Best place to exchange money in Seoul

By /

I was searching for information on where to exchange foreign currency, or where to find money changers in Seoul before my trip but information was limited, so I thought I’d post my own experiences here.

Unlike in Singapore where there are plenty of money changers, there is no such “gathering” of money changers in Japan. There’s the odd one here and there, but without the healthy competition you get from a sizeable mass, the rates are really quite crappy.

Besides, I also read that it is best to exchange for won within Korea itself, because outside of Korea, the value of won drops quite significantly.

Based on the above information, we bravely marched to Haneda Airport WITHOUT A SINGLE WON.

Haha, but we are not completely out of our minds (yet). We exchanged 100,000 won at Haneda Airport, just in case we’re super unlucky and all the money changers closed down at Gimpo Airport or something. That way, we would still have enough money to make it to town.

So where’s the best place?

After traveling to various tourist spots around Seoul over 10 days, I found that the best place to exchange money in Seoul is at Myeongdong.

Exchange money in Seoul

There are many, many, MANY money changers in Myeongdong spread out across many streets and they are super easy to spot.

They have pretty competitive rates, but there is still slight fluctuation among the money exchangers. You can walk around and compare the rates, but after combing the area (twice! on two different days), I found that generally, this street offers the best rates:

Dunno what building this is I’ve been told this is the Chinese embassy, and lots of police line its walls guarding it, so you will definitely know you are on the right street when you come to it. The money changers face these high walls. It’s also super safe to change money there since you have free police protection haha.

EDIT 9/22: Because I’m so often asked what street this is, I actually went touring this area via Google street view and found the street.

TADAH. If you look at it via street view, you might notice that the buildings on the right look slightly different. That’s because Google took the image in 2009. But if you look carefully, the background buildings (Lotte and the other “A” building) are the same. Long story short: This is the street you want.

And yes, I actually spent good time and effort to playing detective to hunt this down, so I hope people appreciate it lol.

What currencies do they accept?

The safest ones are major currencies like USD, EUR, JPY and RMB. You will see these currency symbols on signboards everywhere.

But there are also many money exchangers that take a variety of other currencies not listed.

So even if your currency is not listed, just ask! Most of the time they will accept it. I had like £80 and they accepted it too!

Do they accept _[insert currency]_?

So many people have asked me this.

If it’s not listed in the photo above, and not one of the currencies I exchanged (JPY, SGD, £), then I really cannot say for sure.

There’s a good chance they would, but my guess is as good as yours.

Are the rates really better in Korea?

Yes, I would say so!

To illustrate:

I exchanged both JPY and SGD on March 28.

According to the historical data on xe.com, the rates for these 2 currencies on that day were:

The rates I got from Myeongdong that day were:

  • JPY: 10.44
  • SGD: 840

This means that for every 1 yen I sold, I received 10.44 won.
Similarly, for every SGD $1 I sold, I received 840 won.

Note that this is not even taking into account the fact that rates on xe.com are usually unrealistic i.e. You will never get those good rates that xe.com projects from money changers!

So, yes. Definitely cheaper for me to exchange money in Seoul than in Japan!

How about other places?

Apart from Myeongdong, we only exchanged money at Dongdaemun, because we were in a shopping frenzy and got really low on won. We changed a minimal amount though, because the rates were not as good as Myeongdong’s.

I think I spotted a total of 2 money changers in Dongdaemun, so exchange your money there only if you’re really desperate (like we were).

The money exchanger presence is close to non-existent in Insadong or Itaewon though. I don’t even recall spotting any.

Well, hopefully this will be helpful to someone! :)

For other Seoul posts, check out the master post!

109 thoughts on “Best place to exchange money in Seoul”

  1. Name*

    hi… I’m going to Seoul this weekend and I plan to change money there. If you don’t mind, can you give me the direction and the name of the money changer that you go? Thank you

    Reply
    1. Rin

      Sorry, I don’t remember the name nor the exact location. Myeongdong is not a big place, and if you locate the big building in the picture above, you will find the row of money changers!

      Even if you don’t find the same street, there are still many money changers scattered all around Myeongdong, and you can do a quick comparison to see which one gives you the best rate.

      Enjoy your trip!

      Reply
  3. Sheryl

    Hi Rin!

    Thank you so much for your information. By the way, may I know which station I have to drop off? If I drop at Myungdong station and walk around that area, will I be able to find the mentioned place?

    Thank you

    Reply
  4. Becky

    Thanks so much for the detailed blog!! I really appreciate it! I will be traveling to Tokyo in a few days and will be going to Seoul afterwards. Would you also suggest that I exchange the currency in Japan?
    Thanks! :)

    Reply
    1. Rin

      Hi Becky,

      Thanks for reading! I’m glad you found it helpful :)

      Actually, no. Money changers are few and far between in Tokyo, and the rates are not competitive, so it would probably be better for you to exchange yen before you arrive in Japan.

      If you are afraid of carrying too much cash, you might want to check with your banks to see if they offer withdrawal from ATMs in Japan with no processing fee. I know that certain cards from some countries can withdraw money for free in Japan.

      An alternative is to pay for some purchases with a credit card. Although many places are cash-based, most restaurants and major department stores, malls, etc. accept cards :)

      Hope this helps!
      Tokyo and Seoul together… you lucky, lucky girl!

      Reply
  5. Name*

    Hi! Thanks for the informative post.
    I heard from a friend that rates at the airport are pretty good as well. Do you remember the rates rates in the airport compared to myeongdong?

    Thanks :D

    Reply
  7. zenrei

    Hi Rin, can you recommend a travel agency in Tokyo? Would like to book package for 3 nights to Seoul. will be in Tokyo around october. Thanks.

    Reply
    1. Rin

      Hi zenrei,

      I don’t use travel agencies when traveling! I like to plan my own trip so I book the tickets, accommodation, etc all on my own :)

      If you really need a travel agency, H.I.S is pretty big in Japan. I’ve never used them before though, so I can’t vouch for how good they are. (Incidentally, they have a 3D Seoul package on the front page now!)

      Reply

  8. Pingback: Seoul 2014 Itinerary - Super free & easy - tripleRIN

  9. Dionell

    Thank You for this awesome page! I am going to Korea in two days time and I have no idea where else to exchange my dollars. This simply answered my questions :)

    Reply

  10. Pingback: More than the numbers • tripleRIN

  11. Kim

    Hi Rin,

    I am going to Seoul soon. Wish to know is there any landmark near by the picture you capture for the place to change money?

    Reply
  12. cookie

    hi rin !
    im going to seoul this week, any recommended money changer in singapore ?
    im going to find the place you mentioned above tho hehe

    Reply
    1. Rin

      Hi there!

      When in Singapore, I usually exchange money at Raffles Place. The second floor of The Arcade has many money changers, so you can shop around for rates a little, although they’re pretty competitive :) Best to go on weekdays though. That area is practically a ghost town on weekends.

      Reply
  15. Insane

    Hi Rin,
    Will be travelling to Seoul coming January, wanted to know either SGD are widely acceptable on all money changer around Seoul. It would be a hassle and I would lose some money if I exchange it from SGD – USD – KRW.
    Thank you

    Reply
    1. Rin

      Hello, if you go to the place in this post (Myeongdong), then yes, SGD is widely accepted at money changers in this area. Don’t lose money on exchange rates and save it for food or shopping instead!

      Reply
  17. Shirley

    Thank you thank you! Your Seoul posts are super duper useful and I’m planning so many of my activities just from reading the posts.

    Reply
  18. IC

    Hi there! thank you for your informative post! i was wondering.. like in your post, the rate for USD is $1 for 1070 won. When you make the exchange, do you actually get the 1070 won or is it less than that because of transaction fees and whatnot?

    Reply
    1. Rin

      Hello XP, I didn’t keep an eye out for Philippine Pesos, but I don’t think that would be a problem because they are very international! Besides, if one shop rejects you, there are literally a dozen other shops you can try :)

      Let us know your experience! It would be super helpful to other people from Philippines!

      Reply
  20. Brenda

    Hii!! Really glad I chanced upon your page, its been very helpful so far in my planning for my trip to Seoul.
    Thank you so much for your kind advices!

    Just wanted to ask if you know roughly what time the money changers open?

    Reply
    1. Rin

      Hi Brenda, glad to have helped! :)

      I’m not exactly sure what time they open, but 11am onwards should be a pretty safe bet. If you really need one early in the morning, the 7-11 at Myeongdong (which is open 24 hours) has money exchange services too.

      Hope this helps!

      Reply
    1. Rin

      Hi, I didn’t travel via Inchon Airport, so I have no idea! But if I had to venture a guess, I’d say that airport rates are usually not as competitive.

      Reply
  22. Marsk

    Its called 大信换钱两题替 and it’s right opposite the big building, which is the Embassy of the People’s Republic of China!

    Reply
  23. Tenzin

    HI Rin ^^

    Thanks for your informative post! It made me consider exchanging my money in seoul :) I’m from switzerland and we don’t use euro so i’m a little bit worried they might won’t accept swiss francs(CHF) since I didn’t saw it on the picture you took from the display.

    Is there a chance they still accept currencies which are not on the display? Or should I bring Euro?

    Thanks in advance!

    kind regards,
    Tenzin

    Reply
    1. Rin

      Hi Tenzin,

      You’re welcome :)

      Yup, they do accept currencies that are not on display. I exchanged pounds (which is not listed on the board) for won on my trip too. You can just ask the money changer if they accept CHF and if they say yes, ask them what the rate is. If you’re not satisfied with the rate, just try another stall!

      Reply
  25. ixobelle

    Thanks for the heads up, Rin! Lived in Japan 5 years, but first time going to Korea, plan to track this place down tomorrow :)

    Reply
  26. Kathryn Lim

    Hi Rin! ^^ Thank you for your post & useful info! But I still have some questions here >_< I'm from Malaysia, I will travel to Seoul on September, and then I don't know whether I should bring my own MYR and exchange it once I arrive Korea, or exchange USD/KRW in Malaysia first then bring it to Korea? If I exchange my money in Malaysia, which one is better? USD or KRW? Thanks in advance ^^

    Reply
    1. Rin

      Hi Kathryn,

      You’re welcome! ^^

      Hmm, if I were you, I’d change a bit of KRW in Malaysia (at least enough to cover transportation from the airport to the money changer) and then change the rest of MYR to KRW in Seoul. Changing to USD will result in a double FX loss, so I wouldn’t do that, especially since money changers in Seoul are very international and I don’t foresee a problem with MYR. (that’s basically the same thing as what I did above)

      That’s just what I would do :) Do whatever you’re most comfortable with!

      Reply
  28. sarah

    Thanks for the tip! Just came across your website that found this handy information! brilliant!
    My friend also suggested me to exchange at banks, have you ever tried?

    Reply
    1. Rin

      I’ve never exchanged at banks because they generally have poorer rates. But I remember seeing some banks in Myeongdong, so you can check them out too for reference :)

      Reply

  29. Pingback: Itinerary for 10D9N Trip - Page 2 - www.hardwarezone.com.sg

  30. Michele

    Hi Rin! I stumbled on this page and you don’t know how much I appreciate the information. I have a question for you though do you think I should bring the money in cash? I’m exchanging usd to krw and I’m not sure if they can take it directly from my us bank account in Korea. Please let me know thanks so much!

    Reply
    1. Rin

      Hi Michele,

      I’m always happy to know that this post helped someone! :)

      For us, we brought cash there to exchange it to won. If you prefer not to do that, this link might be of more help than me haha.

      Have a good trip!

      Reply
  31. Cyrus

    Thanks Rin! I heading to Seoul from the 4th-14th of August and can’t find good rate for Won in London for love nor money.

    Incidentally, if you’re ever in London and want to change money, Queensway is the street for you. You get a number of currency exchange places tucked into shops. Most offer better rates than high street type exchange establishments. But there are two in particular that are good. One is is tucked into Queensway Market about 40-50 metres from Queensway station. As you walk past it there’s a ramp inside taking you to a slightly elevated level in which the currency exchange lies. The other and the best one is called Altaif and it’s about 10 metres from Queensway underground. It’s run by an Iraqi guy in what is practically a white box.

    The only caveat is that they’re good if you want more popular (from their point of view) currencies. To make comparisons with others on the same day, I had checked Google’s currency converter. It was approximately 1,816 Won to £1.The guy at Altaif had about 200,000 Won which he gave to me for about a 0.1% fee, 1,800 Won to £1. This was because couldn’t get rid of it. The guy at Queensway market quoted me a rate that was still around 1%, £1 to 1,790 Won. The only problem was he didn’t have any Won and was unlikely to get any. My bank offered me a rate of 1,640. The best high street exchange place offered me a rate of 1,660.

    So I’d say if you’re coming to London and want to use it as a base from which to travel around and a as a result want Euros, Krona, Dollars etc, Queensway is the street for you.

    Reply
    1. Rin

      Hi Cyrus! Thanks for the very detailed info! I’ve been to London before but didn’t need to change money then. Will file this away for future reference :)

      I hope you enjoy your upcoming Seoul trip!

      Reply
    2. PAT.

      if you have 200,000 won, it would be good for a few days.
      If you are willing to bring GBP, I recommend you to visit Seoul station (train station). There are two commercial banks’ branch and they only specialise on foreign currency exchange, As they have the best rate for the most currencies, there always are tons of people trying to buy and sell currencies there so you may have to wait, but you would get more Korean won than anywhere else (since GBP isn’t as popular as US dollar or Japanese yen, you wouldn’t get a good rate in Myeongdong)

      If you are willing to do what I just mentioned, enter Seoul station, and there is a IBK (industrial bank Korea) branch on the far left, and there is another branch (it’s a Woori bank branch) two floors down, (you can take the escalator near IBK)
      The rate difference isn’t huge between those two banks, and as I said above, there are so many people, so you can visit both banks and use the one that has fewer people. As a foreigner, you could exchange up to 900 USD worth of foreign currency (i.e. buy or sell 900 dollar worth of currency). Don’t forget to bring your passport. To reduce the volume of cash you are carrying, you may want to bring 50 pound notes. (it is not a big deal what type of notes you bring, but it has to be English note. Scottish, Nothern Irish etc. notes are not accepted even though they are Sterling notes, also avoid to bring too worn notes, they won’t say anything, but they prefer clean and crispy notes. If the banknote is torn or too dirty, they may refuse to accept it.)

      I hope this helps!

      Reply
  32. PAT.

    The Red Building is the Chinese Embassy. Since Seoul is becoming a melting pot and being an attractive place for foreigners, there are currency exchange shops at places that foreigners visit. Some places are, Myeongdong (definitely) Namdaemun, Dongdaemun and Itaewon, and among those places, the one you visited is known for the best rate. Since they offer a good rate for buying currencies, a lot of Korean who are planning on a trip to overseas go there to get some foreign currencies.
    The major currencies they take are USD, JPY, CNY, and some places welcome HKD and TWD. You can sell/buy these currencies at good rate because they can re-sale it to other customer who need those currencies. Other currencies such as Euro, Canadian, Aussie or British Pound, they would still accept it, but since they may have to make a trip to the bank to sell it, they may offer you a not-so-good rate. (Yet, SGD is getting common, so you don’t need to exchange SGD to USD)
    Speaking of airport, there are some branches of local banks, however you would get the worst exchange rate, so if you could, avoid it! (Rates at those currency exchange places and airport may differ by 50 won per dollar (about 5 US cent/dollar), but those airport branches have better rates than overseas, so if you are worried, maybe you’d want to exchange small amount of money at the airport when you arrive. (it means, the rate at the Korean airport is better than that of Haneda airport.. taking an example from this story) BUT, since those branches are not opening 24/7, if you are landing too late, you may want to buy Korean currency before you leave your country. Also you can withdraw Korean won using your credit cards. The rate isn;t that bad, so you may use your card to get some Korean cash at the airport after landing!

    Reply
  34. sya

    hi, RIN
    i am sya from indonesia.
    i will visit seoul on november and i bring SGD in s$1000 bills.
    i want to exchange my money only s$500 with using S$1000, is it possible? will that money changer accept and return my another s$500 still in SGD? thank you rin :)

    Reply
    1. Rin

      Hi Sya,

      I’ve never done that before so I cannot say for sure. I think it really depends on the money changer and whether they have notes in the currency you want.

      I would advise to not expect change and give them the exact amount you want to exchange instead.

      Reply
  37. Erin

    Hi Rin,

    Im leaving for Seoul next week. Great to come across your post!
    So basically i change about SGD500 locally and the rest SGD in Myeongdong right. No need to change to USD all?

    Reply
    1. Rin

      Hi Erin,

      Glad it was of help! In the post, I shared that I exchanged both Japanese yen and SGD, so yes, SGD is fine. No need to change to USD.

      Reply
  39. R

    Haha, for those who want to know, the building on the right with the red Chinese Gate is the 韓國漢城華僑小學 (Seoul Chinese Primary School).

    Reply
  40. Rain

    Hi rin,

    Can I change Turkish Lira to Korean Won in Seoul?

    I have no korean won. What do you suggest to me. Should i exchange money TL- USD-WON ?

    Reply
    1. Rin

      Hi Rain, I have no experience with Turkish Lira so I cannot advise. Changing to USD first is playing it safe, but it will incur additional costs, so you’ll have to decide if you want to do that.

      Reply
  41. 김옥존

    Hello Rina,
    Thank you very much for sharing this. I will visit Seoul on Thursday and I have prepared USD first, as I heard buying USD here (Philippines) and changing it in Seoul afterwards would be better.
    Good thing you mentioned that Myeongdong has many than Dongdaemun ‘coz my plan is to look at Dongdaemum first.. hihihi..

    Thank you again and have a great day!

    Reply
  42. Jon

    Can you also change your USD to Yen as well here? I will be visiting korea first so I will be exchanging to won. The week after I’m going to Japan so I will also need to exchange for Yen. Are the rates just as good?

    Reply
  43. ewan

    So would I be able to easily exchange British pounds in Korea, or better off converting to dollars before I get there?

    Reply
  44. Rin

    In the post:
    “Even if your currency is not listed, just ask! Most of the time they will accept it. I had like £80 and they accepted it too!”

    Reply
  46. Stephanie H

    I know it’s more about seoul than japan but there actually is a place in Tokyo where you can change currenies for almost nothing.
    There’s a full street of them in shinjuku, I cannot exactly point it but it is directly on the side of Shinjuku station.

    Reply
  47. Kevin

    Thank you. Your post is the top searched in Google for “money exchange myeongdong”. Were in Seoul now and this post is very helpful.

    Reply
  48. RICARDO

    I also just used your info and exchanged some money here. Thanks :)
    By the way, the building with red gate and guards is the Embassy of China (PRC).

    Reply
  49. Vega

    Just did a search for “best advice for changing yen to won” and this popped up number 7. However, this was absolutely the best source of information and incredibly helpful. Thank you so much!! All of your hard work a few years ago has helped hundreds if not thousands of people. I am going to relate your info to future travelers as well. Truly, thank you!

    Reply
    1. Rin

      You’re most welcome! I was in a similar situation before so I’m really happy that my information is helping others now :)

      Reply
  50. Chris

    Hi Rin,
    I was just wondering are there transaction fees when exchanging in Myeongdong at those money exchanging shops?

    Thank you :)

    Reply
  52. Sayuri

    Hello Rin

    I just saw on the Money Exchange picture that there are only Euros, Dollars and asian currencies to exchange.
    Do you know that, can I change in Myeongdong also British pound and Swiss franc?
    Thank you for your reply

    Reply

  53. Pingback: The Best Place to Exchange Money in Myeongdong – The Kimchi Lamb

  54. Shelley

    Hi there, great post, even 3+ years on! I’m heading to Seoul for the first time on Friday (it’s Tuesday where I am now) and I’m looking into whether to exchange wons before or after I travel. Most people recommend exchanging in Korea so that’s what I’m going to do. One question I didn’t get answered though, is if you can use credit cards (in particular MasterCard) to exchange money at these bureau de changes you mentioned in Myeongdong? If you didn’t use payment cards yourself, did you notice anyone else using it or saw a card machine that was visible? Also while I’m American, I’m based in Norway so my cards are Norway issued. Do you think they will exchange Norwegian kroners? I hope you see this question! Thanks for your reply.

    Reply
    1. Rin

      Hello! I may be mistaken, but I don’t believe you’ll be able to exchange money using credit cards at these shops. I didn’t use them, nor did I observe anyone else use them. If you prefer not to carry so much cash to Korea, you can withdraw money from your card in Korean won via ATMs though, but of course the exchange rate will not be as favorable.

      Reply
  55. Fan

    Hi Rin! I hope you can give advise. Do you know if it’s cheaper to exchange large amount of usd at exchange store in myeongdong or from the reputation bank like woori? I heard that you can negotiate the rate with a bigger bill like $100, is that true? Thank you in advance

    Reply
    1. Rin

      Hi, I’ve never exchanged at a bank before so I can’t say for sure. But my impression is that banks give slightly poorer rates than exchange stores. Feel free to compare before making the exchange.

      And rather than negotiating a higher rate, I think it’s more like they give you the advertised rate for bigger bills, and lower rates for smaller bills. But again, check with them before handing them the money :)

      Reply
  56. Joma

    Hi Rin :) Thanks for this super informative post ^^ I am also living in Japan and will visit Seoul next week for the long weekend. Can you please advice me which is better? Should I exchangez my yen first to usd to get higher rates before changing it to won in Myeongdong or just directly exchange yen to won? Thanks in advance for the answer

    Reply
  58. Tim

    hihi. chanced upon your blog. i am heading to Seoul and will be staying Myeongdong.
    i am from Singapore and will like to know whether shall i change SGD to WON at raffles money changers or just go to Myeongdong to change SGD to WON? will the rate be better this way?

    Some ppl says its better to change in SG, while some says its better to change in Seoul. i am on the fence, and tommorow i am flying to Seoul already.. hehe. hope u can reply me soon.

    Reply

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top