Where to Exchange Money for Your Trip to Korea? Cash vs Card
Korea is convenient for card payments, but cash may be needed in traditional markets and other places.
Currency exchange can typically be done at your home country, airports, and city exchange offices, with airports recommending only minimal amounts.
To save on fees, compare exchange rates, exchange a larger amount at once, and utilize preferential coupons or bank app services.
Is it more convenient to use cards or do you need cash in Korea?
Using cards in Korea is quite convenient. Most restaurants, cafes, and shopping malls accept card payments, and you can also recharge transportation cards using a card.
However, there are still situations where cash is needed during your travels. Therefore, it is practical to prepare both cards and small amounts of cash.
- Traditional markets, street food
- Some small shops
- Transportation card recharges (some machines only accept cash)
Where is the best place to exchange currency?
There are three main methods for currency exchange: before departure in your home country, at Korean airports, and at currency exchange offices in the city.
Generally, airport currency exchange offers less favorable rates, so it's advisable to exchange only a minimal amount. In Seoul, it is known that there are many currency exchange offices with good rates in tourist areas like Myeongdong and Dongdaemun.
A practical approach is to exchange a small amount at the airport right after arrival for immediate expenses, and then exchange the rest in the city, which is often recommended.
| Method | Advantages | Points to Note |
|---|---|---|
| Currency exchange in your home country before departure | Can be prepared before departure | May need to re-exchange based on the situation at the travel destination |
| Currency exchange at Korean airports | Secures cash immediately upon arrival | Rates are generally not favorable, so a minimum amount is recommended |
| Using currency exchange offices in the city | Many places with good rates in tourist areas (e.g., Myeongdong, Dongdaemun) | If you need cash upon arrival, small currency exchange at the airport can be helpful. |
How can you save on exchange fees?
The key point in currency exchange is to reduce fees. Even for the same amount, the effective cost can vary depending on the exchange rate and whether preferential rates apply.
Before traveling, it helps to compare exchange rates and check if you can use preferential coupons or apps.
- Exchange currency after comparing rates (app usage recommended)
- Exchange in one go rather than multiple small exchanges
- Utilize exchange rate preferential coupons
- Some bank apps: Check airport pickup service after applying for currency exchange in advance
Is it possible to withdraw cash from ATMs in Korea?
Using ATMs in Korea is possible. However, there may be restrictions depending on the device/card/bank conditions when using foreign (overseas issued) cards.
ATMs are convenient but may incur fees, so it's best to think of them as a backup for urgent situations.
- Use devices marked with 'Global ATM'
- Check foreign card usage fees
- Some ATMs may have restrictions on withdrawals with foreign cards
Exchanging currency while traveling, here's how to make it convenient.
When traveling, exchanging too much cash can make it difficult to handle any leftover money. Preparing in smaller amounts according to your itinerary can reduce this burden.
Even if it's your first visit, understanding the basic flow makes currency exchange much simpler.
- On the first day, exchange a small amount at the airport.
- After that, use currency exchange offices in the city.
- Make active use of card payments.
- Always keep emergency cash on hand.
Frequently Asked Questions (FAQ)
Can I travel in Korea using only a card?
Most restaurants, cafes, and shopping malls accept card payments, but you may need cash at traditional markets, street food vendors, and some small shops, so it's advisable to prepare both cards and small amounts of cash.
Is it a loss to exchange money at the airport?
Based on the original text, airport currency exchange tends to have unfavorable rates, so it's recommended to exchange only a minimal amount. It's suggested to change just enough for transportation and meals immediately after arrival and then use city exchange offices afterward.
Is it safe to withdraw cash from ATMs?
Using ATMs in Korea is possible, but be cautious about checking for the 'Global ATM' sign, foreign card fees, and potential limits on foreign card withdrawals.
Are there practical ways to reduce currency exchange fees?
Suggestions include comparing exchange rates (using apps), exchanging a larger amount at once instead of multiple small exchanges, and utilizing exchange rate discount coupons. Some bank apps also offer a pre-exchange application service for pickup at the airport that can be checked before traveling.
This content is intended for general travel information purposes and may vary depending on individual payment methods, card conditions, and usage environments. Please check with each financial institution and on-site guidance for actual exchange rates, fees, and availability before your visit.