Exchanging currency
Where you exchange makes a real difference. Unless you are in a hurry, avoid airport exchange.
Where to exchange
- Banks — safe, with preferential rates available. Booking in the app and collecting at a branch is usually best.
- Bank app exchange — often the best rate.
- Airport exchange — convenient but unfavourable. Change only the minimum.
- Registered private exchange shops — rates can be good in some areas. Check they are registered.
Steps
- Decide the amount.
- Book the exchange in your bank app. Check the preferential rate.
- Collect at a branch or airport counter.
- Keep the receipt.
What you need
- Passport or Alien Registration Card
- A bank account (for app exchange)
Where to go
- Your bank branch or app
- 1332 Financial Supervisory Service
- fine.fss.or.kr
Questions people ask
What is a "preferential rate"? A discount on the margin between the bank's base rate and the applied rate. Booking in the app often gives a bigger discount.
How much can I exchange? Above a certain amount, reporting or proof of the source of funds is needed. Check with your bank.
Can I change leftover won back? Yes, but buying and selling rates differ, so exchanging twice loses money.
Someone on the street offered to exchange for me. Unregistered exchange is illegal and risks counterfeit notes. Refuse.
Take care
Don't carry large amounts of cash. If the purpose is sending money home, a proper remittance is safer and usually better value than exchanging. See the remittance-app guide.
Related
remittance-app · bank-choice · atm-use
Source
Financial Supervisory Service www.fss.or.kr / As of 2026-08