When planning a trip to Seoul, Busan, or Jeju, understanding the local currency is the first step to financial preparation. The currency of South Korea is the South Korean Won, denoted by the symbol ₩ and the code KRW. Unlike the Dollar or Euro, the Won operates in much larger denominations, which can be confusing for first-time travelers.
This South Korean Exchange Rate Calculator allows you to quickly estimate conversions based on the current market rates or the specific cash rates offered by local money changers. By inputting the daily rate found on exchange boards, you can calculate exactly how much purchasing power you have in Korea.
Common KRW Denominations
The South Korean currency system uses both coins and notes. Familiarizing yourself with these notes is crucial for everyday transactions, such as buying a T-Money card or paying for street food.
₩1,000 (Blue Note): Roughly equivalent to $0.75 – $0.80 USD. Used for small snacks or subway fares.
₩5,000 (Red/Orange Note): Approximately $3.50 – $4.00 USD. Good for a coffee or a basic meal.
₩10,000 (Green Note): Approximately $7.50 – $8.00 USD. The most common bill, used for meals and museum tickets.
₩50,000 (Yellow Note): Approximately $35.00 – $40.00 USD. The highest denomination bill currently in circulation.
How to Calculate Exchange Rates in Korea
Calculating the exchange rate between your home currency and the Korean Won involves simple multiplication or division. The rate usually hovers between 1,300 to 1,450 KRW for 1 USD, though this fluctuates daily based on global economic factors.
The "Drop Three Zeros" Mental Math Trick
If you are converting from KRW to USD (and the rate is approx 1,300:1), a quick estimation trick is to remove the last three zeros and subtract roughly 25-30%. For example:
For a precise calculation, always use the tool above with the exact daily rate provided by your bank or exchange booth.
Where to Get the Best Exchange Rates
Not all exchange counters are created equal. To maximize your budget, it is important to know where to exchange your money.
1. Myeongdong Money Changers
Private money changers in the Myeongdong district of Seoul are famous for offering the most competitive rates, often beating banks by a significant margin. They operate legally and are highly frequented by tourists. Look for small booths displaying electronic rate boards.
2. Local Banks (Woori, Shinhan, KEB Hana)
Korean banks offer fair rates and are very secure. However, they operate during standard business hours (usually 9:00 AM to 4:00 PM on weekdays). You will need your passport to exchange currency at a bank.
3. Airport Kiosks
Exchanging money at Incheon International Airport is convenient but usually offers the worst exchange rates. It is recommended to exchange only a small amount at the airport (enough for transportation to the city) and exchange the rest in the city center.
4. WOWPASS and Namane Cards
Recently, prepaid debit cards for tourists like WOWPASS have become popular. These kiosks allow you to input foreign currency cash and load a card with KRW at a very competitive exchange rate, functioning as both a payment card and a transportation card.
Factors Influencing the KRW Rate
The exchange rate inputs in the calculator above fluctuate based on several macroeconomic factors:
Interest Rates: decisions by the Bank of Korea regarding base interest rates.
Export Performance: Since Korea is a heavy exporter of semiconductors and cars, trade surpluses strengthen the Won.
Geopolitical Stability: Regional tensions can cause temporary volatility in the currency markets.
Always check the live rate before making large transactions or exchanging substantial amounts of cash.