Before traveling abroad, I was unable to exchange money due to my busy schedule. Are there any people who feel like they are losing money and being overpriced when they go to the airport currency exchange booth?
If you feel like it’s unfair to do it at the airport even though other people exchanged money at a preferential exchange rate and at a low price, please read the article below.
How expensive is the airport currency exchange?
Incheon Airport currently has three banks operating currency exchange offices.
Shinhan Bank
Our bank
Hana Bank
You can check the exchange fee rates at Incheon Airport currency exchange offices and general branches on the Korea Federation of Banks website.
The dollar commission rate (when buying) as of June 20, 2023 is as follows.
Category General branch Incheon Airport branch
Shinhan Bank 1.75 4.15
Woori Bank 1.75 4.20
Hana Bank 1.75 4.20
In other words, it is true that the commission rate is high when exchanging money at the Incheon Airport branch.
Simulated fee calculation
Of course, the currency exchange fee at the airport is expensive, but the advantage is that it can be used efficiently when exchanging small amounts.
In other words, if you plan to use a credit card in the country you’re visiting and don’t need a lot of cash, you don’t need to go through the hassle of exchanging currency before your trip.
Assuming that the exchange rate for 1 dollar is 1,200 won, we calculated how much 1 dollar can be purchased, including fees.
▶Comparative calculation of currency exchange fee rates
Currency exchange fee rate
(When purchasing 1 dollar) Price of purchasing 1 dollar
(assuming 1$=1,200 won)
General branch Incheon Airport General branch Incheon Airport
1.75 4.15 1,221 1,249.8
As a result of comparison, it means that I paid about 29 won more to buy 1 dollar at the Incheon Airport branch than to buy it at a general store.
If you exchange about 1 million won, it will be about 20,000 won more expensive if you exchange it at Incheon Airport.
Considering the time it takes to visit a bank to exchange money and transportation costs, I think exchanging money at the airport can be faster and more efficient.
Of course, if it is a small amount, the difference is not much, but the larger the amount, the cheaper the currency exchange by considering the preferential exchange rate.
If you know the location of the currency exchange offices in the airport in advance, you will be able to start your trip comfortably. (Currency exchange offices by terminal and floor are located in various places, so use them when planning your visit.)
Tip)
If you are planning to use Incheon Airport, why not try using the Incheon Airport guide app, which has a variety of menus, including restaurants and cafes open 24 hours a day, as well as flights, parking information, parking reservations, and how to use public transportation?
I think this will be useful if you have an early morning flight or have to wait at the airport with your child.