Money Exchange in Seoul: A Practical Guide to Cash, Cards, and Customs

Preparing to pay your way around Seoul starts with understanding a few basics: the local currency, where to exchange cash, and which charges to check. This guide builds on Unlock Korea’s introduction, with customs information checked against Korea Customs Service guidance.

Getting Familiar with Won

South Korea uses the won (KRW, ₩). Banknotes come in ₩1,000, ₩5,000, ₩10,000, and ₩50,000 denominations; commonly used coins include ₩10, ₩50, ₩100, and ₩500. Knowing the notes before you arrive makes everyday payments easier.

Choosing Where to Exchange

Banks, airport counters, and authorized currency exchange businesses are options. Myeongdong has multiple exchange shops, but no neighborhood or counter is guaranteed to offer the best deal every time. Ask how many won you will actually receive after any commission, and compare quotes for the same amount and currency. Airport exchange can be convenient for initial expenses; check opening hours before relying on a particular counter.

Identification and Receipts

Bring your passport when exchanging money and confirm the provider’s identification requirements. Keep the receipt and count the cash before leaving. Accepted currencies, note conditions, transaction limits, and supporting documents can differ by provider—do not treat a customs threshold as a universal exchange allowance.

Using Cards and ATMs

Cards are widely accepted, though acceptance depends on the merchant and your card. Before traveling, check overseas-use settings and fees with your issuer. For withdrawals, choose a machine that supports your international card and review both the ATM charge and your own bank’s fees. Carry a modest cash backup rather than relying on one payment method.

Customs Rules Are Separate from Exchange Rules

Korea Customs Service says travelers entering Korea with foreign currency, won, and covered checks exceeding a combined USD 10,000 equivalent must declare them to Customs. The total is across currencies, not a separate allowance for each. Obtain the declaration certificate before leaving the arrivals area.

Departure requirements vary with residency status and the source and purpose of the funds; exceptions and bank-confirmation procedures can apply. Check the official guidance for your circumstances rather than assuming the same rule applies to every departure.

A Simple Travel Checklist

Compare the final payout, bring identification, retain receipts, and check payment fees before your trip. Rates and provider conditions change, so treat this as a planning guide rather than a guaranteed quote.

Sources and images: Unlock Korea (@unlock_korea), Instagram post published January 9, 2026.

https://www.instagram.com/p/DTR1QOWEudj/

Official visitor information: Korea Tourism Organization — Korean Currency & Exchange Info

https://english1.visitkorea.or.kr/enu/TRV/TV_ENG_1_3.jsp

Customs verification: Korea Customs Service — Declaration of Foreign Currency (checked October 15, 2026)

https://www.customs.go.kr/english/cm/cntnts/cntntsView.do?cntntsId=5500&mi=10800