KRW to USD Calculator
Convert South Korean Won (₩) to US Dollars ($)
Understanding Korean Won (KRW) to US Dollar (USD) Conversion
Converting currency from the South Korean Won (KRW) to the US Dollar (USD) is a common necessity for travelers returning from Seoul, international business transactions, and expatriates managing finances. Unlike many other major currencies, the Won trades in the thousands against the Dollar, which can make mental math difficult. This calculator helps you determine exactly how much USD you will receive based on current market rates and potential exchange fees.
How the Exchange Rate Formula Works
The mathematical conversion from KRW to USD is a division operation because the Won is denominated in higher numeric values than the Dollar. The formula used is:
Total USD = Amount in KRW / Exchange Rate (KRW per 1 USD)
For example, if you have ₩1,000,000 (One million Won) and the exchange rate is 1,350:
- Calculation: 1,000,000 ÷ 1,350 = $740.74
Factoring in Exchange Fees and Spread
The "Mid-Market Rate" (the rate you see on Google or news sites) is rarely the rate consumers get. Banks, airports, and currency exchange booths add a "spread" or commission fee. This calculator allows you to input that percentage to see your Net Receive Amount.
Common Fee Structures:
- Credit Cards: Typically 1% to 3% foreign transaction fee.
- Airports: Often have the highest spreads, effectively costing 10% to 15% more.
- Local Banks (Seoul): Generally offer better rates, especially for major currencies like USD.
Tips for Getting the Best KRW/USD Rate
When exchanging money, the "Buy" and "Sell" rates can be confusing. Since you are holding Won and want Dollars, you are technically "Buying USD" (using KRW) or the bank is "Selling USD" to you.
- Avoid Airport Kiosks: Only exchange a small amount for immediate transport needs at the airport. Exchange the bulk of your funds at a city bank or reputable money changer in areas like Myeongdong.
- Check the App Rates: Many Korean banking apps (like KakaoBank or Shinhan Sol) offer preferential exchange rates (up to 90% spread discount) if you arrange the exchange digitally before picking up the cash.
- Monitor the Rate: The KRW/USD rate fluctuates based on economic data, interest rate differentials between the Federal Reserve and the Bank of Korea, and geopolitical stability.
Reading the Numbers
In South Korea, large numbers are counted in units of 10,000 (Man/만). Therefore, ₩1,000,000 is often referred to as "100 Man Won". When converting to USD, a rough mental shortcut is to remove three zeros and subtract about 25-30% (depending on the rate). For example, 1,000,000 becomes 1,000, minus ~250 = $750.