How to Exchange Money at the Best Rates in Korea!
Save the hassle of comparing prices one by one and conveniently exchange currency with just one blog!
One of the biggest concerns for people traveling or studying abroad in Korea is currency exchange. Especially if you are studying abroad, you need to exchange money from time to time during the semester, and you need to find a place where you can exchange money cheaply.
So where and how can you exchange currency with the best rates out there? Let's take a look!
Airport Exchange
When you arrive at the airport, you need to have at least a day's worth of expenses to use for transportation and food on the same day. To do this, you need to exchange a small amount of money at the airport, and various banks operate exchange offices at the airport. However, there is the hassle of having to visit each bank one by one to check which one has the best rates. In that case, you can use an airport exchange rate calculator that shows all the exchange rates and exchange amounts of Woori Bank, Shinhan Bank, and Hana Bank at the top of the page. Exchanging money at the airport is the most convenient method of getting money to spend right away but the rates are always worse than the rates available in the city. With the Creatrip Airport Currency Exchange Pick-up Service, you can get exchange money at the best rates at the airport! Read more about how you can do so in the link below!
Creatrip Airport Currency Exchange Pick-up Service
Private exchange office
Going to a private exchange office and exchanging money is probably the most commonly used method. When I was young, I used to study abroad and I used to use the Myeongdong exchange office. However, at that time, the internet wasn't well developed, so I compared and analyzed the exchange rates by visiting them in person. Now, you can easily check the exchange rates with your smartphone!
There are four exchange offices in Myeongdong that are said to have the best rates: Myeongdong Embassy, Myeongdong Ilpum Hyang, Myeongdong Jeil Exchange Center, and Myeongdong Money Box. Especially, Money Box has the advantage of having other branches in other touristy regions such as Hongdae, Insadong, and Dongdaemun.
We also created a Myeongdong exchange rate comparison tool where you can easily compare exchange rates available at the Myeongdong exchange offices. We recommend that you go to the exchange rate comparison tool before exchanging money!
Also, if you click on the link, you can see the contents of the comparison analysis of Myeongdong exchange centers, so please refer to it!
Bank exchange
Visit the bank directly
Finally, this is a method that applies to people who frequently use banks. When you exchange money using your main bank, you can receive a rate discount (reducing the exchange commission) according to your bank grade.
| How to exchange money at the bank | ||
| Documents needed | Passport or ARC, Certificate of Enrollment or other documents for studying abroad, Additional proof documents are required when exchanging more than $10,000 USD: Foreign Exchange Purchase Certificate or Declaration of Foreign Payment Method Sales | |
| Step 1 | Get a queue number | Get a queue number and wait for your turn. |
| Step 2 | Fill out the application form | Go to the Exchange booth and present your identification and fill out the application including your name, identification number, desired exchange amount, etc. |
| Step 3 | Receive your exchanged money | Present the money you want exchanged and receive the exchanged amount. *Your exchange history will be added to your passport if you do not have the documents needed. |
Foreign Exchange Application Form
Soure: 금융감독원
To exchange money at a bank, you need to visit the bank with your ID card and fill out a foreign exchange application form. However, depending on the bank transaction history, there may be cases where a rate discount is provided or a rate discount coupon is distributed, so please check with a staff member or customer center before exchanging money.
Internet banking exchange
You can use foreign exchange services through non-face-to-face channels such as internet banking or mobile banking, and receive better exchange rates than at bank branches. After applying for foreign exchange, you must visit a designated branch within a certain period of time to pick up your foreign currency. If you fail to do so within the designated time, your foreign exchange may be re-exchanged to your original account, resulting in losses due to exchange costs or exchange rate fluctuations, so keep that in mind.
Using internet banking for foreign exchange has the advantage of saving time, money, and energy. Of course, you still need to visit a branch to receive your foreign currency, but if you choose a branch in your local area, it should not be too difficult. Now let's take a look at the internet foreign exchange process together!
Internet/Mobile Banking Exchange Procedure | ||
Step 1 | Internet Banking Mobile Banking | Go to the website of your chosen bank. Open the app(for Bank services) of your chosen bank. |
Step 2 | Foreign Currency > Exchange | Click on 'Foreign Currency' and proceed to 'Exchange'. |
Step 3 | Apply and fill out information for the exchange | Select a convenient location to receive the exchanged funds and apply for the exchange by specifying the exchange purpose, date of receipt, currency type, requested amount, withdrawal account, and password. |
Step 4 | Click on Apply/Request | Enter the certificate password and complete the transaction |
Step 5 | Print out the exchange receipt | Printing out the receipt will be convenient when you go to the branch. |
Step 6 | Pick-up in person | Bring your identification (passport, alien registration card) and receive the exchanged currency. |
The tip here is to check the internet commission discounts and available currencies and select a bank accordingly.
You can compare the internet foreign exchange commission discounts and available currencies for each bank at once to select the bank with the lowest foreign exchange cost. (Go to "Foreign Exchange Guide" on the "Foreign Exchange Roadmap" website and click "Comparison of Internet Foreign Exchange Commission Discounts for Major Currencies by Bank")
You can also click "Internet Foreign Exchange Guide" and then "Bank-by-Bank Availability of Internet Foreign Exchange Currencies" on the same site to check the foreign currencies available for each bank and select a bank for a more convenient service.
Today, we looked at how to exchange foreign currency at the best rates, and we classified and explained it into three main methods as people's preferences for exchanging currency may vary. We have previously explained in detail about airport exchange and private exchange offices on our blog, and have provided detailed information on bank exchange in particular. We hope this article will be helpful to you in your foreign exchange.
References
금융감독원 https://www.fss.or.kr/fss/search/search/list.do
은행연합회 외환길잡이 https://exchange.kfb.or.kr/page/index.php
We hope this was helpful in finding the best exchange rates for your exchange! If you have any questions or concerns, please leave a comment below or send us an email at help@creatrip.com! You can follow us on Instagram, TikTok, and Facebook to stay updated on all things Korea!