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.
Here’s everything you need to know before you go.
Quick Comparison: Where to Exchange Money in Seoul
| Method | Exchange rate | Convenience | Verdict |
|---|---|---|---|
| Bank / airport at home | Worst | Easy | Avoid — not worth the rate loss |
| Incheon Airport counter | Poor | On arrival | Exchange just enough for transport (~$30–50) |
| Myeongdong money changers | Best | Need to get there | Recommended — best rates in Seoul |
| WOW Exchange kiosks | Good | City-wide, 24h | Good backup option when shops are closed |
| ATM withdrawal | Varies | Everywhere | Works well with a no-fee international card |
| Credit card | Competitive | Accepted widely | Use whenever possible — Seoul is very card-friendly |
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 Located in the basement of a building nearby — easy to miss because the entrance looks understated. 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.
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.
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.
| Shop | Weekdays | Weekends | Holidays |
|---|---|---|---|
| Daesagwan (대사관) | 09:00 – 21:50 | 09:00 – 21:50 | May close early |
| Daesin (대신) | 09:00 – 21:00 | 09:00 – 21:00 | May close early |
| Ilpumhyang (일품향) | 09:00 – 21:00 | 09:00 – 18:00 | May close early |
All three shops are located near Myeongdong Station (Line 4), Exit 5. Hours may vary on Korean public holidays — confirm before visiting if arriving late.
All three may close early or remain closed on major Korean public holidays.
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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?
| Category | Estimated cost (USD) | Notes |
|---|---|---|
| Meals per day | $20 – 40 | Korean BBQ, fried chicken, local restaurants |
| Street food per day | $5 – 10 | Cash only — Myeongdong stalls can add up fast |
| Coffee / dessert per day | $5 – 12 | Seoul has excellent cafe culture |
| Transit total, 5 days | $10 – 18 | T-Money card or Climate Card 5-day pass |
| Airport transfer each way | $6 – 12 | AREX express or airport bus |
| Attractions total, 5 days | $40 – 100 | N Seoul Tower, Lotte World, day trips (Nami Island etc.) |
| Hanbok rental optional | $15 – 22 | Gyeongbokgung area, includes styling |
| Shopping varies | $100 – 200+ | Skincare, cosmetics, souvenirs — budget separately |
| Travel style | 5-day budget (USD, excl. flights & hotel) | What’s included |
|---|---|---|
| Budget | $300 – 380 | Street food, free sights, minimal shopping |
| Mid-range | $450 – 600 | Mix of restaurants, 1–2 paid attractions, some shopping |
| Comfortable | $700+ | Dining out daily, full activities, shopping budget |
Figures exclude flights and accommodation. Exchange rates fluctuate — amounts above are approximate based on early 2026 USD/KRW rates. Seoul is card-friendly enough that cash is mainly needed for street food, markets, and transit card top-ups.
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.
Frequently Asked Questions
Is it better to exchange money before going to Seoul or when I arrive?
Exchange in Seoul. Rates at home or at international airports are almost always worse. The only exception is exchanging a small amount on arrival at Incheon — just enough for transport to your hotel.
Which Myeongdong money changer has the best rate?
Rates between Daesagwan, Daesin, and Ilpumhyang are very close and change daily. Check the rate boards posted outside all three before choosing. The difference is rarely more than 1–2 won per dollar.
Do I need my passport to exchange money in Seoul?
Yes. All exchange shops require a valid passport for every transaction. They scan it on the spot — it takes about 30 seconds.
What if the exchange shops are closed?
Use a WOW Exchange kiosk — available 24 hours at locations across Seoul including subway stations and convenience stores. The rate is slightly lower than Myeongdong but still reasonable.
How much cash should I bring to Seoul for a week?
For most travelers doing a week in Seoul, ₩300,000–400,000 KRW (roughly $220–300 USD) in cash is enough for food, transit, and incidentals. Seoul is very card-friendly, so you'll need less cash than you might expect.
Exchange Shop Information
💰 Daesagwan Currency Exchange (대사관환전소)
Address: 26 Myeongdong 2-gil, Jung-gu, Seoul
Hours: Daily 09:00–21:50
Nearest station: Myeongdong Station (Line 4), Exit 5
💰 Daesin Currency Exchange (대신환전소)
Address: 26 Myeongdong 2-gil, Jung-gu, Seoul
Hours: Daily 09:00–21:00
💰 Ilpumhyang Currency Exchange (일품향환전소)
Address: B1, 52-13 Namdaemun-ro, Jung-gu, Seoul
Hours: Weekdays 09:00–21:00 / Weekends 09:00–18:00
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