Jazmin Li
If you're looking to exchange USD to KRW at Incheon Airport, there are a few options available. The Creatrip Currency Exchange Service, located near the Airport Railroad gate at Incheon Airport Terminal 1 & 2, offers currency exchange with no additional fees and a deposit of 10,000 KRW that is refunded the next day. While airport exchange rates tend to be less favourable, some travellers suggest exchanging a small amount of money at the airport for convenience and peace of mind. ATMs at Incheon Airport may offer better rates than currency exchange stands, especially with certain banks like TD or Capital One, which have minimal transaction fees.
| Characteristics | Values |
|---|---|
| Is USD to KRW exchange possible at Incheon Airport? | Yes |
| Where is the currency exchange located? | Near the Airport Railroad gate at Incheon Airport Terminal 1 & 2 |
| What are the operating hours? | Terminal 1: Mon-Sun 10:00-20:00 KST; Terminal 2: Wed-Sun 8:00-20:00 KST |
| Is there a fee for the currency exchange service? | There is a deposit fee of 10,000 KRW, which is refunded the next day after the exchange |
| What type of USD is accepted? | Only new US Dollars are accepted for USD exchange |
| Are there better exchange rates elsewhere? | Private currency exchange services in Myeongdong or Dongdaemun have better rates, but exchanging at the airport is more convenient |
| Are there other recommended options for exchanging currency? | Using an ATM at Incheon Airport may offer a better rate than banks and currency exchange stands |
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What You'll Learn
Currency exchange services at Incheon Airport
Incheon International Airport offers currency exchange services for travellers who need to convert their money into South Korean won (KRW). There are several options available for exchanging currency at the airport, each with its own advantages and disadvantages.
Creatrip Currency Exchange Service
Creatrip, in partnership with Money Box (the number one currency exchange operator in South Korea), offers a currency exchange service at Incheon Airport. This service allows travellers to make a reservation online and then pick up their desired amount of South Korean won at the airport. The Creatrip Exchange Rate Calculator allows customers to compare rates and see how much they can save. The service is available at both Terminal 1 and Terminal 2, and the currency exchange staff is on standby from 10:00 to 20:00 KST. Starting September 16, 2024, pickups will be available from 8:00 KST.
Bank Branches and Money Exchangers
In addition to the Creatrip service, there are bank branches and money exchangers located within Incheon Airport that offer currency exchange services. These are typically open from 09:00 to 16:00, although some locations may operate until 22:00 or 24:00. It is recommended to check the hours and locations in advance, as they may vary by bank.
Exchange Rates
It is worth noting that exchange rates at airports tend to be less favourable than those offered by private currency exchange services or ATMs. However, exchanging a small amount of money at the airport upon arrival can be convenient for emergency cash needs.
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Using an ATM at Incheon Airport
When using an ATM at Incheon Airport, you may encounter fees and charges. These can include cash advance fees, interest, and charges levied by your home bank. Some banks, such as Hana Bank, specify the fees for international withdrawals, which can help you make an informed decision. It is worth noting that credit cards are widely accepted in Korea, except by street vendors and for public transit, so you may not need to withdraw a large amount of cash.
To use an ATM at Incheon Airport, look for machines that are marked as "global" or "international." These ATMs should accept foreign cards. You can also look for specific banks that are known to work with foreign cards, such as Hana Bank and Woori Bank, which have been reported to offer successful withdrawals for international travellers. It is recommended to have a backup option, such as a different card or some cash, in case your primary card is not accepted.
It is important to be cautious when using ATMs at any airport, including Incheon. Ensure that you are aware of any fees and charges associated with international withdrawals from your bank, as these can add up. Additionally, be mindful of your surroundings and practice good personal security when accessing your cash or entering your PIN at the ATM.
In summary, using an ATM at Incheon Airport can be a convenient way to obtain Korean Won upon your arrival, but it is important to come prepared. Have a backup option in case of any issues with card acceptance or machine functionality, and be aware of the fees and charges associated with international withdrawals. With the right preparation, you can navigate the ATM options at Incheon Airport and start your trip to Korea with the local currency you need.
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USD exchange rates at Incheon Airport
If you're looking to exchange USD for KRW at Incheon Airport, there are a few options available to you. It's important to note that the exchange rates at airports tend to be less favourable than those offered by other services. However, exchanging currency at the airport is a convenient option when you first arrive, as it saves you the time and money required to travel elsewhere to exchange your money.
Creatrip Currency Exchange Service
One popular option for exchanging currency at Incheon Airport is through Creatrip, which offers an easy and fast way to exchange your USD for KRW. Creatrip's exchange rates are updated hourly and are claimed to be about 50% cheaper than the general airport exchange fees. You can check their exchange rates online and make a reservation, choosing the time, date, and amount you want to exchange. They are available in both Terminal 1 and Terminal 2 of Incheon Airport, and their staff is on standby from 8:00 to 20:00 KST.
Money Box
Money Box is the currency exchange operator that provides the service through Creatrip. They are the number one currency exchange operator in South Korea, and you can also exchange currency with them directly. Their locations in Incheon Airport Terminal 1 and Terminal 2 can be found near the Airport Railroad gate.
Banks
You can also exchange USD for KRW at banks located within Incheon Airport. However, it is generally advised to avoid exchanging money at banks, as they typically offer less favourable exchange rates.
Other Options
If you're looking for more favourable exchange rates, you may want to consider exchanging your money outside of the airport. Places like Myeongdong and Hongdae, which are not far from the airport, are known for offering good exchange rates. Additionally, you can use ATMs to withdraw cash directly in KRW, paying a flat ATM fee without any additional percentage rate.
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KRW exchange rates in Seoul
Yes, it is possible to exchange USD to KRW at Incheon Airport in Seoul. There are currency exchange offices in both Terminal 1 and Terminal 2. However, it is worth noting that airport exchange rates are not always favourable. While convenient, some travellers have noted that the rates at Incheon Airport are worse than those offered by other money changers.
Private currency exchange services in Seoul, such as those found in Myeongdong or Dongdaemun, typically offer better exchange rates than the airport. Myeongdong, in particular, is known for having several foreign exchange stores with competitive rates. However, getting to these locations from the airport may not be convenient, and it may not be worth the time and money spent travelling there.
If you are looking for a happy medium, some travellers recommend exchanging a small amount of money at the airport for convenience and then seeking out a better exchange rate in the city. ATMs in Seoul also offer a flat fee for cash withdrawals, which may be a more cost-effective option than exchanging large sums at unfavourable rates.
It is also important to note that only new US dollars, not old US dollars, are accepted for exchange at Incheon Airport. Additionally, all currency exchange offices in Korea are legally required to record passport information and report it to the National Tax Service.
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Best places to exchange currency in Korea
It is recommended that you bring your home currency to Korea and exchange some of it at the airport first, as you'll likely want to have some local cash on you when you arrive. While the rates at airport banks can be expensive, there are some services that offer better rates, such as Creatrip and Money Box.
Creatrip offers a currency exchange service where you can make a reservation ahead of time and then simply pick up the agreed amount on a fixed date. They also have an exchange rate calculator on their website, which is updated hourly. You can pay a deposit of 10,000 KRW when making a reservation, and you'll get the full deposit refunded the day after the exchange.
Money Box is the number one currency exchange operator in South Korea, with eight branches across the country. Their branch in Myeongdong can exchange up to 18 different currencies and has one of the best rates in the area. Their staff can also speak Korean, English, Japanese, and Chinese.
If you're staying in Seoul, it may be worth buying a T-Money card, which can be used to pay for public transit, or a Hi-Pass card if you plan on driving, as there are toll roads. Most places will accept Amex, Visa, and MasterCard, but there are also Global ATMs that you can use.
Private currency exchange services, most popularly found in Myeongdong or Dongdaemun, tend to have the best exchange rates, but considering the time and money it takes to get there from the airport, it may not be worth it.
It's always a good idea to compare rates before exchanging your currency, and to check if your home bank has partnerships with any South Korean banks to avoid extra ATM fees.
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Frequently asked questions
Yes, there are currency exchange services at Incheon Airport Terminal 1 and Terminal 2 where you can exchange USD to KRW.
The currency exchange service is available from 10:00 to 20:00 KST. Starting September 16, 2024, pickups will be available from 8:00 KST.
Yes, it is recommended to make a reservation in advance. You can do so through the Creatrip Currency Exchange Service, which offers easy and convenient currency exchange at Incheon Airport.
The deposit fee is 10,000 KRW, which will be refunded the day after the exchange.
There are other currency exchange places in Myeongdong, Hongdae, and other tourist spots near Incheon Airport that may offer better exchange rates. However, exchanging currency at Incheon Airport can be convenient if you need local currency immediately upon arrival.
