Where are the best places to exchange currency in Korea?

Where you exchange money in Korea makes a real difference to the rate. The worst rates are almost always at the airport counters, so change only what you need there for the ride into the city. The best cash rates are usually at the licensed private money changers clustered in areas like Myeongdong and Itaewon in Seoul, which post competitive rates and often beat the banks, and it is worth comparing a couple since they sit close together. Banks give reasonable rates too, and if you have an account, many offer a preferential exchange discount (often 50 to 90 percent off the fee spread) when you exchange through their mobile app, which can be the best deal of all for account holders.

For everyday spending rather than cash, a card with low foreign-transaction fees can beat cash exchange entirely, and withdrawing won from an ATM with a fee-friendly debit or travel card often gives a near-interbank rate, though watch the ATM operator fee and always decline the machine's offer to 'convert' to your home currency, since that dynamic currency conversion is a poor rate. If you are sending or receiving money internationally rather than exchanging cash, services like Wise usually beat bank wire transfers on both rate and fee. In short: skip the airport, compare the Myeongdong or Itaewon money changers for cash, use your bank app's preferential rate if you have an account, and lean on a low-fee card for daily purchases.