5 Places with Best Exchange Rates in Seoul

The currency in South Korea is called won (KRW). Banknotes come in denominations of 1,000, 5,000, 10,000, and 50,000 KRW. Coins are available in 10, 50, 100, and 500 won.

South Korea is one of the few countries in the world where we can get good exchange rates from banks. You can rely on bank’s service while being in Seoul.

The advantage of exchanging money in banks is that there are staff speaking English and Japanese to serve us at the counter. You will surely enjoy this specialized service at banks like KEB Hana Bank, Shinhan Bank, and Woori Bank, which is particularly designed to cater for visitors.

The only downside to bank service is their limited business hours (standard bank hours are 09:00 – 16:00 from Monday to Friday).

Besides banks, there are also good individual money changers for us to stock Korean wons for our fashion and cuisine adventures. You can find them at Myeong-dong, Dongdaemun, and Itaewon. Apart from these famous tourist areas, you seldom find a service provider with advantageous rates in other parts of the city.

Although most of the money changers in Seoul are authorized, visitors are advised to avoid the quirky currency exchange stalls with huge umbrellas on the sidewalks.

Traveler’s cheques can be exchanged in banks and at some service booths. Just remember to only sign the bottom section (of the cheque) in the presence of the teller. Otherwise, your cheque will not be accepted.

Also, make sure to bring a valid ID because some banks will ask for one when making transactions.

Below is the list of the best places and banks to exchange money in Seoul, which will help you get more wons for your trip.

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