Tips for Exchanging money for your trip to Korea

When preparing for a trip abroad, dealing with money is a key concern. Finding favorable exchange rates while avoiding lengthy waits is essential. Striking the right balance between carrying too much or too little cash can be tricky. In Seoul, Korea, a cashless trend is on the rise, with many opting for card payments or bank transfers. However, it's worth noting that some places, like traditional markets and street vendors, still exclusively accept cash. So, while embracing digital payments is convenient in modern Korea, it's wise to have some cash on hand for those charming, cash-only experiences.

Is exchanging money in Korea better? 

Whether it's better to exchange your money in Korea largely depends on your bank's rates. To play it safe, consider converting a small amount of Korean won before your trip to ensure you don't run short on funds. However, be cautious when exchanging money at the airport, as their rates are typically not the most favorable. It's wise to exchange only what you need for the day at the airport and keep an eye out for a more favorable money changer once you're in the city. This strategy will help you secure the best rates for your currency exchange while ensuring you have enough funds for your immediate needs.

Best Money Exchange Rates in Seoul

Exchange money in Myeongdong (the one near the Chinese embassy or the one a few meters away). From experience, these places tend to have the best rates in Seoul. Places like Hongdae would also have money changers, however, the rates are not as good.

Compare prices if you can before commiting to exchanging. You can go to the counter and ask how much ($___) would be in Korean won. They will give you a piece of paper with the amount.

ATMs

If you don't want to bring cash with you, you can always withdraw money from the ATMs in Korea. But make sure you inform your bank before traveling as your transactions could be blocked, also ask if your cards are valid for international use.

Credit cards

Paying by card is probably the most convenient way to pay for things in Korea. Most stores accept credit cards with the Visa or Mastercard logo, but still tell your bank before traveling so your transaction wont be blocked.