How to Exchange Money, Use ATMs & Open Bank Accounts in Korea (For Foreigners)
If you’re planning to live, work, or travel in South Korea, understanding how to handle your money is essential. From exchanging foreign currency to using ATMs and opening a local bank account, this guide explains everything step by step — with tips to help you save money on fees.
💱 2. Currency Exchange in Korea
South Korea’s official currency is the Korean Won (₩, KRW).
You can exchange money at:
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Banks (KEB Hana, Shinhan, Woori, KB Kookmin)
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Airport exchange booths
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Currency exchange shops (especially in Myeongdong or Hongdae)
💡 Money-Saving Tip:
Exchange a small amount at the airport for immediate needs, then find independent money changers in Seoul for better rates.
Apps like Naver Map or Google Maps can help you locate “환전소 (exchange office)” nearby.
🏧 3. Using ATMs in Korea
ATMs are available almost everywhere — in convenience stores, banks, and subway stations.
However, not all ATMs accept foreign cards, so look for signs that say:
🌐 “Global ATM” or “Foreign Cards Accepted (Visa / MasterCard / UnionPay)”
💡 Tips for Using ATMs:
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Most 7-Eleven, CU, and GS25 ATMs support foreign cards.
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The withdrawal limit is usually between ₩300,000 and ₩700,000 per transaction.
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Fee range: ₩3,000–₩5,000 per withdrawal depending on your home bank.
💰 Save on Fees:
Withdraw larger amounts at once or use global digital banks (like Wise, Revolut, Monzo) that offer lower exchange fees.
🏦 4. Opening a Korean Bank Account (for Foreigners)
Foreigners staying in Korea for more than 90 days can open a bank account easily with:
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Passport
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Alien Registration Card (ARC)
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Korean phone number
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Proof of address (sometimes required)
🔹 Recommended Banks for Foreigners:
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KEB Hana Bank: Offers multilingual support and global transfer services.
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Shinhan Bank: Popular for online banking in English.
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Woori Bank: Known for quick foreign remittance.
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KB Kookmin Bank: Convenient nationwide branch network.
💡 Tip:
Choose a bank that supports mobile banking in English, like Hana or Woori, to make daily transactions easier.
💸 5. How to Save Money on Exchange and Transfers
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Avoid exchanging at airports — they usually charge higher rates.
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Use Wise (TransferWise) or Revolut for overseas transfers.
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Compare rates using websites like xe.com or Naver Exchange Rate.
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When using cards abroad, always choose to pay in KRW (local currency) — not in your home currency — to avoid dynamic currency conversion fees.
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Check if your bank offers fee-free partner ATMs (e.g., Global ATM Alliance).
🌍 6. Useful Apps & Websites
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💱 XE Currency Converter – Real-time KRW rates
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🏧 Naver Map / Kakao Map – Locate ATMs and banks
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💳 Wise / Revolut / Toss – Money transfer & digital banking
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📱 Papago / Google Translate – Translate banking screens easily
✈️ 7. Final Tips Before You Go
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Always carry some cash (₩10,000–₩50,000) since small shops or markets may not accept cards.
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Keep your bank’s hotline number handy in case your card is lost.
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For long stays, consider opening a local account to receive salaries or rent payments with no fees.
✅ Conclusion
Managing your finances in South Korea doesn’t have to be complicated.
By using the right exchange methods, digital banking tools, and smart fee-saving strategies, you can enjoy your stay while keeping your budget under control.
Whether you’re a student, expat, or traveler — understanding Korea’s banking system is the key to a smooth financial experience.
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