Where To Have Your Money Exchanged to Korean Won (KRW) - For Filipino Travellers

One of the common questions I got on my Instagram Direct Message is: "Where can I have my money exchanged to Korean Won?"

My answer is, as expected, there are DIFFERENT WAYS where you can acquire Won (KRW) for your Korea trip! It just depends on what is convenient for you....

CREDIT CARD

First of all, you can always swipe your credit card whenever you shop in big stores in the city, take a cab, or at small convenience stores. This is what I do whenever I buy big ticket items like KTX fares, BT21 items, or when I buy sneakers in Korea. 

But there will be times I needed cash like in markets or in smaller stores where the available credit card port only accepts local Korean credit cards. The store we went to had Paypal, so that solved our cashless shopping. There were times that credit card ports are down, so to save yourself from hassles, it's still best to have extra cash.

Was also able to use my credit card for my taxi fares, and in big stores around Myeongdong. But for the street foods, they usually just accept cash.

MONEY EXCHANGE IN MANILA

Second option, which I've done during my early travels, is having my Philippine Peso exchanged to the currency of where I am going--in this case Korean Won. There are money exchange counters in our malls like Sanrys and Czarinas, I think there are also banks that offer money exchange. I haven't done this in yearsss, ever since you have to call to reserve KRW or other currencies, so sorry I don't have any updated input about money exchange in Manila! But if you have time to do that, it'll be very convenient that you already have KRW onhand before your flight.

BRING YOUR USD

Others I know bring US dollars for their trip, since it's the most common currency exchanged in all countries. You can have some exchanged at the Incheon Airport, konti lang so you have a few cash onhand. And then for best rates, they say it's still at the tourist-friendly Myeongdong in front of the Chinese Embassy. Here are some of the best Foreign Currency Exchange sites according to Creatrip.

Meanwhile, MY PERSONAL PREFERENCE is....

JUST WITHDRAW FROM ATM IN KOREA!

I just withdraw money with my BDO Debit Master Card. It will instantly be converted to Korean Won. You can call your bank before your trip to make sure your card will work in other countries, but mine already automatically works abroad every since. 

I withdraw from the airport the moment I arrive in Incheon, and then in any international ATM I encounter. There’s Woori Bank and Industrial Bank of Korea (IBK), and there are also ATM machines in some convenience stores like CU, Lotte, and 7Eleven. 

Where I usually withdraw upon arriving at the Incheon Airport:

Here are some notes from my personal withdrawing experiences in Korea:

- Charges apply accordingly. Whenever I check my online banking app after withdrawal, usual charge is around Php 180 to 220 only. 

- Most of the ATM I used have KRW 300,000 withdrawal limit. There are some with just KRW 100,000, but since I needed more cash for my long trip I try to look for one with bigger limit para sulit ang Php 180-200 charge. 

- The lowest international withdrawal charges from my experience are Woori Bank and IBK. The ones in convenience stores usually have bigger charges, but hindi naman super laking difference so if you have no other options okay nadin yun! :)

- There was also a time when our cards did not work in some ATM (the horror!), but good thing it was in Myeongdong so we just walked around till we spot other machines and may nag work naman! This is the risk I guess of relying on just withdrawing. 

Convenience Stores such as GS25, CU, or 7Eleven accepts credit cards, and sometimes have an ATM machine in-store; Big stores like Olive Young also accepts credit card payments:

These are all just based from my EXPERIENCE and PREFERENCE, and I am honestly not super aware or conscious of the exchange rates coz I am all for convenience. So if you have other tips for travellers that might have the same preference and lifestyle as yours, feel free to recommend how you exchange your money to Korean Won in the comment box below! :) There are no right or wrong answers, just different lifestyle, needs, and preferences. 

Another Money-Related Tip: During the last days of my trip, I've accumulated so much coins and small loose bills so what I did was I loaded them on my T-Money card via the reloading machines at subway stations. Aside from public transportation fares, I used them in convenience stores, or just save them for my next Korea trips!