USD To KRW: Convert United States Dollar to South Korean Won

If you’re planning a trip to South Korea in the near future, you may want to exchange some of your money into South Korean won, the country’s official currency. The international symbol for the currency is KRW.

Unlike USD, South Korean won doesn’t hold its full value if it’s damaged, and vendors may refuse to accept damaged bills. Credit cards, however, are accepted in most locations.

This post has everything you need to know about converting USD to KRW, including where to secure the best exchange rates and how to avoid paying high fees on your conversion.

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How to Convert USD to KRW

Calculating a conversion of U.S. dollars to South Korean won is fairly simple. You can either make the conversion using a calculator or do it by hand.

1. Use a Currency Calculator

Using a currency conversion calculator is often the easiest way to get an estimate when you’re converting currency. Since exchange rates fluctuate on a daily basis, using a calculator can ensure your math is correct.

Keep in mind that exchanging currency often comes with added fees that a conversion calculator won’t be able to predict. For instance, credit card companies and ATM networks usually charge a 1% conversion fee on all foreign transactions. Individual merchants may also charge supplemental fees if you ask them to convert the price of an item to your home currency at checkout.

2. Calculate it Manually

The other option is to do the calculation manually using a simple mathematical formula. However, in order to do this, you need to know the current exchange rate. At the time of writing, $1 USD is worth ₩1,425 KRW.

Once you know that information, multiply the amount you have in USD by the current exchange rate. The resulting number will show you the amount of won that you have to spend on your trip.

Manual Currency Conversion Example

Let’s say you have $500 USD and would like to figure out how much won you have for a trip to South Korea. Using the current exchange rate, the formula for your conversion would look like this:

$500 USD x 1,425 = ₩ 712,500 KRW

How to Buy KRW

When you’re ready to buy KRW, it’s a good idea to plan ahead to ensure that you pay the fewest fees. Here are three ways to get the currency you need while minimizing the fees you’ll be charged:

Exchange at a bank or credit union before your trip: Heading to your bank before your trip is often the most cost-effective way to exchange currency. Since you have an existing relationship with them, your bank is likely to give you the best exchange rates and charge the lowest fees. For example, Bank of America doesn’t charge its account holders an exchange fee. However, it does charge a shipping fee of $7.50 USD on orders worth less than $1,000.
Use your bank’s ATM abroad for withdrawals where possible: Similarly, if you need to exchange more money while you’re on your trip, try to find an in-network ATM. For example, there are nine Citibank ATMs in and around Seoul, and Citibank also has ATMs in all 39 of its bank branches throughout South Korea. Most banking apps have an “ATM locator” feature to help you find the closest option, and using an ATM affiliated with your bank can help you avoid excess fees.
Order currency online: If your bank doesn’t offer online shipping, you can also use a third party to get currency delivered to your door. However, be aware of inflated costs with some of these vendors. Currency Exchange International (CXI), for instance, advertises that it does not charge an exchange fee for home deliveries. However, you’ll pay up to $30 for overnight shipping on transactions under $1,000 USD.