Myeongdong Money Exchange: Rates, Rules, Passport

Checked Oct 11, 2026

A money exchange shop in Myeongdong, Seoul's main shopping district, has to be registered. Korea's Foreign Exchange Transactions Act says anyone other than a financial company who buys or sells foreign currency as a business must register in advance, and doing it unregistered is a crime with up to 3 years in prison or a fine of up to 300 million won. Korea Customs Service's rules say a registered shop must have a sign in Korean and a foreign language, its registration certificate displayed where you can see it, and the day's rates posted. Rates are not set by law. One March report found shops paying roughly 15,000 to 20,000 won more than banks for $1,000 in cash, but I could not find an October price board, so read the rate on the shop's screen first. Bring your passport.

When I lived in Thailand for a year, I skipped the airport exchange because it was expensive, and I did not use ATMs because of the fees. I went to a money exchange shop near a local station, where they copied my passport, and changed money there. So before writing this, I checked whether Myeongdong's exchange shops are the same kind of shop, and whether you have to carry your passport.

WhatLicensed money exchange shops (환전소) in Myeongdong, Seoul

CheckSign in Korean and another language · registration certificate on display · today's rates posted

BringYour passport · shops keep customer-ID records for 5 years

RateNot fixed by law · bank "cash sell" rate for USD was 1,315.77 won on Oct 8 (Hana Bank)

BanksUsually weekdays 09:00–16:00 (VisitKorea)

LeavingReport cash of USD 10,000 or more to Customs when leaving Korea

Map3 Naver Map pins below

Jump to: Is it legal? · What to check · Is the rate better? · What to bring · Leaving Korea · FAQ

Is exchanging money in Myeongdong legal?

Yes, at a registered shop. A shop that buys and sells foreign currency for a living is called a currency exchange business (환전영업자) in Korean law. Under Article 8, paragraph 3, item 1 of the Foreign Exchange Transactions Act, a business that is not a financial company must register before it buys or sells foreign currency as a business. Article 27-2 of the same act makes an unregistered business punishable by up to 3 years in prison or a fine of up to 300 million won. The Korea Customs Service's notice on managing currency exchange businesses (in force from June 8, 2026) sets the rules for registered shops. VisitKorea, Korea's national tourism site, tells visitors to use "a bank or authorized exchange service center".

So a licensed shop is not a grey market. I can't tell you that every sign you see in Myeongdong is a licensed business, and I haven't checked individual shops. What I can tell you is what a licensed shop has to show you.

A Myeongdong side street with a 30 km/h children's zone marking on the road, people walking, restaurant menu boards on the right and a sign with the Chinese characters for money exchange in the distance — A Myeongdong side street, April 2016. The sign in the distance reads 換錢 (hwanjeon, "money exchange"). Faces blurred. Photo: Wpcpey (CC BY 3.0)

What should I check before I hand over money?

Article 8, paragraph 4 of the Customs notice lists what a registered shop must do. Here it is as a checklist:

Check	What the notice says
Sign	The exchange business sign must be in Korean and in a foreign language.
Certificate	The registration certificate must be posted where it is easy to see.
Rates	The day's buying and selling rates must be posted in the shop, or the shop must make sure customers can check them.
Records	The shop keeps its exchange book, the sale and purchase slips and the customer-identification records for 5 years (paragraph 7).

My advice, not the notice's: look at the posted rate for your currency, ask how many won you will get for the exact bills you have, and count the cash before you leave the counter. If a shop will not show you a certificate or a rate, walk out; the notice says it has to.

Checklist card for a licensed exchange shop in Korea: sign in two languages, registration certificate on display, rates posted, bring your passport, count your cash — Checklist built from Article 8 of the Korea Customs Service notice on currency exchange businesses, checked Oct 11, 2026. Chart: Before You Go Korea

Is the rate in Myeongdong better than at a bank?

Sometimes, but nothing guarantees it. A bank quotes a base rate and then adds or subtracts a margin, called a spread, for cash. Hana Bank's rate page says the rate for buying cash is the base rate times one plus the spread. This is what Hana Bank posted at its first update on Oct 8, 2026:

Currency	Base rate (won)	Bank price to buy cash (won)	Spread
US dollar (1 USD)	1,339.20	1,362.63	1.75%
Japanese yen (100 JPY)	847.46	862.29	1.75%
Thai baht (1 THB)	39.82	41.81	5.00%

That table is the price when you buy cash from the bank. When you sell cash to the bank, it pays you its "cash sell" rate, which is below the base. For the dollar on Oct 8 that was 1,315.77 won, so $1,000 in cash gives you 1,315,770 won at that rate, 23,430 won below the base rate.

What do the shops pay? The only dated public comparison I found is a Newspim report from Mar 27, 2026, with rates taken at about 1 pm. Major banks were paying around 1,480 won per dollar for cash. Myeongdong shops were paying 1,495 to 1,500, and one photo caption says 1,498. The paper says $1,000 gets roughly 20,000 won more than at a bank; my own subtraction gives 15,150 to 20,150. On the same day Hana Bank's first posted base rate was 1,506.20 and its cash sell rate 1,479.85, which matches the banks' 1,480. The two quotes are from different times of day, so it is approximate. A shop operator told the paper that most customers, about 80% of 500 to 600 a day, were Koreans selling dollars for won.

Two cautions. First, it is one day and one direction. Rates move: Hana's first base rate for the dollar was 1,554.40 on Jul 2 and 1,339.20 on Oct 8, so a rate from March says nothing about today's. Second, I found no October price board for Myeongdong. If the March gap of 0.4% to 0.7% below the base rate held today, a shop would pay about 1,329,000 to 1,334,000 won for $1,000, against 1,315,770 at the bank. That is my illustration, not a quote, so look at the screen in the shop.

If you would rather not carry cash at all, T-money vs Climate Card vs WOWPASS compares the cards visitors use.

What should I bring, and when are places open?

Bring your passport. The notice lists customer-identification records among the documents a shop must keep for 5 years, so expect to be asked to show it. I did not find a rule in the notice that says from which amount a passport is required, so don't count on a minimum. The notice has no opening-hours rule either, so shops set their own hours. Banks are generally open 09:00 to 16:00 on weekdays and Korea Post Bank 09:00 to 16:30, VisitKorea says, though hours vary by bank and region and it advises checking first. VisitKorea also warns that old currency may not be accepted at some places.

Naver Map pins

#	Place	Naver Map
1	Myeongdong Station (명동역)	Open
2	Myeongdong Shopping Street (명동거리)	Open
3	Exchange shops near Myeongdong (명동 환전소, a search)	Open

The third link is a search, not an endorsement of any shop. New to Naver Map? Naver Map vs Kakao Map vs Google Maps explains it.

Is there a limit on cash when I leave Korea?

Yes. The Korea Customs Service's English page says that carrying means of payment worth less than USD 10,000 out of Korea needs no report, and a non-resident who leaves with foreign currency within the amount carried in on arrival also does not need to report. Above USD 10,000 there are reporting rules, and the page lists exceptions. If you are likely to carry that much, read the Customs page before you travel.

FAQ

Are Myeongdong money exchange shops legit?

Registered ones are, and they have to show a certificate and posted rates. I haven't checked individual shops, so check each one yourself.

Is the rate better than at a bank?

One report on Mar 27, 2026 found shop rates about 15,000 to 20,000 won better for $1,000 in cash. I found no October data. Compare the shop's screen with your bank's cash rate on the day.

Do I need my passport to exchange money?

Bring it. Shops keep customer-identification records for 5 years. I did not find the amount above which it is required.

Does the exchange shop charge a fee?

I found no fee information in the sources I read. Ask for the final won amount before you hand over cash.

Is it legal to exchange money with someone on the street?

Exchanging currency as a business without registering is a crime under Article 27-2. I would use a shop that shows a certificate.

A dated October price board

I'll look for a dated October price board for Myeongdong shops and for any rule on the amount that requires ID, and update this page. I haven't exchanged money in Myeongdong, so this is a read of the law, bank rates and news, not a visit.

More Namsan & nearby

More Seoul first-trip basics

Sources

National Law Information Center, Foreign Exchange Transactions Act, Article 8 and Article 27-2 (Korean)
Korea Customs Service, Notice on managing currency exchange businesses, Article 8, in force from Jun 8, 2026 (Korean)
Korea Customs Service, Declaration of Foreign Currency (English)
VisitKorea, Korean Currency and Exchange Info (English)
Hana Bank, exchange rate page, first posted rates of Mar 27, Jul 2 and Oct 8, 2026 (Korean)
Newspim, "Seeking even 10,000 won more: citizens flock to Myeongdong exchange shops", Mar 27, 2026 (Korean)
Photos: Wikimedia Commons, Choi Kwangmo (CC BY-SA 4.0) and Wpcpey (CC BY 3.0), credited; cropped to size, faces blurred

— SeoulAslan

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