Lyla Lindsey
When travelling between Australia and Korea, it is important to consider the most cost-effective way to exchange your money. The official currency in South Korea is the South Korean Won (KRW), which is divided into 100 jeon. In Australia, the Australian Dollar (AUD) is used. While it is possible to exchange money in both countries, there are advantages and disadvantages to each option. Exchanging money in Australia before travelling to South Korea can offer better exchange rates and lower overall costs, but it requires more organisation ahead of time. On the other hand, exchanging money in South Korea upon arrival can save time and provide access to a wider range of exchange options, such as ATMs, currency exchange desks, and traveller cheques.
| Characteristics | Values |
|---|---|
| Currency in Australia | Australian Dollar (AUD) |
| Currency in South Korea | South Korean Won (KRW) |
| Code for South Korean Won | KRW |
| Symbol for South Korean Won | ₩ |
| Exchange in Australia | Buying KRW online, at a bureau de change, or at the airport |
| Exchange in South Korea | Currency exchange shops, ATMs, currency exchange desks, traveller cheques, prepaid travel cards |
| Best exchange in South Korea | Money Box Myeongdong, Creatrip, Wise |
| Best exchange in Australia | Order online |
| Exchange at the airport | Expensive rates |
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What You'll Learn
Exchange rates in Australia vs. Korea
When travelling to South Korea, it is generally recommended that you exchange your money once you arrive in the country. The South Korean won (KRW) is the official currency in South Korea. While it is possible to buy KRW before you leave your home country, exchange rates in Australia are reported to be poor.
There are several options for exchanging currency in South Korea. One option is to exchange money at the airport. While airport exchange rates can be expensive, Creatrip, a company that offers a currency exchange service, claims to have better rates than the banks available at the airport. Another option is to use a currency exchange desk at Incheon Airport or Gimpo Airport. Outside of the airport, you can exchange money at various locations in South Korea, including at banks and ATMs. Money Box, a company that specializes in foreign currency exchange, has eight branches across South Korea and offers some of the best rates in the country.
When exchanging money, it is important to be aware of excessive charges and to compare exchange rates. Services claiming to have "zero fees" often offer poor exchange rates, leading to hidden profits. It is recommended to check the mid-market exchange rate beforehand to identify a bad deal. Additionally, it is worth noting that smaller establishments in rural areas may only accept cash, so it is advisable to have some local currency on hand.
If you are planning to use a debit or credit card during your trip, consider using one that waives currency conversion fees, such as the Bankwest Platinum card. Prepaid travel cards can also be a convenient option, allowing you to lock in a favourable exchange rate. However, be cautious of potential hidden fees associated with these cards. For long-term stays or substantial investments, you may consider opening a bank account in South Korea.
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Best places to exchange money in Korea
It is generally recommended to exchange your money in Korea, rather than your home country, to get the best rates.
At the airport
You can exchange money at the airport, but it is generally advised to avoid the airport banks as they tend to offer poor rates and high transaction fees. However, there are some independent companies that offer better rates, such as Creatrip. With Creatrip, you can reserve your currency ahead of time and then pick it up at the airport. They also offer a currency exchange pickup service where you pay a deposit of 10,000 KRW (which is refunded on-site) and then exchange your money.
Money Box
Money Box is a company that specialises in foreign currency exchange, with 8 branches across Korea. Their branch in Myeongdong, Seoul, can exchange up to 18 different currencies and has staff that speak Korean, English, Japanese, and Chinese. Creatrip members can also get discounted exchange rates at Money Box.
WOW Exchang
Seoul also has a very convenient automatic currency exchange machine called WOW Exchang.
Banks
Banks usually offer the best exchange rates to travellers, but be sure to check their business hours as they may vary.
Government-certified currency exchange booths
These booths offer exchanges outside of regular banking hours and are usually located in areas frequented by international visitors. Look out for a Certified" sign with currency symbols.
ATMs
ATMs that accept international cards are common and can be found at convenience stores. However, they often charge higher transaction fees. Most ATMs offer foreign language services. When using an ATM abroad, it is recommended to choose to be charged in the local currency to avoid additional fees.
Other currency exchange points
In Busan, the most well-known currency exchange points are Woori and Youngjin Currency Exchange. In Daegu, popular options include "Daesin Currency Exchange" and "Daemi Currency Exchange".
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Using ATMs in Korea
When it comes to exchanging money, it is generally recommended to do so in Korea, rather than your home country, as this will get you a better rate. It is also advisable to bring some of your home currency to exchange at the airport, as you will likely want to have some local cash on hand when you arrive. However, be aware that exchange rates at airport banks can be expensive.
If you plan to use ATMs in Korea, there are a few things to keep in mind. Firstly, not all ATMs accept international bank cards, so you may need to try a few different ones to find one that works with your card. Visa and Mastercard are the most widely accepted networks in South Korea, but even these may not work at every ATM. It is also important to inform your bank in advance that you will be travelling, as some banks may block or limit your card if they notice a sudden increase in overseas transactions.
When using ATMs in Korea, it is generally recommended to use those operated by banks, as these tend to have lower fees and higher withdrawal limits compared to non-bank ATMs. ATMs can be found inside or outside bank branches, at shopping malls, and major transport hubs. Some reliable and trusted banks with extensive ATM networks in South Korea include KB, Woori Bank, Shinhan Bank, and KEB Hana Bank.
It is also important to be aware of the fees associated with using ATMs in Korea. In addition to any fees charged by your home bank for international transactions, the Korean bank may also charge a fee, which can range from 3,000 to 5,000 KRW per transaction. To minimise fees, it is generally better to use ATMs operated by major banks. Additionally, always choose to be charged in the local currency, South Korean Won, to avoid undisclosed exchange rates and additional fees.
Finally, it is worth noting that bank cards issued in South Korea typically have 4-digit PINs, so if your card has a longer PIN, you may need to request a 4-digit PIN from your bank before travelling.
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Credit cards and prepaid travel cards
Cards are the most common payment method in South Korea, with credit cards accounting for almost 60% of transactions. However, it is beneficial to carry some cash, especially for food vendor stalls and traditional markets.
International credit cards like Visa and Mastercard are widely accepted in South Korea. They can be used in most stores, restaurants, and hotels. However, some sources mention that certain vendors may only accept one or the other, so it is advisable to carry both or have a mix of cards if travelling in a group.
US-issued American Express (Amex) and Mastercard (MC) cards work almost all the time. However, some places may be cash-only or accept mobile payment methods like Korean Venmo.
Kiosks at train or bus stations and parking lots may not accept non-domestic credit cards. In such cases, a K-Money card can be useful. K-Money is a prepaid card that can be charged with a credit card and used at government-approved shops catering to tourists. It is important to note that K-Money is non-refundable, and any unspent amount goes into the public pension fund.
Prepaid transit cards, such as the T-Money card, are also popular in South Korea. These cards can be used for transportation on buses, subways, and taxis and offer discounts on fares. The T-Money card can also be used for shopping at traditional markets and convenience stores. It can be purchased at subway stations, convenience stores, or tourist centres for 3,000 KRW and loaded with any amount. Another option is the Mpass T-Money card, which offers up to 20 rides per day on public transportation and can be purchased as a 1-day to 7-day pass.
For foreigners, the WOWPASS card is an exclusive prepaid card that can be loaded with your home currency and used for transportation and purchases at affiliated stores without service fees. It can be purchased at kiosks in major subway stations, hotels, and international airports with a passport and foreign currency bills.
When exchanging money, it is recommended to exchange at least some of your cash into South Korean Won (KRW) upon entering the country. Money changers offering the official exchange rate can be found at airports, local banks, and other authorised foreign exchange dealers. If carrying less common foreign currencies, it is advisable to exchange them at airport banks, which carry a wider variety of currencies.
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Currency exchange services at the airport
Currency Exchange at Sydney Airport
Sydney Airport offers various options for currency exchange, including banks, currency exchange shops, and online platforms. It is recommended to compare the available options, considering factors such as costs, safety, and customer reviews. Exchange rates and fees vary, so it is important to check both before proceeding. If you plan to use a bank, ensure that they offer currency exchange services and have the currency you need available. Alternatively, currency exchange services may offer a wider range of currencies, but smaller branches might not have everything in stock.
Currency Exchange at Incheon International Airport, Korea
Incheon International Airport in Korea provides currency exchange services and general banking needs for travellers. The airport has bank branches and money exchangers located within its premises, allowing inbound travellers to convert their money into the local currency upon arrival. The operating hours vary, with money exchangers typically open from 06:00 to 21:00, and some locations operating until 22:00 or 24:00. It is recommended to check the hours and locations in advance, as they may differ.
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Frequently asked questions
It is generally recommended to exchange money in Korea, as you can get better rates than in Australia. However, it is worth checking the exchange rates and fees offered by local exchange stores, online, or with your preferred payment cards in both countries before deciding.
You can exchange money at currency exchange shops, local ATMs, or at the airport. Money Box, with branches across Korea, is recommended for its good rates and ability to exchange up to 18 different currencies.
The local currency in South Korea is the South Korean Won, with the international code KRW and the symbol ₩.
