About this tool
An exchange rate calculator (currency converter, 환율 계산기) turns a foreign amount into won and back using the rate you type in.
This one does not fetch live rates, so there is no server or paid data feed; you enter the rate shown by your bank or exchange app, and the result matches what you were quoted. The formulas are simple.
Won needed = foreign amount x rate x (1 + spread / 100). Foreign money bought = won budget / (rate x (1 + spread / 100)).
The spread is the percentage the bank adds on top of the base rate when it sells you currency, and it differs by bank, branch, currency and your preferential discount, so enter what your bank says.
If you enter a rate that already includes the bank's margin, such as the cash selling rate, set the spread to 0. How much is 100 US dollars in won at 1,400 won per dollar with a 1% spread?
100 x 1,400 = 140,000 won, plus 1% is 141,400 won, so the fee is 1,400 won. How many dollars can I get for 1,000,000 won? 1,000,000 / (1,400 x 1.01) is about 707.21 dollars.
For currencies quoted per 100 units, such as the Japanese yen on many Korean boards, divide the rate by 100 before typing it so that it means won per 1 unit.
The default rate of 1,400 is only an example and not today's rate. Wire fees, card foreign-transaction fees and rounding by the counter are not included.
The result is a reference estimate and does not replace advice from your bank or a financial professional.
How to use
- Type the exchange rate you were quoted, in won per 1 unit of foreign currency.
- Enter the foreign amount and the bank spread in percent.
- Read the won needed, the fee, and how much a won budget can buy.