Money Exchange in Seoul: US$100 = 149,500 Won in Myeongdong

Hi everyone! Today we're exchanging money at a place that gave us one of the best rates we saw in Seoul. It also has a quirky but lovely extra: leave a Google review and they give you a free toy.

In short: At an exchange office in Myeongdong, Seoul, we exchanged US$100 for 149,500 won. The rate was much better than at the airport exchange counters, and the buy-sell spread was really small. My advice: exchange only what you need at first at the airport, and change the rest in the city.

Exchange Office Details

• Name: Myeongdong Exchange (명동환전소)
• Area: Myeongdong, Seoul
• Location: Open in Google Maps
• What we exchanged: US$100 → 149,500 won
• Rate that day: US$1 ≈ 1,495 won

How Much Won Did US$100 Get Us?

We exchanged US$100 and received 149,500 won, which means we got 1,495 won per dollar that day.

Of course, this was the rate on the day we exchanged. Rates change daily, even during the day. Check the current rate before you go and compare it with the numbers on the office's rate board.

Airport or City Center?

As I mentioned in our Incheon Airport to Seoul transport guide, we exchanged some money at the airport so we wouldn't be stuck without cash if a card got declined. Compared with the airport exchange rates, the rate here was much better.

On top of that, the gap between the buy and sell rates was really small. The smaller that gap, the less profit the office takes, so more won ends up in your pocket.

My advice:

1. At the airport, exchange only enough for your first day's transport and food.
2. Change the rest in the city center, in areas like Myeongdong with lots of exchange offices.

We did the same in Thailand; you can read about our Bangkok experience in our Vasu Exchange post.

What Makes It Different: A Free Toy for a Google Review

The most unusual thing about this exchange office: when you leave a Google review, they give you a free toy.

Honestly, we were surprised by the quality of the toys. In Türkiye, I think shops would easily try to sell them for 1,000–2,000 Turkish lira. Here, it seems like a perfectly normal thing to them.

It's unclear how long the promotion will run, so ask whether it's still on when you visit.

Why Myeongdong?

Myeongdong is one of Seoul's best-known shopping districts. With so many exchange offices side by side, competition is high and rates are generally good for tourists. Most offices display their current rates on boards outside, so comparing a few and picking the best takes just a few minutes.

From Sinchon, where we stayed, Myeongdong is easy to reach by subway. Curious about our hotel? Read our Urban Hotel & Play review.

Tips for Exchanging Money in Korea

• Bring your passport. Exchange offices in Korea usually ask for it.
• Bring clean, undamaged banknotes. Torn, marked or very old notes may be refused or get a worse rate.
• Large notes usually get better rates. US$100 bills are often more favorable than smaller denominations.
• Look at the spread. Don't just check the buy rate; check the gap between buy and sell. The smaller it is, the fairer the office.
• Count your money at the counter. Check the won you receive before you leave.
• Compare a few offices. Rates can differ even on the same street.

Frequently Asked Questions

Where is the best exchange rate in Seoul?

In our experience, exchange offices in Myeongdong offer much better rates than the airport. At Myeongdong Exchange we got 149,500 won for US$100, with a small buy-sell spread.

Should I exchange money at Incheon Airport?

Exchanging just what you need at first at the airport makes sense. Airport rates are usually worse than exchange offices in the city, so it's better to change the rest in areas like Myeongdong.

How much is US$100 in Korean won?

Rates change every day. On the day we exchanged in Myeongdong, we received 149,500 won for US$100, about 1,495 won per dollar.

Do I need a passport to exchange money in Korea?

Usually, yes. Exchange offices in Korea ask for your passport during the transaction, so take it with you.

Does Myeongdong Exchange give free toys?

When we visited, they gave a free toy to customers who left a Google review. Ask whether the promotion is still running when you go.

Conclusion

When you arrive in Seoul, don't exchange all your money at the airport. Change just what you need at first, then exchange the rest at Myeongdong's exchange offices. We got 149,500 won for US$100 here, plus a free toy.

Exchange office location: Google Maps

Stay tuned for more about Korea. See you soon!