Where to Exchange Money in Seoul: Myeongdong Currency Exchange Complete Guide

Planning a trip to Seoul and wondering where to get the best exchange rate for Korean won? Skip the airport counter and head straight to Myeongdong. After multiple trips to Seoul, I can tell you the Myeongdong money changers consistently offer the best rates in the city — and the whole process takes about five minutes once you’re there.

Rates change daily and shop hours can shift on holidays, so treat the numbers below as a guide and check on the day. Here’s everything you need to know before you go.

Quick Comparison: Where to Exchange Money in Seoul

Should You Exchange Before You Leave or in Seoul?

Exchange in Seoul.

The rate difference is significant enough to matter — on $500 USD, exchanging at home versus Myeongdong can cost you the equivalent of a full restaurant meal or a day of transit.

The one exception: JUST exchange a small amount before you leave, or grab just enough at the Incheon Airport counter on arrival, to cover your transport to the city. Around $30–50 USD worth is enough to get you to your hotel.

Do the rest in Myeongdong.

USD or Local Currency — Which Should You Bring?

USD gives you the best rate at Myeongdong money changers. It’s the most widely accepted foreign currency, and you’ll consistently get a sharper rate with USD than with most other currencies.

One tip worth knowing: bring large, clean bills. A $100 USD note gets a better rate than five $20s. This is standard practice at Myeongdong exchange shops — not a myth. Torn, written-on, or heavily worn bills may be rejected or given a worse rate.

The Three Best Money Changers in Myeongdong

The top exchange shops are clustered on Myeongdong 2-gil, near the Chinese Embassy. Three shops dominate the area:

Daesagwan (대사관) Currency Exchange The largest and most recognizable, with a big storefront on the corner. Usually the busiest, but the lines move fast.

Daesin (대신) Currency Exchange Right next door to Daesagwan. Rates are almost always identical, and the line tends to be shorter. Worth checking first.

Ilpumhyang (일품향) Currency Exchange It used to be in a basement and easy to miss, but as of July 2025 it moved to a bright-yellow storefront on the ground floor nearby, so it’s much easier to spot now. Their USD rate is sometimes slightly better. Worth a quick look at their rate board before deciding.

Rates change daily. All three shops post their rates on boards outside, so you can compare without going in. The difference is usually just a few won per dollar, but it takes 30 seconds to check.

Backup when lines are long: at peak times, the streets near the station exit and just south toward Namdaemun Market also have several no-commission exchange shops with rates that rival Myeongdong’s — a handy fallback if the main three are packed.

How to Get to Myeongdong Money Changers

From Myeongdong Station (Line 4), Exit 5: Walk straight out of the exit. At the corner with a Starbucks, turn right. Walk straight for about one minute — you’ll see Daesagwan’s large sign on your right. Daesin is right next to it, and Ilpumhyang is around the corner (now a bright-yellow ground-floor shop).

From Euljiro 1(il)-ga Station (Line 2), Exit 6: Walk toward Myeongdong for about 5 minutes.

What to Bring and What to Expect

Bring:

• Passport (required — they scan it for every transaction)
• Your cash in large, clean bills

The process: Walk up to the counter, hand over your cash and passport. The staff will enter the amount into a calculator and show you exactly how much KRW you’ll receive. If the amount looks right, confirm and they’ll count out the won for you.

Important: Count your money before walking away from the counter. It takes 20 seconds and avoids any disputes.

All three may close early or remain closed on major Korean public holidays.

WOW Exchange — A Convenient Backup Option

WOW Exchange is an automated currency exchange kiosk network with locations across Seoul — in convenience stores, hotels, subway stations, and shopping malls. You scan your passport, insert your cash, and receive KRW instantly.

The rate is slightly lower than Myeongdong’s best shops, but the machines are available 24 hours and located all over the city. If Myeongdong isn’t on your route or you need cash after the exchange shops close, WOW Exchange is a solid alternative.

You can also apply for a WOWPASS card at WOW Exchange kiosks — a prepaid card that functions like a debit card and doubles as a T-Money transit card. Worth considering if you want to reduce how much cash you carry.

Cash vs. Credit Card in Seoul

Seoul is one of the most card-friendly cities in Asia. Credit and debit cards are accepted at the vast majority of restaurants, shops, cafes, and convenience stores.

Where you’ll still need cash:

• Street food stalls and pojangmacha (street carts)
• Some traditional markets (Gwangjang Market, for example)
• Reloading your T-Money transit card
• Smaller local restaurants in less touristy neighborhoods

My recommendation: exchange around $150–200 USD worth of KRW for a week-long trip, and rely on your card for everything else. You’ll use less cash than you think.

If your card charges foreign transaction fees, it’s worth switching to one that doesn’t — the savings add up over a week of spending.

How Much Korean Won Should You Bring?

Seoul is extremely card-friendly — most restaurants, cafes, shops, and convenience stores accept Visa and Mastercard without issue. If you plan to pay by card wherever possible, you don’t need to exchange much cash. Around $100–150 USD (roughly ₩130,000–200,000 KRW) for a 5-day trip is enough to cover the gaps: street food stalls, traditional markets, and T-Money card top-ups.

If you prefer carrying more cash or plan to do a lot of market shopping, ₩300,000–400,000 is a comfortable buffer. Either way, exchange less than you think you need — you can always come back to Myeongdong for more.

Once you’re done, you’re already in the middle of one of Seoul’s best areas for food and shopping. Lotte Department Store, street food stalls, and Korean cosmetics shops are all within walking distance. Good place to kick off the trip.

Exchange Shop Information

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