Are you getting ready for your trip to Korea? Before you set off, it’s crucial to understand currency exchange and payment methods.
When visiting Korea from abroad, things like prices, payment systems, and exchange methods may feel unfamiliar at first.
But don’t worry. This guide will help you understand how currency exchange and payments work in Korea, bringing you one step closer to being fully prepared for your trip.
Please note: This guide explains the process based on your arrival at Incheon Airport.
1. Best Places to Exchange Currency in Korea
If possible, exchange a small amount into Korean Won before arriving—around 50,000 to 100,000 KRW (approximately 35 to 70 USD) should be enough.
Even if you cannot exchange Korean currency before traveling, it's fine. Generally, it's recommended to carry US dollars or Euros, as they are easier to exchange in Korea.
Depending on your country, some currencies may not be accepted at exchange booths.
(Important: If you are carrying foreign currency exceeding USD 10,000 or its equivalent when entering Korea, you must declare it at customs.)
Upon arrival at Incheon Airport, you’ll see several banks around you. It’s very convenient, but the exchange rate is not favorable.
If you couldn’t exchange Korean Won beforehand, only exchange a small amount at the airport (about 35–70 USD).
For better rates, move to the Myeongdong area in Seoul, where many currency exchange shops fiercely compete and offer much better rates than banks.
However, as a foreigner, it’s difficult to know which exchange booth in Myeongdong offers the best rate.
So here’s a tip: there’s a website used mainly by Koreans that can help.
Although the site doesn’t support English or other languages, you can access it through Chrome on a PC and use page translation.
- Visit mibank.me
- Download the app from the bottom section
- Click "환율비교" (Compare Rates)
- At the top center, select "환율비교" again
- Change the currency to USD or EUR, select "외화팔때" (selling foreign currency), and choose Seoul as the region
You’ll then see a ranking of where you can get the best exchange rates.
At the bottom of the list, you can even check the average rates offered at Incheon Airport for comparison.
You’ll notice the rate differences are quite significant.
A handy tip: if you have trouble understanding, you can screenshot the page and ask ChatGPT to translate the image for you—it works well.
Be careful not to confuse the "selling" and "buying" rates!
After finding the booth you want to visit, simply click on the address, open Google Maps, and tap "Directions" to navigate easily.
[In the next post, I’ll explain how to get from Incheon Airport to downtown Seoul, so be sure to check that out too!]
2. Card Payments
Card payments are extremely common in Korea.
International cards like Visa and MasterCard are widely accepted at most restaurants, department stores, and supermarkets.
However, cash is still preferred at traditional markets, street food vendors, and for purchasing lottery tickets.
Therefore, carrying a reasonable amount of cash is a smart move.
3. Mobile Payment Systems
Mobile payment systems have also become very popular recently.
Some foreign mobile payment apps are accepted at select stores in Korea.
You can refer to the list below for more information.
| Payment App | Country | Available for Offline Use in Korea | Notes |
|---|---|---|---|
| Apple Pay | USA (Global) | Available | iPhone + registered international card required |
| GCash | Philippines | Available | Available at CU, GS25, and other Alipay+ partner stores |
| Alipay | China | Available | Available at duty-free shops, department stores, and tourist spots |
| WeChat Pay | China | Available | Available at duty-free shops and some major shopping malls |
| Touch'n Go eWallet | Malaysia | Available | Available at CU convenience stores (Alipay+ partner) |
| TrueMoney Wallet | Thailand | Available | Available at CU, GS25, and other Alipay+ partner stores |
| EZ-Link Wallet | Singapore | Available (limited) | Available at some Alipay+ partner stores (limited coverage) |
| UnionPay QuickPass | China | Available | UnionPay contactless payment at some merchants |
| Kakao Pay Global (partial) | Taiwan, Hong Kong | Available (limited) | Available if linked with Alipay+ |
Places accepting Apple Pay include:
- Convenience Stores: GS25, CU, 7-Eleven, Ministop, Emart24
- Cafés/Bakeries: Starbucks, Twosome Place, Paris Baguette, Krispy Kreme, Blue Bottle, Ediya Coffee, Baekmidang, Gongcha, Hollys, The Venti, Paul Bassett
- Fast Food: McDonald’s, Lotteria, Shake Shack, Burger King, KFC, Domino’s Pizza
- Ice Cream/Desserts: Baskin Robbins
- Retail/General Stores: Daiso, Kim’s Club, ABC Mart, IKEA, Musinsa, 10x10, T.I. For Men, GS Shop
- Department Stores/Supermarkets: Hyundai Department Store, Lotte Department Store, Homeplus, Nonghyup Hanaro Mart, Lotte Mart, Lotte Hi-Mart, Galleria
- Electronics Stores: Frisbee, Apple Store, LG Best Shop, a# (A Sharp), WINIA AID, TUVA
- Hotels/Airlines: Grand Hyatt Seoul, Conrad Seoul, Korean Air, Asiana Airlines
- Entertainment: Lotte Cinema
- Transportation: Future integration planned (currently under discussion for compatibility with public transport cards and the T-money system)
4. ATM Withdrawals
You can use foreign cards at Korean ATMs to withdraw cash.
Your card must support major international networks like VISA, MasterCard, JCB (CIRRUS), or UnionPay.
Withdrawal limits and fees depend on the policies of your card-issuing bank.
If you encounter any issues, you should contact your bank directly.
ATMs are easy to find at airports and near large shopping centers.
However, withdrawal fees vary by bank, and convenience store ATMs generally charge higher fees, so use them only as a last resort.
If you prepare smartly for currency exchange and payments in Korea, you can enjoy a smooth and hassle-free trip.
I hope this guide made your trip planning a little easier.
In the next guide, I’ll share Best Ways to Travel from Incheon Airport to Myeongdong (2025).
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