Where to Exchange Currency in Seoul: Why Myeongdong Offers the Best Rates for Travelers
Why Exchange Money in Myeongdong Instead of the Airport or Banks?
If you're traveling to Korea, especially to Seoul, you’ll likely hear about Myeongdong — a popular shopping district with rows of currency exchange booths. But what makes Myeongdong so attractive for exchanging money?
The answer is simple: better rates, no hidden fees, and convenience.
Not only can you easily obtain Korean won on-site (unlike many overseas banks that may not carry KRW), but you can also avoid risks like counterfeit bills.
In addition, Korean currency exchange offices often serve as travel service hubs, offering support beyond just exchanging money.
Exchange Fee & Rate Comparison (Major U.S. Banks)
To help you compare currency conversion fees and preferential policies at major U.S. banks, here's a table (as of June 2025, policies may vary)
Bank/Service | Fee Policy | Exchange Margin | Discount Conditions |
U.S. Bank | $10 under $300, free over $300 | 2–5% | None (standard users) |
Bank of America | No fee, $7.50 for delivery, branch pickup over $1,000 | 2–5% | None (standard users) |
Citibank | Free for Citigold/Priority, $5 under $1,000 otherwise | 2–5% | Waived with premium account |
TD Bank | $7.50 online fee, max $1,500 order | 2–5% | None (standard users) |
Wise, Revolut | Real mid-market rate + low fees (~0.41%) | Minimal margin | Online only, separate card needed |
Even with premium accounts (e.g., Citigold), most U.S. banks don’t offer significant benefits to general customers. Many waive fees only if you exchange more than $300–$1,000.
Although this table shows U.S. examples, similar policies exist globally — meaning your real exchange costs may be higher than expected.
What About Exchange at the Airport?
While airport booths are convenient, they usually offer the least favorable rates. That’s why many seasoned travelers reserve their currency online and pick it up at the airport via services like Moneybox
This way, you enjoy Myeongdong’s exchange rate without visiting in person.
Moneybox: Trusted Exchange Office in Myeongdong
English-speaking staff
Competitive daily rates
Clean, quick-service location
Additional travel services like luggage storage and SIM cards
Want to Pick Up at the Airport Instead?
No problem. You can reserve online and pick up your cash at Incheon Airport — safe and convenient.
Quick Tips for First-Time Exchangers
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Buy = You receive KRW Sell = You give KRW
Don't let bad exchange rates eat into your travel budget. Choose Myeongdong or reserve online for the best value.
