Money Exchange in Seoul

Last checked: October 2026

You can pay by card almost everywhere in Seoul, but you still need some Korean won in cash, mainly to buy and top up a T-money card. This page explains where to get won, how to spot a licensed money changer, and how to change won back before you fly home.

At the airport

Bank counters, some 24 hours

In the city

Banks and licensed changers

ATMs

Look for a "Global" sign

Changing back

Keep your receipt

How much cash do you need?

• A regular T-money card is bought and topped up with cash. See T-money: cash or card?
• Some market stalls take cash only.
• Almost everything else takes foreign cards: shops, restaurants, taxis, and the newer subway ticket machines that sell the Climate Card pass.
• Not sure which transit card fits? See which transit card to get. WOWPASS and T-money on iPhone need little or no cash.

A practical plan: change a small amount at the airport for your first T-money top-up and your trip into the city, then compare rates in the city if you need more.

At the airport

• Incheon Terminal 1 has 14 bank exchange counters (KB, Woori, Hana). Six are open 24 hours, including the KB counter near Arrival Hall B on 1F. The rest open 06:00–22:00.
• There are also counters in the departures area (3F), some inside the duty-free zone near the gates, so you can change leftover won after security.
• ATMs are on 1F, on 3F, and on B1 near the AREX ticket machines. Several are open 24 hours.
• Full bank branches at the airport keep normal bank hours, 09:00–16:00.

Each counter posts its own buy and sell rates, and rates are not the same everywhere. The airport is the easiest place to get your first won. If you need a larger amount, compare the posted rates in the city before you change it all.

More about your first hour: Incheon Airport to Seoul: cash and T-money.

Licensed money changers

Private money changers (환전소, hwanjeonso) must register with Korea Customs Service. About 1,320 operate nationwide. They often stay open after banks close.

How to spot a licensed one

• It shows a sign that it is a registered money exchange business and posts its buy and sell rates. Seoul Tourism Organization describes these as booths with a "Certified" sign and currency symbols.
• It works from a fixed, registered shop, not on the street.
• It checks your ID and keeps a record of each exchange, so bring your passport.
• Don't change money at a booth with no sign. Seoul Tourism Organization advises against uncertified booths.

Licensed money changers may only exchange foreign cash and buy foreign traveler's checks. They are not allowed to send money abroad for you. To report an illegal operator, call Korea Customs Service at 125.

Myeongdong

Line 44 Myeongdong

• Myeongdong has many money changers aimed at visitors. In July 2026, Korean press reported lines reaching the sidewalk at some shops, with tourists walking the side streets to find one without a queue.
• Rates differ from shop to shop. Compare the posted rate for your currency before you hand over cash, and ask for a receipt.
• We don't recommend individual shops. Use any licensed one with posted rates.

Banks

• Most banks exchange foreign cash. Most branches open about 09:00–16:00 on weekdays.
• Bring your passport. Banks can change small amounts (up to the equivalent of 1 million won) without ID, but they check ID above that.
• As a visitor, you can change up to the equivalent of US$20,000 into won at a bank without extra paperwork. Above that, the bank asks for the customs declaration you made when you arrived.
• Foreign coins are hard to change. Banks that accept them buy them at a large discount (50% or more at Woori Bank), so spend your coins before you come.

Exchange kiosks and WOWPASS

Self-service exchange machines (무인 환전기) turn foreign cash into won. You can find them in some hotels, stations, and convenience stores. Their availability changes, so treat them as a backup, not a plan.

• Some accept up to 15 currencies. Expect to scan your passport.
• WOWPASS machines take cash in 16 currencies and load it onto a prepaid card that also works as a transit card. You can withdraw won from its machines, up to 100,000 won at a time for 1,000 won each. See T-money vs WOWPASS.

ATMs that take foreign cards

• Not every ATM takes foreign cards. Look for a "Global" sign or your card network's logo on the machine.
• Most ATMs have an English menu. Many are open 24 hours, others until about 23:00.
• Fees vary by machine and by your home bank. Convenience store ATMs often charge more than bank ATMs.
• If one machine rejects your card, try another bank's ATM.
• If the screen offers to convert the amount into your home currency, choose won.

Cards from home

• Before you fly, ask your bank whether your card works abroad, what it charges for foreign payments and ATM withdrawals, and what your daily withdrawal limit is.
• Some banks and money apps at home offer cards with low foreign fees. They work like any other foreign card here: fine for paying in shops, but you still need won cash for a regular T-money card.
• When a card terminal offers to charge you in your home currency, choose won.

Changing won back when you leave

Keep the receipt from every exchange. Your receipts show how much foreign currency you changed into won, and they let you change won back up to that amount.

• At a bank, visitors can change won back up to the amount on their receipts. Without receipts, the limit is the equivalent of US$10,000, and the bank notes the exchange in your passport.
• Without an exchange receipt, a money changer can sell you only up to US$2,000 in foreign currency per person per day, or US$4,000 at shops with computerized records. With your receipts, it can change won back up to the amount on them. For more, use a bank.
• At Incheon Terminal 1, bank counters in the departures area (3F) and inside the duty-free zone take won. Some are open 24 hours.
• Small amounts are easier to spend than to change. Spend coins and spare notes at a convenience store before you go. See getting your T-money balance back.

Declare cash over US$10,000 at customs. This applies when you arrive and when you leave, and it counts won, foreign cash, and checks together. If you don't declare, you can be fined 5% of the undeclared amount, and larger sums can lead to criminal charges.

• On arrival, mark foreign currency on the customs declaration (or in the Traveler Customs Declaration app).
• On departure, report at the customs foreign currency desk before you go through security.

What to say

Sources

• Incheon Airport – banks, exchange counters, and ATMs (Terminal 1)
• Seoul Tourism Organization (Seoul Danurim) – money, banks, and ATMs
• Korea Customs Service – rules for licensed money changers (August 2023)
• Taxtimes – customs inspection of money changers, daily selling limits (July 2026)
• Newsis – queues at Myeongdong money changers (July 2026)
• Korea Federation of Banks – exchange rules for non-residents
• Woori Bank – changing foreign currency into won
• News Seoul – Korea Customs Service on declaring cash over US$10,000 (February 2026)
• Korea Law Information Center – Foreign Exchange Transaction Regulation (Articles 2-2, 2-3, 2-29: bank and money changer limits)
• Hankyung – exchange kiosks with 15 currencies (April 2026)
• Financial News – how exchange kiosks work, passport scan (December 2020)
• WOWPASS