You've probably seen the number flash on a currency converter. You type it in, hit enter, and see a figure somewhere around $700 or $750. It looks straightforward. But honestly, if you're actually planning to move 1 million won to us dollars, that digital number is a bit of a lie.
Exchange rates aren't static. They breathe.
One million Korean Won (KRW) sounds like a fortune if you're used to denominations in the hundreds, but in Seoul, it’s basically a month’s rent for a decent studio in a neighborhood like Mapo or a very fancy weekend at the Signiel Seoul. When you bring that money across the Pacific, it shrinks. Not just because of the math, but because the global economy is currently obsessed with the "strong dollar" narrative.
Why 1 million won to us dollars feels different than it used to
Back in the early 2010s, the won was a different beast. You could almost rely on a 1,000:1 ratio. It was easy mental math. Nowadays? You’re looking at a range between 1,300 and 1,450 won per dollar. This shift isn't just noise; it’s the result of the Federal Reserve’s interest rate hikes versus the Bank of Korea’s more cautious maneuvering.
When you convert 1 million won to us dollars today, you are essentially participating in a massive tug-of-war between two central banks. If the US keeps rates high to fight inflation, your million won buys fewer burgers in New York. Simple as that.
Let's look at the actual math. If the rate is 1,350 KRW to 1 USD, your million won becomes roughly $740. But wait. You’ll never actually see $740. If you go to a bank at Incheon Airport, they’ll shave off a "spread." That’s the difference between the mid-market rate you see on Google and the rate they give humans. By the time you walk away with physical cash, you might only have $705.
It’s a sting that most tourists don't account for.
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The "Kimchi Premium" and Other Weirdness
The Korean economy has these strange quirks. Most people talk about the Kimchi Premium in relation to Bitcoin, where crypto prices in Korea are higher than the rest of the world. But a similar psychological pressure exists with the fiat currency.
South Korea is an export powerhouse. Samsung, Hyundai, SK Hynix—these giants live and die by the exchange rate. When the won is weak, their goods are cheaper for Americans to buy. That sounds great for the companies, but for the person holding 1 million won to us dollars, it’s a loss of purchasing power.
Inflation in Korea has been sticky. While the US saw prices skyrocket and then slowly dip, Korea's cost of living—especially for food—remains high. So, that million won doesn't just convert into fewer dollars; it also represents less "stuff" than it did three years ago.
The Logistics of the Swap: Banks vs. Apps
Where you do the trade matters more than the rate itself.
- Traditional Banks: Think Woori, Hana, or Shinhan. If you have an account there, you get a "preferential rate." This is basically a discount on the spread. Without it, you’re throwing money away.
- Wise and Revolut: These are the disruptors. They usually give you the "real" rate (the mid-market one) and charge a transparent fee. For 1 million won to us dollars, this is almost always the cheapest route.
- Airport Kiosks: Just don't. These are for emergencies. The spread is predatory. You’re paying for the convenience of the counter, not the value of the currency.
If you're a digital nomad or an English teacher heading home after a year in Gyeonggi-do, you probably have more than a million won. But even at that scale, the percentage lost to fees stays the same.
A Reality Check on Purchasing Power
What does $740 (the rough equivalent of 1,000,000 KRW) actually buy you in the States?
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In Seoul, 1,000,000 KRW is about 100-120 meals at a mid-range sikdang. You can eat a lot of kimchi jjigae for that. In Los Angeles or Chicago? $740 might cover a week of decent dinners and a few Uber rides. The "Big Mac Index" created by The Economist consistently shows that the won is undervalued against the dollar. This means your money technically has more "soul" in Korea than it does "hustle" in America.
Timing the Market (Or Not)
I get asked a lot: "Should I wait for the won to get stronger?"
Experts at firms like Goldman Sachs or local analysts at KB Securities spend 80 hours a week trying to predict this. They often get it wrong. The won is a "proxy currency" for the Chinese Yuan. When the Chinese economy stumbles, the won usually falls with it. If you're waiting for 1 million won to us dollars to suddenly turn into $900, you might be waiting a decade.
The volatility is the point.
Korea’s demographic crisis—the lowest birth rate in the world—weighs on long-term confidence in the won. Investors look at the shrinking workforce and get nervous. This puts downward pressure on the currency. On the flip side, Korea’s massive holdings of US Treasuries provide a safety net. It’s a complex, messy balance.
Actionable Steps for Your Money
Stop checking the rate every hour. It’s bad for your mental health.
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If you have 1 million won to us dollars to move, use a specialized remittance service like WireBarley or SentBe. These Korean-grown fintech apps specifically target the KRW-USD corridor and often beat the big banks.
Check the "spread" specifically. If the mid-market rate is 1,350 and the app is offering you 1,380, they are taking 30 won for every dollar. On a million won, that’s about 22 dollars. It adds up.
If you are traveling, use a card like the Woori "Traveler" card or a Hana "TravelLog." These allow you to hold USD balances and convert when you think the rate is favorable, rather than being forced to swap everything at the moment you land at JFK.
Final thought: currency is just a tool. A million won is a solid chunk of change in Korea, but it’s a modest sum in the US. Treat the conversion as a tactical move. Look for the lowest fees, avoid the airport booths, and understand that the global "strong dollar" era means you have to be smarter about your timing than someone doing this back in 2015.
Transfer your funds in batches if you're nervous about the rate. It averages out your risk. Use fintech apps to bypass the 3-5% haircut banks love to take. Most importantly, always verify the mid-market rate on a neutral site like XE or Reuters before clicking "confirm" on any transaction.