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You’re getting short-changed if you exchange currency at Incheon Int’l Airport

February 20, 2015

Fees may cost 20 times more than exchanges at banks

The South Korean currency continued to strengthen against both the U.S. dollar and the Japanese Yen. (Yonhap)

The South Korean currency continued to strengthen against both the U.S. dollar and the Japanese Yen. (Yonhap)

Currency exchange inside South Korea’s Incheon International Airport may cost 20 times more than exchanges at banks.

Fees for exchanging money to dollars or yen can cost upwards of 3.5 percent, or about twice that of average stations at 1.75 percent.

In addition, most banks offer 50 to 70 percent discounts, some up to 90 percent, for exchange fees.

A source from a commercial bank said airport currency exchange fees are expensive because they are open for longer hours and require additional costs, which include rent.

“You can get fee discounts by visiting operating banks inside the airport,” the source said.