"I compared exchange rates across banks, but they were all so high overall that the comparison felt pointless."
A office worker in his 40s, identified as A, said this while exchanging dollars ahead of a business trip to the United States at a currency exchange counter at Incheon International Airport's Terminal 2 at 6 a.m. Monday. "The exchange rate is so expensive that I couldn't exchange as much as I used to. I only exchanged the bare minimum I'll need locally," he added.
As the won-dollar exchange rate continues its steep climb, the burden on travelers and business travelers visiting airport exchange counters is growing. Several customers were seen deliberating while studying the electronic boards displaying posted rates that day. Rather than comparing rates across banks, they responded to the high exchange rate by reducing the amount they exchanged.
A office worker in his 50s, identified as B, who is also facing a business trip to the United States, showed a similar reaction. "I plan to use my card for most things, so I didn't exchange much, but I definitely feel that the exchange rate is expensive," he said. "The U.S. has a tipping culture, so it's not as if you need no cash at all. Even though I exchanged only a portion, I felt the burden." He added, "Tips are difficult to process as company expenses, so I have to exchange my own money, and that's a burden. Without even needing to compare which place is cheaper, I felt that everything was expensive overall, so I just used the exchange counter right in front of me."
A office worker in his 30s, identified as C, said, "I came to exchange money because of a business trip." He added, "It's a necessary cost for work, so I couldn't avoid exchanging, but with the dollar so expensive, even though it's a company expense, I can't help but feel the burden."
Meanwhile, the won-dollar exchange rate opened trading that day at 1,555.2 won. This is the highest level in 17 years and three months since it opened at 1,590 won on March 6, 2009, during the global financial crisis.
Travelers, too, are finding it hard to open their wallets. D, in his 50s, who is about to travel, said, "In the past, I would have exchanged a little extra, but this time I exchanged less than I need. With the exchange rate so high, I really felt how expensive the dollar is."
E, an office worker in his 40s, also said, "The total travel cost won't differ much, but the money spent locally is going to be a burden. In the end, I think the only option is to save, so I'm going to try to economize as much as possible."
On-site employees also agreed that they are feeling the changes brought by the high exchange rate.
An official at one commercial bank's Incheon Airport branch said, "Recently, the number of customers exchanging money directly at branches has been declining considerably." He said, "More people are using mobile applications that offer preferential exchange rates, and we are also guiding customers who visit airport exchange counters toward non-face-to-face currency exchange." He added, "Since the exchange rate has risen faster than expected after the first half of this year, even on-site employees are surprised."
An official at another bank's Incheon Airport branch likewise said, "Since airport exchange rates are higher than at commercial bank branches, the number of customers who visit the exchange window, check the amount, and then cancel or turn away has clearly increased."
He then referred to the high exchange rate trend becoming the new normal. "High exchange rates have become so routine that surpassing the 1,500 won range already feels like a story from long ago," he said. "After the airport benchmark rate exceeded 1,600 won, customers are no longer surprised but seem to accept it to some degree."
The rates posted at airport exchange counters are increasing the burden on users in real time. As of 10:30 a.m. that day, the cash selling rates for dollars at Incheon Airport exchange counters were 1,615.00 won at Hana Bank, 1,614.16 won at Kookmin Bank, and 1,615.00 won at Woori Bank. As of around 7 a.m. the same day, the figures were tallied at 1,624.26 won at Kookmin Bank, 1,624.00 won at Hana Bank, and 1,602.00 won at Woori Bank.
Generally, banks within the airport post exchange rates twice a day. Recently, they have been operating posting cycles flexibly to respond to sharp exchange rate fluctuations. The head of Bank A's Incheon Airport branch office said, "Airport exchange counters have typically posted exchange rates about twice a day, but recently, volatility has been so great that we are adjusting and posting rates in line with real-time market movements."
