If you’re planning a trip to the United States in the near future, you may want to exchange some of your money into U.S. dollars, the country’s official currency. The international symbol for the currency is USD.
Unlike South Korean won, USD holds its full value even if it is somewhat damaged. U.S. paper currency, sometimes referred to as a “bill,” can still be used or exchanged for newer currency, even if it’s torn or if you have an old version of the bill.
This post has everything you need to know about converting KRW to USD, 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 KRW to USD
Calculating the conversion of South Korean won to U.S. dollars is fairly simple. You can either use 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 may 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 KRW is worth $0.0007 USD.
Once you know that information, multiply the amount you have in KRW by the current exchange rate. The resulting number will show you the amount of dollars that you have to spend on your trip.
Manual Currency Conversion Example
Let’s say you have ₩1,000,000 KRW and would like to figure out how many dollars you have for a trip to the United States. Using the current exchange rate, the formula for your conversion would look like this:
₩100,000 KRW x 0.0007 = $700 USD
How to Buy USD
When you’re ready to buy USD, 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 may give you the best exchange rates and charge the lowest fees. For example, KB Kookmin Bank offers a 50% discount on money exchange fees to customers who have a KB Welcome account (this only applies to over-the-counter transactions). Your bank may have a minimum exchange amount or charge a fee for delivery.
- Use your bank’s ATM abroad: Similarly, if you need to exchange more money while you’re on your trip, try to find an in-network ATM. For example, Shinhan Bank has a partnership with Allpoint, so Shinhan Bank customers won’t pay a transaction fee when they use Allpoint ATMs in the U.S. 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. You may have to pay an exchange fee and shipping fee, and you might not get the best conversion rate.
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What to Avoid When Exchanging Currency
- Exchanging currency at the airport: While exchanging currency at the airport is unquestionably convenient, these kiosks often offer some of the worst exchange rates while charging some of the highest fees.
- Currency exchange stores and street kiosks: Many U.S. cities have exchange stores and kiosks that look like ATMs. You may find one near your hotel or in a tourist area. Still, you’ll likely pay a premium to use one of these convenient locations.
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