If you’re visiting Seoul and planning to exchange money, Myeongdong is the most famous spot.
You’ll find dozens of money exchange shops here, but not all offer the same rate.
Let’s explore how to find the best exchange rate and avoid common tourist traps.
1. Why Myeongdong Is the Best Place to Exchange Money
Myeongdong is the shopping heart of Seoul — full of tourists, hotels, and cosmetics stores.
Because of its high foreign visitor traffic, competition between money changers is fierce.
This means you’ll get better rates here than at the airport or banks.
💡 Tip: Exchange only a small amount at Incheon Airport for transportation,
then do the rest in Myeongdong for a much better rate.
2. Best-Rated Money Exchange Shops in Myeongdong
Here are some of the most recommended and high-rated exchange shops by both locals and travelers:
| Exchange Shop | Location | Notes |
|---|---|---|
| DAE HAN Money Exchange (대한환전) | Near Myeongdong Station Exit 6 | Known for best USD/EUR rates |
| Korea Exchange Bank (KEB Hana) | Near Myeongdong Cathedral | Reliable, accepts cards |
| Myeongdong Money Exchange (명동환전소) | Across from Lotte Department Store | Transparent rates, English-speaking staff |
| Dream Exchange (드림환전) | Near Noon Square | Often gives bonus rates for large amounts |
💡 Tip: Always compare at least 2–3 shops before deciding.
Most stores display real-time rates on LED boards.
3. Cash or Card? What to Use in Korea
While cash is handy for small shops or traditional markets,
credit cards are widely accepted almost everywhere — even taxis and cafés.
✅ Visa / MasterCard / JCB / AMEX are all accepted.
✅ You can also use WOWPASS — an all-in-one prepaid card for foreigners,
which supports both payment and ATM withdrawal.
💡 Bonus Tip: If your card supports contactless (tap) payment,
you can use it directly in subways and buses (Open-Loop system).
4. ATMs and Currency Exchange Rates
If you prefer withdrawing Korean Won directly,
look for Global ATMs with Visa/Master logos — found in CU, 7-Eleven, and subway stations.
Avoid using airport ATMs for large withdrawals due to high fees.
Exchange rates in Myeongdong usually beat the bank rate by 2–3%.
The best time to exchange is weekdays before 5 PM, when rates are most stable.
5. Safety Tips When Exchanging Money
- Always check your cash before leaving the counter.
- Avoid exchanging money with people on the street.
- Take photos of receipts for reference.
- Keep your passport handy if you exchange over USD 1,000.
Myeongdong is very safe, but crowded — so stay alert while handling cash.
🌟 Final Thoughts
For most travelers, Myeongdong is the #1 place to exchange money in Korea.
It’s safe, competitive, and tourist-friendly — plus, you can shop right after exchanging.
If you follow these simple tips, you’ll get the best rates and start your Seoul trip smartly.
💬 Pro Tip: Check live rates online before visiting — search “Myeongdong money exchange rate today” on Google for updates.