Best South Korean won exchange rate
If you're travelling to South Korea, it's important to shop around and compare currency suppliers to maximise your chances of getting a good deal. We can help you to find the best South Korean won exchange rate by comparing a wide range of UK travel money suppliers who have South Korean won in stock and ready to order online now. Our comparisons automatically factor in all costs and commission, so all you need to do is tell us how much you want to spend and we'll show you the top suppliers who fit the bill.
Compare before you buy
Compare before you buySome of the best travel money deals are only available when you buy online. By using a comparison site, you're more likely to see the full range of deals on offer and get the best rate.
Order online
Always place your order online, even if you plan to collect your currency in person. Most supermarkets and high street currency suppliers offer better exchange rates if you order online beforehand.
Combine orders
If you're travelling with others, consider placing one large currency order instead of buying individually. Many currency suppliers offer enhanced rates that improve as you order more.
What is the best South Korean won exchange rate?
The best South Korean won exchange rate right now is 1626.6 from Travel FX. This is based on a comparison of 10 currency suppliers and assumes you were buying £750 worth of South Korean won for home delivery.
Where can I get the best South Korean won exchange rate?
The best South Korean won exchange rates are usually offered by online travel money companies who have lower operating costs than traditional 'bricks and mortar' stores, and can therefore offer better currency deals than their high street counterparts.
For supermarkets and companies who sell travel money online and on the high street, it's generally cheaper to place your order online and collect it from the store rather than turning up out of the blue and ordering over the counter. Many stores set their 'walk-in' exchange rates lower than their online rates because they can. By ordering online you're guaranteed to get the online rate and you can collect your order from the store as usual.
South Korean won banknotes and coins
One South Korean won (₩) can theoretically be subdivded into 100 jeon, however due to their low value jeon are no longer in circulation and the smallest unit of physical currency you're likely to come across is the ₩10 coin.
There are four denominations of South Korean won banknotes in frequent circulation: ₩1000, ₩5000, ₩10000 and ₩50000; and four coin denominations: ₩10, ₩50, ₩100 and ₩500.
| Denomination | Sterling equivalent |
|---|---|
| ₩1000 | £0.61 |
| ₩5000 | £3.07 |
| ₩10000 | £6.15 |
| ₩50000 | £30.74 |
| Denomination | Sterling equivalent |
|---|---|
| ₩10 | £0.006 |
| ₩50 | £0.03 |
| ₩100 | £0.06 |
| ₩500 | £0.31 |
Which supermarket has the best South Korean won exchange rate?
Waitrose has the best South Korean won rate right now at 1622.38. You'll need to order online to guarantee this rate; it may be lower if you turn up unannounced and buy over the counter. You can buy your South Korean won online and collect them from your nearest Waitrose travel money store if you don't want to wait for home delivery.
Is it better to buy South Korean won in South Korea?
There's no evidence to suggest that you'll get a better deal if you buy your South Korean won in South Korea. While there may be better exchange rates available in some locations, your options for shopping around may be limited once you arrive, and there's no guarantee the exchange rates will be any better than they are in the UK.
Exchange rates aside, here are some other reasons to avoid buying your South Korean won in South Korea:
- You may have to pay commission or other hidden fees to a currency exchange that you wouldn't have paid in the UK
- Your bank may charge you a foreign transaction fee if you use it to buy South Korean won when you're abroad
- It can be harder to spot scammers and fraudulent currency exchanges in South Korea
Lastly, it can be handy to have some cash on you when you arrive at your destination so you can pay for any immediate expenses like food, transport and tips. You don't want to be searching for the nearest currency exchange when you've just landed and you're desperate for a cup of tea - or a co*cktail!
Choosing the right payment method
Sending money to a company you might not have heard of before can be unsettling. We routinely check all the companies that feature in our comparisons to make sure they meet our strict listing criteria, but it's still worth knowing how your money is protected in the unlikely event a company goes bust and you don't receive your order.
Bank transfer
Your money is not protected if you pay by bank transfer. If the company goes bust and you've paid by bank transfer, it's unlikely you'll get your money back. For this reason, we recommend you pay by debit or credit card wherever possible because they offer more financial protection.
Debit card
Debit cards are the most popular payment method and they offer some financial protection. If you pay by debit card and the company goes bust, you can instruct your bank to make a chargeback request to recover your money from the company's bank. This isn't a legal right, and a refund isn't guaranteed, but if you make a chargeback request your bank is obliged to try and recover your money.
Credit card
Credit cards offer full financial protection, and your money is protected by law under Section 75 of the Consumer Credit Act. Section 75 states that your card issuer must refund you in full if you don't receive your order. Be aware that many credit cards charge a cash advance fee (typically around 3%) for buying currency, so you may have to weigh up the benefits of full financial protection with the extra cost of using a credit card.
