Currency Exchange in South Korea: what actually matters to know
Short answer
Purchase SIM cards or eSIMs at Incheon Airport after baggage claim, but avoid exchanging large amounts of currency there due to poor rates. Exchange only what is needed for immediate costs and visit local exchange offices in areas like Myeongdong for significantly better rates.
From real experience
Incheon Airport procedures for SIM cards and currency exchange: SIM cards are readily available and easy to purchase in the airport after baggage claim, with numerous stalls.
eSIM is an alternative if supported. Currency exchange rates at the airport are generally poor; it's advisable to exchange only a small amount for immediate needs and the rest in Seoul. T-money and Wowpass are also more conveniently acquired or topped up in the city.
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Purchasing Korean Won (KRW) in Russia is generally not cost-effective.
It is advisable to exchange a small amount of currency at the airport for immediate needs and then seek better exchange rates at local exchange offices in Korea, such as Moneybox or smaller establishments near Myeongdong.
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Currency exchange in Seoul: Airport booths and standard kiosks (Wowpass) offer less competitive rates.
Local exchange shops, particularly those in the Myeong-dong area (e.g., Moneybox), provide better exchange rates for foreign currency to KRW.
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Exchanging Chinese Yuan (CNY) for Korean Won (KRW) upon arrival in South Korea is recommended over exchanging in China, as rates may be more favorable.
However, it's always wise to compare rates at different exchange points.
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Currency exchange rates for USD to KRW at Seoul Incheon Airport (ICN) are generally less favorable than in the city.
For better rates, it is recommended to exchange currency in urban areas like Myeongdong.