Currency exchange locations

In South Korea, currency units can be confusing for tourists. Prices labeled as 'man' refer to units of 10,000 KRW (e.g., 2 man = 20,000 KRW). Always clarify the numerical value before payment to avoid overpaying.

While South Korea has embraced cashless payments, carrying some local currency (South Korean Won - KRW) is still advisable. Cash is particularly useful for transactions at traditional markets, street food vendors, and occasionally for taxis, especially on islands like Jeju. Although payment cards and services like Wowpass are widely accepted, occasional exceptions occur. Having cash on hand provides a backup in case of card issues, withdrawal limits, or specific merchant policies that favor cash payments.

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.

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.

The exchange rate difference between old and new US dollar bills in Korea is negligible (approximately 10 KRW). It is generally not worth the effort to seek out new bills, as the rates at exchange offices like Moneybox are similar.

Exchange rates at Incheon Airport for currencies like USD may not be the most favorable. It's recommended to exchange only a small amount for immediate travel needs and then find better rates at currency exchange offices within Seoul.

For favorable currency exchange rates in Seoul, consider the Myeongdong area. Moneybox is one exchange service available there, and numerous smaller exchange offices nearby often offer even better rates. Researching options beforehand is recommended.

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.

Vietnamese Dong (VND) can be exchanged for Korean Won (KRW) at Incheon Airport, but the exchange rate is typically less favorable than in central Seoul. It is recommended to exchange only a small amount at the airport for immediate needs and then proceed to money exchange services in Seoul (e.g., Myeongdong) for better rates. There is usually no minimum exchange amount.

Old US dollar bills can be exchanged in Seoul, particularly in the Myeongdong district, where exchange rates are typically more favorable than at the airport.

It is advisable to carry cash (approximately $100 per day) in South Korea, in addition to foreign bank cards, as some establishments or situations may require physical currency.

The exchange rate for CNY to KRW in South Korea can fluctuate. For real-time rates, it is recommended to check with local exchange bureaus, such as Moneybox, or use online currency converters. Rates can vary between different exchange points.

For Russian citizens traveling to South Korea on a student visa, cash is recommended as the most reliable payment method. Among Russian banks, UnionPay cards are issued by several institutions; RSHB is easier to obtain, while ATB is reported to be more stable. Alternatively, acquiring a foreign bank card in countries like Kazakhstan or Uzbekistan is a viable option for international transactions.

Older series US dollar bills are generally accepted in South Korea, including at payment machines like Woopass and at currency exchange offices. While some locations might offer a slightly less favorable exchange rate for older bills, they are typically still valid for transactions. If concerned, you can request newer bills for a small fee at some exchange points.

The current exchange rate for Korean Won (KRW) to Russian Rubles (RUB) is approximately 1 KRW = 0.0476 RUB (dividing KRW by 21). As of late 2023/early 2024, the rate has shifted significantly from previous years (around 1:14-1:16).