etc.
    • Receive your exchanged amount via the WOWPASS Card, which you can use for transportation, shopping, and dining! (Don’t worry — you can also withdraw the amount on your WOWPASS card when you need cash!)
  • BEST REVIEW:

We were so glad that this is available to tourists. This is really a big help when you visit. This saves you a lot of time exchanging your money to Korean Won. This is a recommendation to have when you visit Korea. Indeed, South Korea is already a card society. Even the small-scaled [entrepreneurs] accept this. This works like a debit card for tourists. They have promotions and cashbacks from time to time. I hope in the future, more [WOWPASS] Kiosks will be available everywhere in South Korea. Also, this works as a [T-Money] too – but you have to recharge it to [T-Money Kiosks] with cash.

User review for WOWPASS on Klook

Bringing in Some Korean Won

If you feel the need to have some KRW in your pocket before to Korea, that’s understandable. Just make sure to reserve ahead from your bank, trusted money changers, or business service centers.

If you’ll go this route, I would suggest getting an amount somewhere around ₩40,000 (around $35). This should be enough to get you an all-stop train ticket and an unlimited KT Olleh data SIM card. Convert the rest of your pocket money in South Korea to get more value.

(If you’ll bring in bank notes and traveler’s cheques worth $10,000 or more, you will need to make a customs declaration.)

Credit & Debit Card Acceptance in Korea

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Going cashless? Major establishments like hotels, supermarkets, retail outlets, malls, CVS, and restaurants accept credit and debit cards. Visa, Mastercard, and AMEX are widely accepted in Korea, as well as cards bearing the Plus and Cirrus Logos. When in doubt, always check with the clerk if you can pay by card.

Final tips

  • Before you exit the Arrivals Gate of ICN Terminal 1, you will spot a Woori Bank foreign exchange booth. Skip that and find the other Woori booth at the actual arrivals area; they have slightly better rates.
  • Don’t go from one money changer to another just to find the best rates. Maybe check out two or three, and that’s it. More than this, you’ll only be wasting time and energy. Unless, heaven forbid, it’s part of your itinerary.
  • I usually visit money changers in Seoul Station, Myeongdong, and Hongdae. They offer slightly better rates.
  • Philippine Peso is easily exchangeable in South Korea. To ensure convenience, bring in ₱1,000-bills since some may not accept bank notes with lower value.
  • Are you thinking of converting your home currency to USD before exchanging it to KRW? If you do the Math, you’re most likely to get less Won. This should only make sense if you already have the USD in hand.

To see some estimate costs and budget tips for your Korea trip, read our guide here: South Korea Budget Tips: Estimate Your Daily Travel Costs

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