South Korean Won to PHP – KRW to PHP (update 06.2022)

When going to another country, currency exchange is necessary for you to comfortably shop, eat, drink, etc., conveniently and quickly. For example, when you travel from South Korea to the Philippines, what should you do?

This article will update with Korean Won to PHP trade rates, reputable money changers, and tips you need to know regarding it. Continue reading to prepare for a smooth trip!

Korean Won to PHP

1-million-won-to-php

How much is 1 million Won to PHP?

At the current rate, 1 KRW will be about 0.040968 PHP. This figure also shows that the peso is about 25 times more valuable than the won.

To see the Korean Won to PHP exchange rate by bank updated today, please see this table

Bank nameBuySell
BSP0.0423
BDO0.03680.043
Security bank0.03960.0435
PNB0.03820.053
Maybank0.04120.0434
Updated as of:7/1/2022

In 2019, the currency of the Philippines was also rated as the second-best performer in Asia, after Thailand. Thanks to the promotion of remittance flows, strong domestic and foreign investments have helped its position to level up. Even the country’s finance ministry expects it to become the most stable region.

On the other hand, despite having a higher GDP than the Philippines, the Korean currency is still undervalued. It’s partly due to the epidemic, and the other part is the dollar’s domination.

Won to PHP Exchange Rate?

Please refer to the table below to have quick exchange rate (according to BDO exchange rate today)

Korean Money (Unit: KRW)Philippines Money (Unit: PHP)
1000 won to php43
10000 won to php430
100000 won to php4,300
1 million won to php43,000
2 million won to php86,000
3 million won to php129,000
10 million won to php430,000
100 million won to php4,300,000
Updated as of7/1/2022
Exchange rate based on average selling price of local banks

Where Do You Convert Korean Won to PHP?

When moving to another country, you can choose to swap money in your current country or where you are going. You can convert in some places like airports, banks, licensed currency counters, etc.

At the airport, there is always at least one currency exchange court to exchange korean won to php

At the airport, there is always at least one currency exchange court

Secondly, you can use an international debit card like Visa or Mastercard to pay at places that accept cards or use them to withdraw cash at foreign ATMs. However, transaction fees are usually very high.

Alternatively, you can use a less common way, Traveler’s Checks. Some countries, hotels, restaurants, and even currency counters still accept it.

In case you choose to convert cash, the information below can help you somewhat:

In South Korea

You can trade currency at the courts at the Korean airport, or some banks have branches located there, such as Shinhan, KEB Hana, Woori, etc. They also accept regular money transactions and Traveler’s Check, which is convenient for you.

Outside the airport and banks, some stores can still operate this service, where you can refer such as:

Cities Places Address
Seoul Money Box Myeongdong 52-1 Namdaemun-ro, Jung-gu
Myeongdong Ilpumhyang B1, 105 Myeongdong 2-ga, Jung-gu
Jeil Money Express 85-6 Myeongdong 2-ga, Jung-gu, Seoul 
Busan Nampo Station Busan Metro Line 1, Exit 7
Daegu Daemi Jungang-ro
Daesin Jungang-ro

In The Philippines

Like South Korea, you can swap currency at the airport and some banks, such as the Bank of the Philippine Islands (BPI), Metrobank, and Philippine National Bank (PNB). 

The conversion rate between these banks is roughly the same as that of Bangko Sentral ng Pilipinas (BSP), the central bank under the government of this country.

You can also exchange korean won money at banks

You can also exchange money at banks

You can also find many reputable money changers and Remittance Centers in this country, with less strict regulations than banks. Some brands you can refer to are:

  • Changers: Czarina, Naila’s, Tivoli, Moonlight, and Sanry’s.
  • Remittance Center: Cebuana Lhuillier, M Lhuillier, Western Union, and Palawan Pawnshop.

Tips When Getting Your Money Changed

Avoid Changing Money at the Airport

Compared to places with similar services, the airport usually doesn’t offer the best rate. It can be traced back to monthly rent, operating costs, and uptime.

The advice is only to exchange a small amount of cash for emergencies and change it somewhere else, like a bank. You will see a difference in them when exchanging large amounts of currency.

Avoid Paying Commission

Usually, foreign exchange businesses charge additional commissions besides the rate difference. It is a little different from banks, airports, or other places. Therefore, you should ask before making the conversion. Otherwise, you may pay more than calculated.

Compare Rates Before Your Exchange

Not all money services follow the regulated exchange rate. Sometimes, they will differ slightly or more depending on where you do it. 

You can try shopping around before exchanging money to see the most favorable rate. This tip also helps you compare currency values between two countries and make a purchase decision.

Use Your Good Judgment

It is also not a bad idea to first research a currency court. Many places sell this service on the road, with different rates and offers. However, it would be best to focus on the exchange rate, commission, and reputation of the place rather than the incentive that comes with it. 

You should search in advance, especially if you intend to exchange large amounts of money or consult the list of agencies mentioned above.

FAQs

What Are The Denominations Of KRW And PHP?

Denominations of bills of the Philippines

Denominations of bills of the Philippines

The Korean Won (KRW) is the national currency symbol of South Korea, represented by the symbol “₩”. Its face value is divided into two main types, bills and coins, including:

  • Bills: 1,000, 5,000, 50,000, and 100,000.
  • Coins: 10, 50, 100, and 500.

Meanwhile, the Philippine Peso was the national currency of the Philippines, denoted by the symbol PHP or ₱, to distinguish it from the Pesos of several countries in the Americas. It is also classified into two main categories as above, with more denominations, including:

  • Bills: 20, 50, 100, 200, 500, and 1000.
  • Coins: 1, 5 and 25 centavo, 1, 5, 10, and 20 pesos. (1 centavo = 0.01 pesos)

How About If You Change Your PHP To USD First?

If you change PHP to USD first at the airport, then change it back to KRW when you arrive in Korea, there will still be a slight difference. Specifically:

  • 1 USD ~ 52.38 PHP (In Cepu Airport)
  • 1 USD ~ 1,278 KRW (In Incheon Airport)

Thus, if you exchange 10,000 PHP, you will get 190.91 USD, equivalent to 244,090 KRW. And when you convert these two currencies directly, you get 244,095 KRW. It’s only a slight difference.

Conclusion

When exchanging a Korean Won to PHP, you may receive 0.040968 PHP, which proves that the value of PHP is higher than KRW. Some places supporting this service are available in airports, banks, and licensed private businesses.

Also, if you’re not sure about the exchange rate, you can do some shopping or consult an experienced person and find out where you’re going to change your currency before doing it.

See also:

Euro to PHP – Euro to PHP Exchange rate

South Korean Won to PHP – KRW to PHP

Yuan to Philippine Peso – Yuan to PHP – RMB to PHP

Yen to PHP – JPY to PHP Exchange rate

Canadian dollar to Peso – CAD to PHP Exchange Rate 

AUD to PHP – Australian Dollar to Peso Exchange Rate

SGD to PHP – Singaporean Dollar To Peso Exchange Rate

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