Currency Exchange & Travel Cards: Prepping Your Cash
A rundown of exchange rates at the airport vs. downtown money changers, how to use travel cards like WOWPASS, and the credit card fee trap to watch for.
When and where to exchange money
Airport exchange counters usually offer worse rates than downtown money changers. Exchange just a small amount at the airport for transport and your first meal, then change the bulk of your travel cash at a private exchange counter in Seomyeon or Nampo-dong once you're in town — the rate is typically better.
Travel cards (WOWPASS, etc.)
Many travelers now use a travel card like WOWPASS, which you can get from an unmanned kiosk at the airport with just your passport. Load it with Korean won and you can pay at regular stores, plus withdraw cash fee-free at partner ATMs — no need to carry a lot of cash, and the exchange rate is usually more transparent than paying by credit card abroad.
Watch out for this when paying by card
If a merchant asks whether to charge you in Korean won or your home currency, always choose "KRW." Choosing your home currency triggers Dynamic Currency Conversion (DCC), which applies a worse exchange rate plus an extra fee. It's also worth checking your card's foreign transaction fee before you leave — some cards charge less or offer better rewards.
ATM withdrawal tips
Convenience store ATMs (like GS25) tend to be more foreign-card-friendly. Before withdrawing, check the ATM for your card network's logo (Plus, Cirrus, etc.), and keep in mind any foreign transaction fee that comes with the withdrawal.
Comparing the Three Payment Methods
| Method | Exchange Rate | Fees | Best For |
|---|---|---|---|
| Cash at a downtown exchange counter | Usually favorable | No extra fee | Exchanging most of your travel budget and tracking spending directly |
| Travel card (WOWPASS, etc.) | Close to real-time rate | Usually fee-free at partner ATMs | Travelers who don't want to carry a lot of cash |
| Credit card abroad | Your bank's posted rate | Watch for foreign transaction fees and DCC | Larger purchases, or earning card rewards |
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