Money is weird. One day you're planning a trip to Myeong-dong and thinking about how cheap the street food is, and the next, you're staring at a currency chart that looks like a mountain range. If you are asking how much is a won to a dollar, the quick, messy answer is that as of mid-January 2026, the South Korean Won (KRW) is hovering around 1,473 to 1,474 won per US dollar.
That number isn't just a random digit on a screen at Incheon Airport. It’s actually been a bit of a rollercoaster lately. Honestly, if you’d asked this same question a couple of years ago, you would have seen a much stronger won. Back in early 2021, you could get a dollar for about 1,100 won. Fast forward to now, and the won has depreciated significantly, losing more than 30% of its value against the greenback over that five-year stretch.
The Wild Ride of the Won-Dollar Exchange Rate
So, what is actually happening? Why does it feel like the won is constantly losing ground?
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Just this past week, things got pretty intense. On January 14, 2026, the won actually jumped up by nearly 1% toward the 1,460 level. Why? Because the US Treasury Secretary, Scott Bessent, did something rare. He basically called out the currency market, saying the won’t's decline was way too much and didn't match Korea's "strong economic fundamentals." It was a classic "verbal intervention." When someone that high up in the US government talks, the markets listen—at least for a few hours.
But then, reality set back in.
By January 16, the rate slid back toward 1,473.57. Investors basically said, "Thanks for the pep talk, Scott, but we're still buying dollars." This tug-of-war is exhausting to watch if you're a traveler or a business owner. You've got the South Korean government desperately trying to stabilize things by issuing $5 billion in "Foreign Exchange Stabilization Bonds," while ordinary Korean citizens are doing the opposite.
Why the Won is Struggling Right Now
It's a bit of a "perfect storm" situation.
First off, there’s this massive trend of Korean retail investors—regular people using trading apps—dumping their won to buy US stocks. In just the first nine trading days of 2026, individual investors in Korea bought a staggering $2.24 billion worth of US equities. Think about that. That's more than they bought in the entire month of December 2025. When everyone wants to sell won to buy Nvidia or Tesla, the won't value naturally tanks.
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The Bank of Korea (BOK) is stuck between a rock and a hard place. Governor Rhee Chang-yong recently signaled that they’re basically done cutting interest rates for now. Usually, you cut rates to help a slowing economy, but if the BOK cuts rates now, the won would probably crash even further. So, they froze the rate at 2.50% this January. Meanwhile, the US Fed is keeping its rates higher (around 3.75%), which makes the dollar a much more attractive "parking spot" for cash.
How Much Is a Won to a Dollar: Historical Context
To really understand if 1,473 is "bad," you have to look at where we've been.
- 2021: The "Golden Era" for the won, sitting around 1,100–1,150.
- 2022-2023: A steady slide as global inflation kicked in, pushing the rate past 1,300.
- Late 2024: The won briefly touched 1,424, causing panic in Seoul.
- Early 2026: We are now flirting with the 1,500 level, a "psychologically important" barrier that makes policymakers sweat.
For a tourist, this is actually great news. Your US dollars go way further. That 10,000 won bowl of bibimbap that used to cost you $9.00 now costs closer to $6.80. But for the Korean economy? It’s a headache. A weak won makes everything Korea imports—like oil and food—way more expensive, which drives up inflation for the people living there.
What the Experts Expect Next
Don't expect a miracle recovery.
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Groups like the Mercury Overseas Economic Research Institute think the won will stay weak for most of 2026. They're forecasting it might end the year around 1,400, but only if the US dollar itself starts to weaken globally. There's also the "tariff" factor. With shifts in US trade policy and potential new tariffs, Korean exports might take a hit, which wouldn't help the currency one bit.
Interestingly, Bank of America is a bit more optimistic. They think the won could strengthen toward 1,435 later this year because South Korean government bonds are being included in the World Government Bond Index (WGBI) this April. That should, in theory, bring a flood of foreign cash into the country.
Real-World Math: Converting Your Cash
If you're looking at a currency converter today, keep in mind that the "mid-market" rate you see on Google isn't what you'll get at a bank or a kiosk.
If the official rate is 1,473, a bank might give you 1,440. A high-end hotel might give you 1,400. They take a cut.
If you have $500 USD and you're wondering how much that is in won:
$500 x 1,473 = 736,500 won.
That's a lot of money in Seoul. You could stay in a decent hotel for three nights or eat like a king for a week.
Actionable Tips for Navigating the Exchange Rate
- Watch the "1,500" mark. If the won breaks 1,500 to the dollar, expect the South Korean government to step in with even more aggressive measures. This usually causes a temporary "spike" where the won gets stronger for a few days. That's your time to buy if you're heading to Korea.
- Use travel cards, not cash. Use apps like Revolut or specialized travel credit cards. They usually give you a rate much closer to that 1,473 figure than the airport exchange booths, which are notorious for "stealing" 5-10% of your value through bad spreads.
- Monitor the BOK meetings. The Bank of Korea meets regularly to discuss interest rates. If they unexpectedly hike rates to save the won, the dollar will get "cheaper" for Koreans almost instantly.
- Hedge your bets. If you're a business owner importing from Korea, now is actually a pretty good time to lock in contracts. You're getting a lot of "won power" for your dollar compared to the historical average.
The bottom line is that the won is in a period of "New Normal" volatility. We are far away from the days of 1,100 won to a dollar. While 1,473 feels high, it seems to be where the market wants to be for now, regardless of what politicians say on social media. Keep an eye on those US tech stocks—as long as Koreans keep buying them, the won will likely stay under pressure.
To stay ahead of these fluctuations, check the live spot rates daily, as the 1,473 level can shift by 10 or 20 won in a single trading session depending on the latest news out of the US Treasury or the Bank of Korea.