Where to exchange Philippine peso to Korean Won

A week before our flight to Korea, we decided to exchange our Philippine Peso to Korean Won so that we can spend and buy train tickets upon arriving at the city and to buy dinner as well. With that, it will lessen the time looking for a place to exchange our local money and start what is on our itinerary.

Photo grabbed from Wikipedia

 

Our first option is to exchanged it to one of our local commercial bank in Manila.

#Option 1:  Local Commercial Bank

We choose to exchange at the Bank (BDO) because it is more convenient to us and the conversion rate is also competitive. You can only exchange to the branch where you have an account and if your planning to exchange peso to won, better reserve it a week before your flight. Upon claiming, you need to show your passport and flight ticket as required.

If for instance the bank has no available won, better to buy US Dollar or Euros first then convert it to Won afterwards.

#Option 2:  Money Changer from Manila or Seoul

Buy currency at your local money changer. Unlike banks, they are less strict about the requirements. Better call and reserve ahead of time because at times they don’t have notes available for a specific currency. Money Changers that I always saw at malls are Czarina’s and Sanry’s and they are also shops that already established good reputation. There are also a lot of money changer near Ermita so go with the one closest and convenient to you.

Money changer’s at Seoul especially Myeongdong area also have competitive rates. When we almost run out of Won, we exchanged near Myeongdong station and the rates are close with the one we had at the local bank from Manila. Added: We exchanged our PHP money to WON in Seoul near the Exit 8 of Myeongdong train station next to Tous les Jours.

#Option 3:  Airport Money Changer

If you just want to exchange a few money for the transportation to the city, there are money changers inside the airport terminal. Though, the exchange rates here are not as competitive as the ones that you can get from Money Changer in the city on in the bank.

 

Related posts about our 5days-4nights South Korea DIY travel:

14 Replies to “Where to exchange Philippine peso to Korean Won

  1. Hi! Pwede malaman magkano pinapalit niyo sa bdo? Or any tips kung magkano dadalhin sa 8 days trip? Labas na un air fare at hotel. Thankyou

  2. Hi

    What if we go by the middle of November( or probably 10th of November, departure)? Can we still get a chance to see the Ginko Trees in Nami Island? And if PHP 20k is enough for fare (to tourists destination) and food? Thank you.

  3. Hi!
    Do the money changers in Seoul accept Philippine peso?
    KRW is difficult to come by recently from the banks. Current wait time has already been at least a month.

    Thank you!

    1. Hi Foodie Traveler, yes we also exchanged our PHP money to WON in Seoul. Exact location of the money changer is near the Exit 8 of Myeongdong train station next to Tous les Jours. Enjoy your travel!

    1. Hi JC, it’s BDO but other major banks also exchange foreign currencies. Just make sure that you have an account from them and allocate atleast one week reservation.

  4. What do you mean by close to manila (myeongdong change rate). So where is higher in rate manila or seoul? I will go there on friday sept 22 to 25 and i am problematic right now, i dont know if seoul or manila…. And where exactly! I went in local money changers here near UE and they dont sell won and so low in malls i asked they sell won by 0.032 . In locals i asked its 0.030 and some dont sell only won to peso and no peso to won…. If you know any place. I am currently staying in a dormitory beside UE manila. And any tips?

    1. Hi JM, have you tried checking Sanry’s and Czarina’s money changer? We exchanged ours at a local bank here in Manila (exchange rate is around 1 WON = 0.043PHP) and we also exchanged our peso at Myeongdong (1 WON = PHP 0.045PHP). So the exchange is best here in our local bank (based on our experience). But since you only have 2 days, you can check money changers at the mall. Worst case, you can exchange a few peso at the airport (for transpo and food) and exchange the rest at Korea. Goodluck 🙂

      1. does czarina sell won? do you know for how much? I dont know if should i try Czarina or the bpi bank… do you know the money changer in myeong dong the one infront of the chinese embassy? they said its the best money changer but i am not sure if they also exchange peso. Some says that exchanging your php-usd then usd to won will lose you a few cash…. i dont know what is wise. any tip? here or there? (and other tip as well other than this topic what is cheap there and things to buy….) thank you for your reply 🙂

      2. I am also confused… the lowest the better? peso to won here in ph… ex if 0.035 then 0.040 which is better? before i think 0.040 is the best but while reading and hearing some people’s experience it got m confused… so is 0.035 more good if exchange here in the philippines for won?

        1. does czarina sell won? -> Yes, but it depends if there is an available note on that branch.
          do you know for how much? -> No. Exchange rate varies per money exchanger.
          I dont know if should i try Czarina or the bpi bank… -> I believe local bank requires atleast 3 working days to verify and reserve exchanges. I’m not sure if they can rush it (maybe if there’s an already available note on that branch)
          do you know the money changer in myeong dong the one infront of the chinese embassy? they said its the best money changer but i am not sure if they also exchange peso. -> No. We exchanged our peso near Myeondong train exit. As far as I know, they usually have peso especially on tourist spots.
          Some says that exchanging your php-usd then usd to won will lose you a few cash…. i dont know what is wise. any tip? here or there? -> Well, it can be. It really depends on the current exchange rate market and where you exchange your money. I suggest you exchange enough money here (enough that you can buy train tickets to your hotel and food) and exchange the rest in Korea.
          and other tip as well other than this topic what is cheap there and things to buy… -> for pasalubong, we bought ours at Lotte Mart Grocery store (Cheongpa-ro, Jung-gu, Seoul).
          I am also confused… the lowest the better? -> from what I understand yes. if 1WON = 0.035PHP then it means it’s 1PHP = 28.57WON; If 1WON = 0.040PHP then it means it’s 1PHP = 25WON. So the lower the exchange rate to peso, the better.

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