Need cash when I land, best place in South Korea? Airport or places in the city?
When I landed at Incheon, I used a KEB Hana ATM in the arrivals hall. Worked fine with my Mastercard and gave me won at the bank rate. Later in Seoul, I noticed that money changers in Myeongdong offered slightly better rates for USD, so I swapped some there too. I usually keep around 200,000 KRW in cash for taxis and shopping, but pay hotels and restaurants with card. Airport counters are overpriced, so ATMs or city exchanges are smarter.
Incheon Airport has exchange counters, but they’re pricey. I usually withdraw won from ATMs instead. Shinhan Bank, KEB Hana, and Woori Bank ATMs are reliable and available in arrivals. For budget travel, I withdraw about 100,000-150,000 KRW to cover buses, meals, and snacks. Most places in Seoul take cards, but street food vendors and small shops often want cash. Exchanging USD or EUR in Myeongdong or near Hongdae in Seoul gives better rates than the airport counters.
I exchanged at the Incheon airport counter because I arrived at midnight and didn’t want to be stranded. But I quickly learned my lesson when I found much better rates at a corner exchange in Hongdae - the lady even had a rate board out front with clear terms. If you're not arriving at an odd hour, avoid exchanging large amounts at the airport. Save your dollars until you reach central Seoul, and use a money exchange with high foot traffic and clear signage.
I’ve landed in Seoul twice this year for long stays. Now I just pull out cash from a no-FX-fee card (like Wise or Revolut) at the airport’s KB or Woori ATMs - works better than converting USD cash. Currency exchange counters inside the airport are okay for emergencies, but you lose around 4-6% in rate margins. If you absolutely must change money physically, Myeongdong’s alleyway exchangers still beat banks by a good margin, especially for USD and JPY.
I did a side-by-side check when I flew into Gimpo in March 2024. Exchanged $100 at the airport to test it, then did another $200 in Seoul near Dongdaemun the next day. The difference was about ₩12,000 in favor of the city. But the airport booths are super convenient if you're landing late. Also, some airport ATMs (like KEB Hana Bank ones) let you withdraw cash directly from your foreign card - often better than exchanging bills if your card has no FX markup.