Compare the amount you will receive
Ask how many won the business will give you for the foreign banknotes you are selling, after all fees. Compare quotes for the same currency, amount and transaction type.
A reference exchange rate is a benchmark, not necessarily the rate offered for banknotes. Cash buying, cash selling and bank transfers can have different rates. If you are giving the business dollars and receiving won, check its rate for buying your dollar banknotes.
Exchange enough for arrival costs
Airport counters can be convenient for immediate transport, food or transit-card top-ups. Their quotes may differ from city branches and independent exchange businesses.
Decide how much you need for the first part of your trip rather than following a fixed exchange amount. Check counter hours for your terminal if arriving late. An ATM or kiosk may provide another option, subject to card support and access hours.
Check a city exchange business
In Seoul, exchange shops can be found in Myeongdong, a central shopping district, as well as Namdaemun, Itaewon and Dongdaemun. Compare the actual quote; a familiar district does not guarantee the best rate.
Use a business registered for the service it offers. The Korea Customs Service provides information about registered exchange businesses. Currency exchange and international remittance are different services, so confirm the relevant registration before agreeing to send money.
Bring clean, undamaged banknotes and check whether the business accepts your currency and note series. Count the money and keep the receipt before leaving.
Compare an ATM withdrawal
A compatible Global ATM can provide won without carrying foreign banknotes. Check the machine's fee and your own bank's withdrawal and conversion charges. The cheapest option depends on your card and the actual exchange quotes.
If the machine offers conversion into your home currency, compare its rate with your card provider's terms. Choosing won leaves conversion to your provider.
Check a WOWPASS kiosk
WOWPASS is a prepaid shopping card offered through currency-exchange kiosks. It includes a separate Tmoney rechargeable transit card balance. Exchanging money into the shopping balance does not automatically fund the transit balance.
Check the kiosk locator and quoted rate, accepted currencies and any withdrawal or card charge. A kiosk inside a hotel or shopping centre may be accessible only during that building's opening hours.
Plan for leftover won
Converting leftover won back into another currency creates another exchange transaction, with its own rate and possible fee. Avoid changing much more than you expect to use, while keeping enough for departure costs.
