September 8, 2023
Last update: August 2025

How and where to exchange money into Korean Won: payment guide for South Korea

Through this guide on payments in South Korea, you will discover how and where to exchange money into Korean Won, where to withdraw cash, how to use debit and credit cards, and most importantly, how to save money on exchange rates and transaction fees. I have organized the guide into questions and answers so that it is as clear and practical as possible.

In Korea, you will rarely need to carry a large amount of cash, since Koreans use cards or Samsung Wallet (formerly Samsung Pay) to pay for almost everything.

You will mainly need cash in two situations: recharging your T-Money Card and shopping at markets or street food stalls. Another useful tip, regardless of how you choose to pay in Korea, is to bring some of your home currency as a backup plan. Don’t carry large amounts, but just enough to cover a few days in case of emergencies (power outage, lost card, etc.).

It’s also very important to bring multiple cards and unlock them for worldwide use before departure (more details on this later). Personally, when I travel I always carry several debit/credit cards. For example, on my last trip to Korea my main card worked in very few stores, and I had to rely on another card I luckily had with me.

That said, let’s explore the best ways to exchange currency and pay in South Korea—and most importantly, how to save money on conversion rates and bank fees.

How and where to exchange money into Korean Won

There are several ways to exchange foreign currency into Korean Won. If you don’t want to go through the entire list, the best and most convenient options are withdrawing cash using a Revolut card (even the free Standard version) or using WOW Exchange counters. For those who want to explore all the available choices, here is a breakdown:

Exchanging currency before traveling: many travelers prefer to arrive in Korea with some Won already in their pocket, as it feels safer. However, this is usually the most expensive option. Local banks and airport exchange offices abroad (in Europe, the US, or elsewhere) typically apply very high fees and unfavorable rates. For this reason, exchanging money before departure is possible but strongly discouraged.
Exchanging foreign currency in South Korea: this is generally the best option. Exchange rates in Korea are much better than abroad. You only need to bring some cash in Euros or US Dollars, or your local currency and exchange it at the airport, where you will immediately notice many bank counters. Rates in the city of Seoul are usually even more convenient: you can go to a bank (recommended) or to private “Money Exchange” counters (more common in Myeongdong, though slightly less favorable in price).

WOW Exchange: if you don’t use Revolut, one of the cheapest options to exchange Euros or USD into Won is through WOW Exchange ATMs. These machines usually offer the best exchange rates, are quick, and accept only cash (no card payments). You simply scan your passport and insert the cash, which is instantly converted into Won. They are available at Incheon Airport and in many areas of Seoul, Busan, and Daejeon. For example, at the end of this paragraph you can see the WOW Exchange located inside the Holiday Inn where I stayed in Hongdae, which I also recommended in the article Where to stay in Seoul. At WOW Exchange counters you can also apply for the WOWPASS card (covered in a later section).
Withdrawing Won at ATMs: another option is withdrawing money directly at Korean ATMs with your debit or credit card. At this point, the common question is: “Is it better to exchange cash or withdraw at an ATM?” The answer depends. With a Revolut card, withdrawing cash is usually cheaper than exchanging foreign currency. With traditional bank cards (European, American, or others), costs vary depending on the specific bank fees, so you’ll need to check your bank’s terms in advance. More details on this are in the next section dedicated to ATM withdrawals.
Withdrawing with a Revolut card (Standard is free): the most convenient option overall to get Korean Won in cash is using a Revolut card at Korean ATMs. This card is designed for travelers, offering fee-free withdrawals up to €200 / $200 per month on the Standard and Plus plans (and up to €400 / $400 with Premium). Once the free limit is exceeded, a 2% fee applies. Considering you will only need cash for specific cases (like topping up your T-Money Card, shopping at markets, or street food), this free allowance is usually more than enough.

How to withdraw money at ATMs in South Korea

Withdrawing cash from an ATM in South Korea works much like anywhere else. On most machines you will find a button at the bottom right of the screen that allows you to switch the language to English if you don’t know Korean. However, there are some important things to keep in mind:

Unlock your cards for global use before departure: you can usually do this directly from your banking app. If not, contact your bank.
Use “Global” or “Foreign Currency ATM” machines: only ATMs with these labels accept international debit/credit cards.
Prefer bank ATMs over independent ones: fees are usually lower, and they are more reliable. If your card gets blocked, you can go back to the branch during opening hours to resolve the issue.
Your local circuit card doesn't work abroad: to withdraw cash or pay in Korea, you need a Mastercard or Visa. Their usability depends on your bank and card type, so always bring at least two different cards with you.
How much does it cost to withdraw cash at an ATM in Korea? The cost depends on your bank, but when using a standard international debit/credit card you usually pay:
- A fixed Korean bank fee (shown on the screen, around ₩5,000, about €3.50–$4)
- A fixed fee from your bank (often €2–$3, or a percentage for credit cards)
- A currency conversion commission (typically 2–4%)
How much does it cost to withdraw cash in Korea with Revolut? If you use a Revolut card, you only pay the Korean bank’s fee. With the free Standard plan, you get fee-free withdrawals up to €200 per month. With the Premium plan, the limit rises to €400. For most travelers, €200 - $220 in cash is more than enough for a two-week trip since most payments are cashless.
When withdrawing, ATMs often ask if you want to accept the Korean bank’s exchange rate. Always decline this option — your bank’s exchange rate is usually more favorable.
It’s better to withdraw larger amounts less frequently to reduce fees. For example, I usually withdraw around ₩200,000 (≈ €135 / $150) with Revolut upon arrival, and that is enough for my entire stay.

How to pay in Korea: card or cash?

There are several payment options in South Korea. Overall, the most cost-effective methods are using a Revolut card, a WOWPASS card, and in some cases even the simple T-Money Card.

Cash: this is the least convenient method, but you will still need some cash for topping up your T-Money Card, shopping at local markets, or buying street food. Always keep a small amount of cash on hand.
Debit or credit card: paying with your home bank card is convenient, but keep in mind that a currency conversion fee usually applies (on average 2–4% per transaction), plus possible service charges. Important: if the POS asks whether to pay in KRW (Won) or in your home currency, always select KRW. Paying in local currency avoids costly dynamic exchange rates.
Revolut card: by far the most convenient payment method. Revolut is designed for travel, and from Monday to Friday there are no conversion fees up to €1,000 / $1,000 per month with the free Standard plan (unlimited with Premium). Above this limit, the fee is 1% with Standard or 0.5% with Plus. A trick to avoid these fees is to pre-convert your money into Korean Won within the app before your trip (up to €1,000 / $1,000 per month at no extra cost). This way, you can exceed the monthly limit by converting gradually, and also avoid weekend exchange fees.
WOWPASS: a Korean prepaid card that also includes a T-Money function. It costs KRW 5,000 and, being a Korean-issued card, it comes with no transaction fees. You can manage it via the WOWPASS app (block card, track spending, check rates). It can be purchased and reloaded in cash (EUR, USD, or KRW) at WOW Exchange counters. The T-Money inside still needs to be topped up with cash. If you already have Revolut, WOWPASS is not necessary, but if you don’t, it is a great way to pay without fees and avoid carrying too much cash.
T-Money Card: best known as a transport card, but it can also be used to pay in taxis, convenience stores, and even some cafes. It can only be topped up with KRW cash. If you want to learn more, check out our articles on T-Money Card and WOWPASS (coming soon).

Some final tips for saving money

If you want to save as much as possible on payments in Korea, here is a quick summary of the most cost-effective options for managing cash and transactions:

The absolute cheapest way to get Korean Won in cash is withdrawing with the Revolut card. Personally, when I arrive in Korea, I withdraw about 200,000 KRW with Revolut, and that amount is enough for the entire trip since I only use cash for the few services where cards are not accepted.
If you don’t have Revolut and need to exchange your Euros, US Dollars, or your local currency into Won, use a WOW Exchange counter (also available at Incheon Airport).
For payments, the cheapest option is still the Revolut card, which charges no additional fees.
The alternative to Revolut is to get a WOWPASS prepaid card at a WOW Exchange counter, including at Incheon Airport. This way you immediately have both a T-Money Card and a working payment card in Korea. Simply load it with your cash, and you can pay everywhere in Korea with no extra fees.
All other payment methods involve fixed fees or currency conversion fees, which you can avoid by sticking to the options listed above.