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Currency and Exchange in South Korea: what actually matters to know

Short answer
For the best exchange rates in Seoul, visit small offices in Myeongdong or near major tourist landmarks rather than banks or airports. If relying on Wowpass, use their official app to locate kiosks and ATMs, as availability varies significantly outside of Seoul. Russian-issued UnionPay cards have limited acceptance, so prioritize using international cards or Wowpass for stable payments.

From real experience

For the best currency exchange rates in Seoul, South Korea, head to the Myeongdong district.
This area typically offers competitive exchange rates for USD to KRW, often better than banks or airport exchanges. Several small, legitimate exchange offices are located throughout Myeongdong. Alternatively, consider exchange points near major tourist attractions like the DDP (Dongdaemun Design Plaza), which also tend to have favorable rates and fewer crowds.
✓ 2 reports from chats
Exchanging Russian Rubles (RUB) to South Korean Won (KRW) in Busan can be done at exchange offices.
While specific 'advantageous' locations are not detailed, generally, exchange rates fluctuate. It's advisable to compare rates at different exchange points, particularly in areas with high tourist traffic like Myeongdong (in Seoul, though similar principle applies in Busan), where multiple small exchange offices often offer competitive rates compared to larger institutions. Using currency exchange comparison websites or apps before visiting an exchange office can help secure a better rate.
✓ 1 report from chats
Currency exchange and ATM availability on Jeju Island: Banks and exchange offices exist but are less numerous than in Seoul and require a specific trip.
Wowpass terminals were scarce (2 for the whole island previously). Nonghyup and NH Bank offer good exchange rates without needing ID, often better than airport or Wowpass ATMs. Woori Bank ATMs might be found in transport companies. Local staff can often assist in locating ATMs.
✓ 1 report from chats
UnionPay cards issued in Russia have very limited acceptance in South Korea.
Reliability: 1. Direct payment at POS terminals is rare (mostly Daiso, Olive Young, NICE terminals). 2. ATM cash withdrawals (Woori Bank is reported as reliable) are the primary use case. 3. For stable payments, consider using Wowpass (can be topped up via intermediaries) or international cards issued in CIS countries.
✓ 1 report from chats
If a Wowpass terminal is not available near your hotel in Seoul, check the Wowpass app for nearby locations, as there are typically ATMs available.
Lotte World area is also mentioned as having multiple ATMs. It is also recommended to check for currency exchange offices on maps or explore areas like Myeongdong for better exchange rates.
✓ 1 report from chats
The number of WOWPASS machines in Daegu, South Korea, may be limited because it is not a primary tourist destination compared to cities like Seoul or Busan.
Tourists may find fewer service points in less frequented cities. It is advisable to check the availability of WOWPASS machines in advance if planning to rely on them in Daegu.
✓ 1 report from chats
WOWPASS kiosk locations can be found via the official mobile app.
The app provides photos for each location, which is crucial for navigation in complex areas like Seoul Station. Kiosks are often located near luggage storage lockers.
✓ 1 report from chats
To confirm the presence of a Wowpass ATM at Daegu Airport, consult the official Wowpass application, which usually provides location details with photos.
✓ 1 report from chats

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