Money is one of those trip details that quietly costs you if you get it wrong. The good news: in Korea it's easy, and a little local knowledge gets you a better rate than most visitors ever see. Here's the order I'd use.
First, you may not need much cash
Korea runs heavily on cards, so before you exchange a big pile of currency, know that you can tap a card almost everywhere. Here's how much cash you actually need. For the cash you do want, read on.
The airport: convenient, not the best rate
The exchange counters at Incheon Airport are right there when you land, which is exactly why their rates aren't the best. Change just enough to get into the city and to your accommodation, then stop. Korean won comes in bills of 50,000, 10,000, 5,000, and 1,000, so a small amount easily covers a taxi or a transit top-up.
City exchange booths: where locals get the best rate
For the bulk of your cash, use a licensed exchange booth in the city. Busy districts like Myeongdong have clusters of licensed money changers competing a few steps apart, and they usually beat the airport rate with little or no commission. Banks exchange currency too (generally open 09:00 to 16:00 on weekdays), but the downtown booths tend to be faster and friendlier for tourists. Bringing US dollars usually gets you the strongest rate.
Cards and ATMs cover the rest
Honestly, you'll reach for cards more than cash. They're accepted almost everywhere, and when you do need won, Global ATMs at convenience stores and stations dispense it against a foreign card. That combination means you rarely need to carry much.
A local's simple plan
- At the airport: change about $30 to $50 worth, just for transport.
- In the city: exchange the rest at a Myeongdong-area licensed booth.
- Day to day: pay by card, and pull won from a Global ATM if you run low.
- Skip: changing a large amount back home, where rates and fees are usually worse.
Currency and exchange details here are checked against KTO VisitKorea. Rates move daily, so treat any figures as a guide.