Incheon Airport Currency Exchange vs Myeongdong 2026: Fees Compared and How to Get There

Bottom line: As of October 2026, Incheon Airport's bank currency counters are fast and convenient, but expensive. Exchange only enough won for immediate costs like transport and meals at the airport, and change the rest through a mobile banking app with a higher preferential rate or a private money-changer in Myeongdong.

If you didn't know: Exchange 1,000,000 won at an Incheon Airport bank counter without any discount, and you can pay up to about 40,000 won more than at a Myeongdong money-changer. Even with an airport bank's preferential coupon (up to 80% off), it still runs roughly 7,000 won more than Myeongdong.

At a glance: At Incheon International Airport Terminal 1 (272 Gonghang-ro, Jung-gu, Incheon), currency exchange counters are run by KB Kookmin Bank, Woori Bank and Hana Bank, mostly open 06:00-22:00 with some 24 hours. Hana Bank: 032-743-2220; Woori Bank: 032-743-1050; KB Kookmin Bank: 032-743-3260. Myeongdong's money-changer strip is clustered near Myeongdong Station on Seoul Subway Line 4.

The won closed at 1,555.8 per dollar on July 2 this year, its highest in 17 years and 3 months, and June's average rate was 1,527.3 won per Bank of Korea statistics — the highest since the Asian financial crisis, Newsis reported (July 3, 2026). The same report said foreign tourists formed long lines at money-changers near Myeongdong Station during this period.

The airport's higher cost shows up in its fees. According to an SBS Biz report (September 13, 2024, via Daum News), Incheon Airport bank counters charged 4.2% each way to buy and sell US dollar cash, and 4.5%/7% for Japanese yen. Woori Bank offered airport customers a coupon for up to 80% off, which still leaves a fee of about 0.84%. Shinhan's SOL Travel check card and Hana Card's Travelog gave 100% preferential rates on all currencies, while Toss Bank's foreign currency account and Kakao Bank's Dollar Box (USD only) charged no fee.

Myeongdong and Namdaemun's private money-changers run on the opposite model. According to an Asia Economic Daily report republished by Medigate News (December 18, 2020), these changers typically earn only 0.1-0.15% of the exchanged amount in a high-volume, thin-margin business, and Korean residents have been allowed to use private exchangers since 2015. That puts the fee on a 1,000,000-won exchange at roughly 1,000-1,500 won. Since that figure dates to the pandemic, check each shop's board directly for the exact margin as of October 2026.

This article summarizes official information and is not legal, medical or financial advice.

Journey stage: Before you go · Verified 2026-10-11 · Source Incheon International Airport Corporation, Newsis, SBS Biz, Asia Economic Daily