Korean Currency & Airport Exchange: A Traveler’s Guide

I’ll never forget my first trip to South Korea. I landed at Incheon, bleary-eyed after a 14-hour flight, and walked up to the currency exchange counter. I handed over a few hundred US dollars and got back this giant stack of colorful bills. I mean, I suddenly had millions… in Korean Won, anyway. ₩ 🇰🇷

It felt like Monopoly money, and I had no idea what anything was worth. I was totally that person holding up the line at the convenience store, fumbling with coins and trying to figure out which bill was 1,000 and which was 10,000. It was… not smooth.

Here’s the deal: handling money in a new country can be super stressful. You’re worried about getting ripped off, not having enough cash for the bus, or your card getting declined. But I’m here to tell you that money in Korea is actually incredibly easy.

This guide is my brain-dump of everything I’ve learned. We’re going to cover what the money looks like, when to use (and not use) your credit card, and exactly what to do when you get off the plane at the airport. Let’s get this money thing sorted so you can focus on the fun stuff, like finding the best tteokbokki.

Meet the Money: A Look at Korean Currency 

First things first, let’s get you acquainted with the local cash. The official currency of South Korea is the Won, and its symbol is ₩ (just like the dollar sign, but with two horizontal lines).

The most important thing to remember is the numbers are… well, big. Don’t panic when your coffee costs ₩4,500. It’s not $4,500!

This simple trick keeps me from overspending and helps me understand value fast.

The Bills (Banknotes)

You’ll mostly be dealing with four paper bills. They’re all different colors and sizes, which makes them easy to tell apart, even when you’re jet-lagged.

• The 50,000 Won Bill (Yellow): This is the big one, worth about $40-$50. It features Shin Saimdang, a famous 16th-century artist, poet, and calligrapher. It’s awesome that the largest denomination features a woman! You’ll get these from an ATM or if you break a large US bill. Honestly, they can sometimes be a little hard to break at a tiny coffee stand, so I usually try to use them for hotel payments or larger restaurant bills.
• The 10,000 Won Bill (Green): This will be your absolute best friend. It’s the “workhorse” of Korean currency, worth about $8-$10. It features King Sejong the Great, the inventor of the Korean alphabet, Hangeul. You’ll use these constantly. ATMs usually dispense these.
• The 5,000 Won Bill (Red/Orange): This is your “coffee money,” worth about $4-$5. It features Yi I, a 16th-century Confucian scholar (and, fun fact, he’s the son of Shin Saimdang from the 50k bill!).
• The 1,000 Won Bill (Blue): This is the smallest bill, worth about $1. It features another Confucian scholar, Yi Hwang. You’ll use these for bottles of water, bus fares, or as change.

The Coins (Dongjeon)

You’ll also get a handful of coins, though honestly, you won’t use them as much as the bills.

• 500 Won Coin: This is the most useful coin by far. It’s big, silver, and worth about 40 cents. You’ll use it for subway lockers or vending machines. It has a crane on it.
• 100 Won Coin: Also very common and useful, worth about 8-10 cents. It features Admiral Yi Sun-sin, a legendary naval commander.
• 50 Won Coin: Worth about 4 cents. Has a stalk of rice.
• 10 Won Coin: Worth… basically nothing (less than 1 cent). It’s tiny and bronze. Most of the time, I just end up leaving these in a “take a penny” dish or my hotel room.

The Cash vs. Card Debate in Korea 💳

This is a really important section, so listen up. When I say Korea is a “credit card society,” I am not exaggerating.

You can (and will) use your card for everything. I’m talking:

• Taxis
• That ₩1,000 bottle of water at the convenience store
• Your meal at a high-end restaurant
• Your coffee at a tiny independent cafe
• Most souvenirs at major department stores

Visa, MasterCard, and even American Express are widely accepted. It’s almost weird to pay for a ₩30,000 meal with a stack of cash. Everyone just taps their card (or phone) and moves on.

So… Why Do I Need Cash at All?

Great question! Even in this cashless paradise, there are a few key exceptions where cash is king.

1. The T-Money Card: This is your all-in-one rechargeable transit card for subways and buses. You can buy the card itself with a credit card at a convenience store, but you must use cash to load (recharge) it at the subway station machines. This is probably the #1 reason you need cash right out of the airport.
2. Traditional Markets: If you’re going to Gwangjang Market for bindaetteok (mung bean pancakes) or Namdaemun Market for souvenirs, many vendors are cash-only. It’s part of the charm!
3. Street Food Stalls: That delicious-smelling hotteok (sweet pancake) or eomuk (fish cake) on the street? Yeah, that’s cash-only, my friend.
4. Some Rural Areas: If you get way off the beaten path, you might find a tiny mom-and-pop restaurant that prefers cash.
5. Taxis (Sometimes): While 99% of taxis take cards, I’ve had one or two (out of hundreds) whose machine was “broken.” Having a ₩10,000 bill on hand is just smart.

Quick Cash Calculator 🧮

So, how much should you get? My personal rule: I get about $100 USD worth of Won at the airport. This is more than enough to buy my T-money card, load it with ₩50,000, buy a snack, and pay for my train or bus into the city, with plenty left over for my first day.

After that, I just use my credit card for 90% of my purchases and hit a “Global” ATM if I need to reload on cash (more on that later).

Want to see what your USD gets you? Use this simple calculator to get a rough idea.

The Ultimate Guide to Airport Exchange (ICN & GMP) ✈️

Okay, you’ve landed! You’re through immigration, you’ve got your bags. Now it’s time to get that first bit of cash.

Here’s the Golden Rule of Airport Exchange: The airport is for convenience, not the best rate. You’re paying a small “fee” (baked into the exchange rate) for the luxury of getting money at 11 PM after a long flight. And honestly? For your first $50-$100, it’s worth it.

You’ll see exchange booths and bank counters everywhere in the arrivals hall. They are all legit, run by Korea’s biggest banks. You can’t go wrong.

Arriving at Incheon (ICN) T1 & T2

Incheon is massive, but finding a bank is easy. After you grab your bags and walk out into the arrivals area (Landside), you will see counters for Woori Bank, Hana Bank, and KB Kookmin Bank.

Now, this part is important: you’ll see “Bank Branches” and “Money Exchangers.”

• Bank Branches: These are full-service banks (for, like, opening an account). They are typically open 09:00-16:00 on weekdays only. You can exchange money here, but you don’t need a “full branch.”
• Money Exchangers: These are the small counters you want! They are run by the same banks (Hana, Woori, etc.) but are only for currency exchange. Their hours are much better, typically 06:00 to 22:00 (10 PM), and some are even 24 hours.

My advice? Don’t stress about “which bank is best.” The rates between them at the airport are going to be almost identical. Just walk up to the first one you see with the shortest line.

Remember: These are the “full branch” locations. You’ll find their exchange-only counters all over the arrivals hall, open much later!

Arriving at Gimpo (GMP)

Gimpo is smaller and (in my opinion) a bit easier to navigate. It’s the same story here: you’ll find bank booths in the arrivals hall after you get your bags.

The main bank listed for Gimpo is Shinhan Bank. Its full branch is noted as being in the Domestic Terminal 1F, open 09:00-16:00.

Don’t worry! If you’re flying in internationally, you’ll be in the International Terminal, and I promise you, there are Shinhan Bank (and likely others) money exchange counters right there in the arrivals hall, open for all major flight arrivals. You won’t have to go hunting in the domestic terminal. Just look for the “Currency Exchange” sign.

Beyond the Airport: Getting Better Rates 

Okay, so you’ve got your “survival cash” from the airport. What if you need more? DO NOT go back to the airport!

You have three much better options:

1. Use a “Global” ATM: This is my personal favorite. Most bank ATMs (Woori, Shinhan, KB, etc.) have a “Global” or “Foreign Card” option. You just stick in your US debit card, and you can pull out Won directly from your US bank account. The exchange rate is usually the best possible. The only catch? Your home bank might charge you a fee (e.g., $5) and/or a foreign transaction fee (1-3%). (Pro-tip: Get a Charles Schwab checking account—they refund ALL ATM fees worldwide. It’s a game-changer).
2. Visit a Downtown Bank: You can walk into any bank branch in the city (during their 9-4, M-F hours) with your passport and USD, and they will exchange it for you. The rate will be significantly better than the airport.
3. Go to an Authorized Money Changer: This is the “insider” tip. In areas with lots of tourists, like Myeongdong in Seoul, there are dozens of “Authorized Money Changers.” These little storefronts (they are totally legit) compete with each other, so their rates are often the best in the city, even better than the banks. You just walk in, hand them your USD, and they hand you Won. It’s fast and easy.

Frequently Asked Questions 

Whew! That was a lot, but I hope you’re feeling way more confident about handling money in Korea. It’s really simple: get a little cash at the airport, and use your card for everything else.

Enjoy your trip! It’s an amazing country, and the last thing you should be doing is stressing about cash. If you have any more questions or your own travel-money hacks, feel free to ask in the comments below!