If you’re staring at a screen trying to figure out how much 1000000 won to dollars actually nets you, you've probably noticed the numbers aren't what they used to be. It’s a weird feeling. You have a million of something in your hand, yet it feels like it buys less every single week.
Honestly, the Korean Won has been on a wild ride lately.
As of mid-January 2026, the South Korean Won (KRW) is sitting at a spot where that "millionaire" status feels pretty hollow once you convert it back to USD. We aren't in the days of the 1,100 won per dollar anymore. Not even close.
The Brutal Reality of 1000000 Won to Dollars Today
Let’s get straight to the point. If you trade in 1000000 won to dollars right now, you’re looking at roughly $678 to $685.
That’s it.
The exchange rate is hovering around 1,470 to 1,480 KRW per 1 USD. To put that in perspective, just a few years ago, a million won would easily get you over $800. Now? You're losing over $120 of "purchasing power" compared to those better days. It’s a gut punch for travelers and even worse for expats sending money home to pay off student loans or mortgages in the States.
Why is this happening?
Macroeconomists from firms like Chosun Biz have been sounding the alarm for a while. About 85% of them predicted that 2026 would see the won trapped in this 1,400–1,450 range, or even higher. It’s a mix of high interest rates in the U.S. and some sluggishness in Korea's own export-heavy economy.
When the Fed in D.C. keeps rates high, investors flock to the dollar. The Won? It gets left in the dust.
What Does a Million Won Actually Buy You?
Numbers on a screen are one thing, but how does this feel in the real world? If you're walking around Seoul or Busan today, a million won goes fast.
📖 Related: Euro to Philippine Peso: Why the Exchange Rate is Hitting New Highs
- Rent: In a decent studio (Officetel) in Mapo or Gangnam, 1,000,000 won might just cover your monthly rent if you have a massive deposit. For many, it's just the starting point.
- Tech: Looking for a new phone? You can't even buy a base model flagship for a million won anymore. You’re looking at the "budget" tier.
- Dining: You could eat about 65–70 solid meals of Kimchi-jjigae or Bibimbap at a local "Sikdang" before you hit that million won limit.
- Luxury: Forget about it. Chanel and other luxury brands in Korea recently hiked prices again. A Small Boy Chanel bag is now over 10 million won. Your million won is essentially a down payment on a strap.
The "Hidden" Costs of Moving Your Money
Here is what most people get wrong. They see the "mid-market rate" on Google and think that's what they'll get.
You won't.
If you walk into a KEB Hana or Woori Bank branch to convert your 1000000 won to dollars, they’ll take a "spread." This is basically their cut for doing the paperwork. Instead of $680, you might walk out with $655.
I’ve seen people lose significant chunks of their savings simply because they used the wrong transfer method.
Better Ways to Swap Your Cash
- Apps like Wise or SentBe: These are generally the gold standard now. They get closer to the real exchange rate than traditional banks.
- Myeongdong Money Changers: If you have physical cash, the little kiosks in Myeongdong often give better rates than the airport banks. Never, ever exchange your full budget at Incheon Airport unless it’s an absolute emergency.
- Digital Wallets: Apps like Toss are becoming increasingly popular for internal transfers, but for international moves, stick to dedicated FX platforms.
The Psychological Trap of the "Million"
There’s a weird psychological trick that happens when you deal with Korean currency. Having six zeros in your bank account makes you feel rich. You see "1,000,000" and your brain thinks "Wealth."
Then you remember it’s only $680.
This leads to "Won-overspending." You see something for 10,000 won and think "Oh, that's just 10 bucks." In reality, with the current exchange rate, it's closer to $6.80. While that sounds cheaper, the cumulative effect of thinking in thousands often leads to people blowing through their budget much faster than they would in the U.S. or Europe.
If you are living in Korea and earning in Won, this "devaluation" is a slow leak in your boat. Your salary hasn't likely gone up by the 15% needed to offset the dollar's strength over the last few years.
Predicting the Future: Will the Won Recover?
Predicting FX markets is a fool's errand, but we can look at the trends. The Bank of Korea is in a tough spot. If they raise rates to protect the Won, they hurt local homeowners who are already drowning in household debt. If they keep rates low, the Won keeps sliding against the Dollar.
Most analysts expect the 1,400+ range to be the "new normal" for 2026.
🔗 Read more: Is Today Holiday for Stock Market? What You Need to Know Right Now
If you’re waiting for the rate to hit 1,200 again before you convert your 1000000 won to dollars, you might be waiting a very long time. It’s often better to "DCA" (Dollar Cost Average) your transfers. Send a bit home every month rather than waiting for a "perfect" spike that may never come.
Actionable Steps for Handling Your Won
Stop looking at the daily fluctuations if it’s stressing you out. Instead, do this:
- Check the "Spread": Before you click 'send' on a banking app, compare the rate they offer against the mid-market rate on Reuters or Bloomberg. If the difference is more than 1%, find a different provider.
- Use Local Subsidies: If you’re living in Korea, look into "Local Currency" (Ji-yeok-hwa-won) apps like Seoul Pay. They often give you a 5-10% discount on purchases, which effectively "strengthens" your won locally.
- Hedge Your Savings: If you have more than 10 million won sitting in a standard savings account, consider moving some into USD-denominated assets or even simple US Treasury-linked ETFs if your visa allows it. This protects you if the Won takes another dive.
The bottom line is that 1,000,000 won isn't the milestone it used to be. It's a solid chunk of change, sure, but in the global market of 2026, it’s a modest sum that requires careful handling. Stop treating it like a million dollars—treat it like the $680 it actually is.