Ruth Haines
Currency exchange is an essential part of travelling internationally, and Incheon International Airport provides a range of options for exchanging money. With 40 million passengers a year, the airport is a busy hub for travellers, and currency exchange services are in high demand. While Incheon Airport offers currency exchange booths and bank branches, travellers should be aware that airport exchange rates are often not the best value. In this paragraph, we will explore the different options available for exchanging currency at Incheon Airport, including the use of cash, cards, and travel money cards.
| Characteristics | Values |
|---|---|
| Currency exchange service availability | Currency exchange services are available at Incheon Airport. |
| Currency options | 44 currencies are handled, including major currencies like USD, Euros, and Japanese Yen, as well as currencies like the Philippine Peso, Thai Baht, and Vietnamese Dong. |
| Exchange rates | Airport currency exchange services may not offer the best rates due to higher costs. Alternatives include using ATMs, exchanging cash at physical stores in the city, or using travel cards with competitive rates like Wise Multi-Currency Card. |
| Operating hours | The standard hours of money exchangers are 06:00-21:00, but some locations may operate until 22:00 or 24:00. |
| Payment methods | Cash (foreign currency) is required for currency exchange. Card payments are typically not available. |
| Personal information requirements | All currency exchange offices in Korea, including Incheon Airport, are legally required to record passport information and report it to the National Tax Service. |
| Reservation options | Services like Creatrip allow for reservations in advance, with pickup options available. |
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What You'll Learn
Incheon Airport currency exchange services
Currency exchange services are available at Incheon Airport. The Korea Exchange Bank (KEB) provides currency exchange services at nine airport money exchange booths in the Departures and Arrivals Halls, as well as in the Concourse zone. The bank handles 44 currencies and is open from 4 a.m. to 11 p.m.
In addition to KEB, there are other currency exchange services available at the airport, such as Creatrip, an affiliate of an official currency exchange office. Reservations can be made in advance, and currency can be picked up between 10:00 and 20:00 KST. It is important to note that card payments are not available on-site, so foreign currency cash is required for the exchange.
When exchanging currency at airports, it is generally recommended to compare rates and fees, as airport exchange services may not offer the best value due to their convenient location. Some alternative options include using a travel money card, such as the Wise Multi-Currency Card, which allows for easy conversions and withdrawals with competitive exchange rates and low fees.
Additionally, ATMs may provide a viable option for obtaining local currency, depending on your bank's fees and exchange rates. It is worth checking with your bank to see if this is a cost-effective solution for your specific needs.
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Exchanging cash in the city
If you're looking to exchange cash in the city of Incheon, there are a few options available to you. Firstly, you can visit a physical currency exchange store. These stores can be found in the city and offer the convenience of exchanging cash in person. However, it's important to compare rates and shop around to get the best value, as rates may vary between stores.
Another option is to utilise a travel money card, such as the Wise Multi-Currency Card. This card can be ordered online or through an app and offers secure and convenient transactions. With this card, you can add money from your bank or with a card, then easily convert it to the desired currency within the app. The Wise Multi-Currency Card uses the mid-market exchange rate with no markup, potentially offering better rates than some currency exchange shops in Incheon.
Additionally, you can consider ordering your travel money online and having it delivered to your home or collecting it at a branch or the airport. This option provides flexibility and may save you time. However, be sure to compare different providers to find the most favourable rates and lowest fees.
When exchanging cash in Incheon, it's worth noting that ATMs may also be an option, depending on your bank. Some banks charge minimal fees for foreign transactions, while others may have exorbitant fees that make this option less attractive. Always check with your bank to understand their specific policies and fees.
Lastly, when exchanging cash in Incheon, be mindful that some shops and experiences may only accept cash or offer significant discounts for cash payments. Therefore, carrying a mix of cash and cards can be advantageous to ensure you can take advantage of special deals and fully enjoy your time in the city.
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Using ATMs
Using an ATM to withdraw cash in the local currency is a convenient option when travelling. Incheon International Airport has multiple ATMs within the airport operated by major Korean banks, such as Shinhan, Kookmin, and Hana Bank. These ATMs are typically located in each terminal, near exits, or along the path to the AREX station. It is important to note that not all ATMs are open 24 hours, with many closing around 11 pm, but some, like the Citibank ATM, are accessible at all times.
When using an ATM at Incheon Airport, you can expect to encounter standard fees associated with international ATM usage. These fees typically include a foreign ATM fee charged by your local bank, which is usually around $3-$5 per transaction. Additionally, some ATMs may charge a percentage-based fee, such as a 3% foreign ATM fee. To minimise fees, it is recommended to withdraw larger amounts of cash to reduce the number of transactions.
Before travelling, it is essential to notify your bank or card issuer that you will be using your card in South Korea. This step will help prevent your card from being declined due to security measures. It is also worth checking if your bank has any partnerships with local banks in South Korea, as this may result in reduced or waived fees. For example, the Global ATM Alliance allows cardholders from specific banks to use some international ATMs free of charge, although they do not currently have ATMs in South Korea.
When using an ATM, it is advisable to select your local currency when given the option for currency conversion. This will ensure that the conversion is handled by your local bank, potentially saving you money on conversion fees. Additionally, some travellers have reported issues with specific ATMs, so it is beneficial to have backup options, such as carrying some local currency or using a card for purchases.
Overall, using an ATM at Incheon International Airport is a viable option for obtaining local currency upon arrival. By being mindful of potential fees, notifying your bank in advance, and understanding the currency conversion process, you can efficiently utilise the ATMs available at the airport to meet your cash needs during your trip.
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Using travel money cards
Travel money cards are a secure and convenient way to access your money when travelling through Incheon Airport. They can be ordered online or through an app, topped up with your desired currency, and used for withdrawals and payments during your trip.
One example of a travel money card is the Wise Multi-Currency Card. This card can be ordered online and topped up from your bank account or with another card. The Wise app then allows you to convert your balance to the desired currency at the mid-market rate and a low transparent fee. This can be done in just a few taps, making it a quick and easy process.
Another benefit of travel money cards is that they often offer better exchange rates and lower overall costs compared to exchanging currency at the airport or a physical bureau de change. This is because airport exchange services tend to charge higher fees, knowing that customers have few other options.
When travelling through Incheon Airport, it is also useful to have a transit card, such as a TMoney card or NAMANE card, which can be used for the subway, buses, and taxis. These can be purchased at convenience stores and topped up with cash.
While cards are accepted at most places in Korea, it is worth noting that some shops, such as hair salons and nail shops, may offer discounts or freebies for cash payments. Additionally, street food and souvenirs may only be purchasable with cash. Therefore, it is a good idea to have some local currency on hand, which can be obtained through ATMs or currency exchange services at the airport or downtown.
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Using a debit card
While it is possible to use a debit card to withdraw cash at Incheon Airport, there are a few things to keep in mind. Firstly, check with your bank about any fees associated with foreign transactions or ATM withdrawals. Some banks may charge minimal fees, while others may have exorbitant charges. Therefore, it is essential to understand the costs involved before relying solely on your debit card for cash withdrawals.
When using a debit card at Incheon Airport, you can withdraw cash from ATMs, which are usually attached to exchange bureaus. However, it is worth noting that the exchange rate at the airport may not be favourable. Hence, if you need to withdraw cash, consider withdrawing a small amount at the airport to cover immediate expenses, and then look for better exchange rates downtown or at banks outside the airport.
Additionally, if you plan to use public transportation in Korea, it is recommended to get a transit card, such as the T-Money card or the NAMANE card, which can be purchased at convenience stores or the airport. These cards can be topped up with cash and used for buses, subways, and taxis, offering a convenient way to get around during your trip.
While cards are widely accepted in Korea, carrying some cash is still advisable. Certain shops, street food vendors, and souvenir stalls may offer discounts or only accept cash payments. Therefore, having a mix of cash and card options will ensure you can take advantage of deals and have a smooth overall experience during your stay in Korea.
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Frequently asked questions
Yes, there are bank branches and money exchangers located within the airport where travellers can exchange their money for the local currency.
There are 9 airport money exchange booths in the Departures and Arrivals Halls, as well as in the Concourse zone reached by the airport shuttle train.
The standard hours of money exchangers are 06:00-21:00, but some locations may operate until 22:00 or 24:00.
While it is convenient to exchange currency at the airport, services at the airport tend to crank up the costs as customers have few other options. It is recommended to shop around and compare a few different available options before deciding how to exchange money.
Some alternatives include using a travel money card, withdrawing cash from an ATM, or exchanging currency at a physical currency exchange store in town.
