Understanding Currency Exchange at Korean Airports
Exchanging currency at Korean airports is straightforward and accessible, but understanding the process, costs, and alternatives helps you make informed decisions about managing your travel money.
Where to Find Exchange Counters
Incheon International Airport
Terminal 1:
- Basement Level (B1): Multiple exchange counters near the Airport Railroad (AREX) entrance and transportation center
- Arrivals Hall (1F): Several booths operated by major Korean banks
- Departure Level (3F): Additional counters in the check-in area
Terminal 2:
- Basement Level (B1): Exchange counters near the transportation area
- Arrivals Hall (1F): Multiple booths in the arrival area
Operating Hours:
- Standard counters: 6:00 AM – 9:00 PM or 11:00 PM
- Select 24-hour locations available at Terminal 1
Gimpo Airport
Exchange counters are located in both domestic and international terminals, primarily on the arrivals level.
Busan Gimhae International Airport
Exchange services available in the international arrivals hall.
Major Currency Exchange Providers
Korean banks operate most airport exchange services:
KB Kookmin Bank
- Largest presence at Incheon Airport
- Handles 44+ currencies
- Branch banking: Mon-Fri 9:00 AM – 4:00 PM
- Currency exchange: Extended hours 6:00 AM – 9:00 PM
Shinhan Bank
- Multiple locations in both terminals
- Similar operating hours to KB Bank
Woori Bank & Hana Bank
- Additional options with competitive rates
- Availability varies by terminal and time
Exchange Process Step-by-Step
1. Locate an Exchange Counter Follow signs for “Money Exchange” or “Currency Exchange” in English, Korean (환전), Japanese, and Chinese.
2. Present Required Documents
- Passport: Mandatory for all exchanges (government requirement for tax reporting)
- Foreign currency cash in hand
3. Verify Exchange Rate
- Rates are displayed on electronic boards at each counter
- The “buy” rate (매입) is what the bank pays you
- The “sell” rate (매도) is what you would pay to buy foreign currency
4. Specify Amount Tell the teller how much foreign currency you want to exchange. They will calculate the equivalent in Korean Won.
5. Receive Korean Won You’ll receive KRW in various denominations. Staff may provide a mix of 50,000, 10,000, and 5,000 won notes.
6. Keep Your Receipt Important if you need to re-exchange remaining KRW before departure.
Understanding Exchange Rates and Fees
Rate Structure: Korean banks typically add a margin (spread) to the mid-market exchange rate. This margin is how they profit from currency exchange services.
Typical Margins:
- Major currencies (USD, EUR, JPY): 2-4% spread
- Less common currencies: Higher spreads
“No Commission” Claims: Many airport exchanges advertise “no commission” or “no fees.” This is technically true—they don’t charge separate transaction fees. However, the profit is built into the exchange rate spread.
Example:
- Mid-market rate: 1 USD = 1,300 KRW
- Airport exchange rate: 1 USD = 1,270 KRW
- Effective cost: ~2.3% (the 30 KRW difference per dollar)
Accepted Currencies
Korean airport exchanges typically handle major international currencies:
Most Common:
- US Dollar (USD)
- Euro (EUR)
- Japanese Yen (JPY)
- Chinese Yuan (CNY)
- British Pound (GBP)
Also Accepted:
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
- Hong Kong Dollar (HKD)
- Singapore Dollar (SGD)
- Thai Baht (THB)
- Philippine Peso (PHP)
- Vietnamese Dong (VND)
- And approximately 35+ other currencies
Important Restrictions
Cash Only: Credit cards and debit cards cannot be used for currency exchange at airport counters. You must have physical foreign currency.
Damaged or Torn Bills: Banks may refuse bills that are:
- Significantly torn or damaged
- Missing serial numbers
- Heavily stained or defaced
Counterfeit Concerns: Staff are trained to identify counterfeit currency. Suspicious bills will be rejected.
Alternative Options: ATMs
International ATM Locations: ATMs accepting foreign cards are widely available at Korean airports:
- Terminal arrival halls
- Basement transportation levels
- Throughout departure areas
Major Networks:
- Global ATM (blue logo)
- Woori Bank ATM
- KB Kookmin Bank ATM
- Shinhan Bank ATM
Withdrawal Process:
- Insert international debit/credit card
- Select English language option
- Choose “Foreign Card” option
- Enter PIN
- Select withdrawal amount (increments of 10,000 KRW)
- Collect cash and receipt
Fees to Consider:
- Korean ATM fee: 3,000-5,000 KRW (~$2-4) per transaction
- Your bank’s foreign transaction fee: Varies (typically 1-3%)
- Your bank’s ATM fee: Check with your bank (often $3-5)
- Currency conversion rate: Set by your card network (Visa/Mastercard)
Total Cost Example: Withdrawing $200 USD worth of KRW might cost:
- Korean ATM: 3,500 KRW (~$2.50)
- Your bank: $5 ATM fee + 3% foreign transaction fee ($6)
- Total fees: ~$8.50 (4.25%)
Comparing Airport Exchange vs. ATM vs. City Exchange
| Method | Convenience | Typical Cost | Best For |
| Airport Exchange | High | 2-4% spread | Immediate small amounts |
| ATM Withdrawal | High | 3-5% total fees | Getting cash quickly |
| City Bank/Exchange | Medium | 1-2% spread | Larger amounts, better rates |
| Pre-ordered Online | Low (requires planning) | 1-2% | Best rates, advance planning |
Smart Exchange Strategies
For Short-Term Visitors (1-7 days):
- Exchange small amount at airport (50,000-100,000 KRW)
- Use credit cards for most purchases (widely accepted)
- Use ATM for additional cash as needed
For Long-Term Stays:
- Exchange minimal amount at airport for immediate transport
- Open Korean bank account within first week
- Transfer larger sums through international money transfer services (lower fees)
Before Departure:
- Exchange remaining KRW back to your currency at the airport before leaving
- Keep exchange receipts—some banks require them for re-exchange
- Be aware that buy-back rates are typically less favorable than original exchange rates
Pre-Booking Exchange Services
Some third-party services allow you to book airport currency exchange in advance online at better rates:
How It Works:
- Book online 1-14 days before arrival
- Lock in a better exchange rate
- Meet representative at airport (usually near AREX entrance)
- Present foreign cash and collect pre-calculated KRW
- Typically saves 1-2% compared to walk-up counter rates
Popular Services:
- Creatrip Currency Exchange (operates at Incheon)
- Money Box (licensed partner)
Limitations:
- Must book by 8:00 AM KST on pickup day
- Cash payment only at pickup
- Limited pickup hours (typically 8:00 AM – 8:00 PM)
- Cannot modify or cancel after booking
Regulatory Requirements
Passport Recording: All currency exchange offices in Korea are legally required to record passport information and report transactions to the National Tax Service. This is standard practice and applies to all exchanges, not just airports.
Your Information:
- Name, nationality, passport number are recorded
- Transaction amount and currency type logged
- Information typically not stored by exchange service after submission to tax authorities
Large Transactions: Exchanges exceeding certain thresholds may trigger additional documentation requirements under Korean anti-money laundering regulations.
Common Mistakes to Avoid
1. Exchanging Everything at Once: Only exchange what you need immediately. Card payments are widely accepted in Korea, reducing the need for large amounts of cash.
2. Not Checking the Rate: Compare the displayed rate to the mid-market rate (check Google or XE.com) to understand the true cost.
3. Ignoring ATM Fees: Using ATMs multiple times for small withdrawals accumulates fees quickly. Withdraw larger amounts less frequently.
4. Leaving Exchange Until Late: Exchange counters near departure gates often have worse rates and longer lines.
5. Assuming “No Commission” Means Good Deal: The rate spread is where the cost is hidden. A service charging 1% commission with a better base rate might be cheaper than a “no commission” service with a 3% spread.
Emergency Situations
If Exchange Counters Are Closed:
- Use 24-hour ATMs in the terminal
- Many convenience stores in airports open 24/7 and accept foreign credit cards
- Transportation options (AREX, limousine bus) accept credit cards at automated kiosks
If You Run Out of Cash:
- ATMs are available throughout Seoul and major cities
- Convenience stores (7-Eleven, CU, GS25) have ATMs
- Hotels can often assist with currency exchange (though rates are typically poor)
Lost or Stolen Money:
- Report to airport police immediately
- Contact your embassy if you’re stranded without funds
- Some embassies can facilitate emergency money transfers from family
Final Recommendations
Best Approach for Most Travelers:
- Exchange 50,000-100,000 KRW at the airport for immediate needs (taxi, T-money card, first meal)
- Use credit cards for most purchases during your trip
- Use ATMs for additional cash when needed (withdraw larger amounts to minimize fees)
- Exchange any remaining KRW at the airport before departure
For Budget-Conscious Travelers: Skip airport exchange entirely and proceed directly to an ATM in the arrivals hall. The total cost difference is often minimal (1-2%), and ATMs are more convenient.