Why Myeongdong?
Myeongdong has one of Seoul’s densest clusters of licensed private money changers, especially along the street by the Chinese Embassy and around Myeongdong 2-ga. Competition keeps their rates generally better than airport counters and hotel desks.
How to get a good rate
- Change only a little at the airport — enough for transport and your first meal.
- Compare two or three shops. Rates are posted on boards outside; look at the “we buy” rate for your currency.
- Bring clean, undamaged notes. Large-denomination US dollar notes often get the best rate.
- Bring your passport. Licensed changers may ask for it.
- Count your won at the counter before you walk away, and keep the receipt.
Other ways to pay
- Cards: Visa and Mastercard work in most shops, restaurants and hotels in Myeongdong.
- ATMs: Look for machines marked “Global” or “Foreign card” in convenience stores and banks. Your home bank may charge fees.
- Prepaid travel cards: Tourist cards that you load in a kiosk combine payment and transit; check fees and refund rules before loading large amounts.
When you still need cash
Street food stalls, some small market traders and T-money top-ups at machines often need cash. Carry a mix of ₩1,000, ₩5,000 and ₩10,000 notes.
FAQ
Is it better to exchange money in Myeongdong or at the airport?
Usually Myeongdong. Airport counters are convenient for a small amount, but the private changers in Myeongdong generally offer better rates.
Do I need my passport to exchange money?
Bring it. Licensed money changers can ask for identification.
Can I pay by card in Myeongdong?
Yes, almost everywhere except some street stalls and small market traders.
When are rates worse?
Some changers widen their margins at weekends and on public holidays, so it pays to compare.
Related
Your first 24 hours · K-beauty shopping and tax refunds · Street food
Sources checked November 2026: Creatrip money exchange guide, Guide H currency exchange.