Planning your Korea trip? Get the best exchange rates in Myeongdong, choose between SIM cards and eSIM for connectivity, and avoid common tourist mistakes with this complete guide.
Planning your trip to Korea? Before you dive into Seoul's vibrant streets or explore Busan's coastal beauty, there are two essential things you need to sort out: money exchange and mobile connectivity. Let's walk through everything you need to know so you can hit the ground running!
💱 Getting Korean Won: Your Currency Options
Korea's currency is the Korean Won (KRW, ₩), and while card payments are widely accepted, you'll still need cash for street food vendors, traditional markets, and some smaller shops. Here's how to get the best exchange rates.
Airport Exchange: Quick but Not Always the Best Deal
When you land at Incheon International Airport (Terminal 1 or 2) or Gimpo Airport, you'll find currency exchange counters on the arrivals floor and basement level. Major banks like Shinhan Bank, Woori Bank, and KEB Hana Bank operate here from around 6:00 AM to 9:00 PM, with some offering extended hours or even operating around the clock.
The convenience comes at a price—airport exchange rates typically include a margin that makes them less favorable than what you'd get in the city. Still, it's smart to exchange a small amount (maybe around $50-100 USD) to cover your immediate needs like transportation and first meals.
City Exchange: Better Rates in Tourist Districts
For the best exchange rates, head to popular tourist areas once you're settled. Myeongdong is famous among travelers for offering some of the most competitive rates in Seoul. Look for exchange booths near Myeongdong Station exits 5, 6, or 7—you'll spot several options, including the well-known Money Box locations.
Itaewon and Dongdaemun also have numerous currency exchange shops, though Myeongdong generally edges ahead on rates. These private exchange offices often beat bank rates and stay open later, typically from 8:00 AM to 8:00 PM.
Pro tip: Major currencies like USD, EUR, and JPY get the best rates. If you're exchanging other currencies, expect slightly less favorable terms.
📱 Staying Connected: SIM Card vs eSIM
Now let's talk about keeping your phone connected. Korea is known for having some of the world's fastest mobile internet, so you'll want to tap into that speed for navigation, translation apps, and sharing your travel photos.
Physical SIM Cards: Traditional and Reliable
Korea has three main telecom providers: SK Telecom (SKT), KT, and LG U+. All three offer excellent nationwide coverage with blazing-fast LTE and 5G speeds, though SKT generally has a slight edge in coverage and speed.
Where to buy: The easiest place to get a tourist SIM card is at the airport. At Incheon Airport (both terminals), you'll find official booths from all three carriers right after you pass through immigration. The staff speak English and can help you set everything up in minutes.
Pricing: Tourist SIM plans with unlimited data typically range from:
- 5 days: Around 25,000-27,000 KRW
- 7 days: Around 30,000-35,000 KRW
- 10 days: Around 35,000-38,000 KRW
- 30 days: Around 65,000-71,000 KRW
Most plans include unlimited data, though some apply slower speeds after you hit a daily high-speed cap (usually a few GB). If you need a local phone number for making calls, look for plans that include voice service—these cost slightly more but can be handy if you're booking local restaurants or services.
eSIM: The Modern, Hassle-Free Choice
If you have a newer smartphone (iPhone XS or later, recent Samsung Galaxy models, Google Pixels), eSIM is becoming the go-to option for tech-savvy travelers.
How it works: You purchase an eSIM plan online before your trip or right after landing (using airport WiFi). You'll receive a QR code via email, scan it with your phone, and boom—you're connected. No physical card swapping, no waiting in airport lines.
Popular eSIM providers:
- Direct from carriers: SKT, KT, and LG U+ all offer eSIM options at similar prices to physical SIMs
- Third-party apps: Services like Airalo, ByteSIM, Klook, and Roamless offer competitive rates, often starting from just a few dollars for smaller data packages
eSIM pricing: Generally comparable to physical SIMs, with unlimited plans running around the same range. Some providers offer flexible data-only packages starting as low as $2-3 for 1GB, perfect if you're a light user.
Important note: Most eSIM data-only plans don't include a local phone number. You can still make calls using WhatsApp, Skype, or FaceTime, but if you need actual phone service for local calls, you'll want either a physical SIM or an eSIM plan with voice included.
🤔 SIM vs eSIM: Which Should You Choose?
Go with eSIM if:
- You have a compatible device
- You want convenience and instant setup
- You're comfortable with app-based services
- You're taking a short trip and don't need a local number
Choose a physical SIM if:
- Your phone doesn't support eSIM
- You need a local phone number for bookings and reservations
- You're staying long-term
- You prefer the reliability of traditional SIM cards
Incheon vs Gimpo: Both airports have excellent options. Incheon, being the main international gateway, has more counters and English-speaking staff readily available. Gimpo is smaller but still well-equipped, especially if you're arriving on a domestic or regional flight.
⚠️ Common Mistakes to Avoid
Not checking eSIM compatibility: Before buying an eSIM online, confirm your phone supports it. Not all phones have this feature yet.
Exchanging too much cash at the airport: Korea is incredibly card-friendly. Exchange just enough for immediate needs, then get more in the city at better rates.
Waiting until the last minute: Airport SIM card counters can get busy during peak arrival times. Consider buying your eSIM in advance to skip the queues entirely.
Forgetting about WiFi: Korea has extensive free WiFi in subway stations, cafes, and tourist areas. Between WiFi and your SIM/eSIM, you'll be constantly connected.
💡 Money-Saving Combination Strategy
Here's what savvy travelers do:
- Before arrival: Purchase an eSIM online if your phone supports it
- At the airport: Exchange a small amount of cash (about $50-100 USD)
- First day in Seoul: Head to Myeongdong or Itaewon to exchange the rest of your travel money
- Use cards wherever possible: Credit and debit cards work almost everywhere in Korea, saving you exchange fees
Some travelers also look into combination deals—certain SIM card packages come with a T-Money transportation card bundled in, which can be a nice convenience for getting around Seoul and other cities.
🎯 Final Tips
WOWPASS: This automated kiosk service at airports and major stations lets you exchange currency and get a prepaid card in one go. It's gaining popularity for offering better rates than traditional airport exchanges.
ATMs: If you have a debit card with low foreign transaction fees, using Global ATMs (look for the Plus or Cirrus logos) can sometimes give you better rates than exchange counters.
Keep some cash: While cards are widely accepted, street food markets, traditional shops, and some taxis still prefer or require cash.
With your money exchanged and phone connected, you're ready to explore everything Korea offers. Save this guide to your phone before you land—you'll thank yourself when you breeze through these setup steps and start your adventure immediately!
Next up: Check out our guide on using Korea's subway system and getting a T-Money card for seamless travel around Seoul and beyond.
Post a Comment