Ever walked through the neon-soaked streets of Myeongdong and seen a price tag with way too many zeros? It’s a common shock for travelers. You see 1,000,000 on a sign and your heart skips a beat. Relax. You aren't about to drop a fortune on a leather jacket.
Right now, as of January 18, 2026, the exchange rate is hovering around 0.000679.
In plain English? 1 million Korean Won (KRW) is currently worth approximately $679.00 USD.
But honestly, that number is a moving target. If you’d checked this a few years ago, you might have seen $800 or even $900. The currency market has been a wild ride lately. Just a few days ago, the US Treasury Secretary, Scott Bessent, actually made some rare public comments about the won being undervalued. It caused a brief spike, but the "Greenback" is still king.
The Reality of 1 Million Won: It’s Not Just a Number
When people ask how much is million won in usd, they usually want to know what it actually buys.
Numbers on a screen are one thing. Buying power is another. In Seoul, 1,000,000 won is a significant chunk of change, but it’s not "rich" money. It’s roughly what a young professional might spend on a decent studio apartment rent (called an officetel) plus utilities for a month. Or, if you’re a tourist, it’s about 10 nights in a very nice, mid-range boutique hotel.
Breaking Down the Spending Power
To give you some perspective, here is how that 1,000,000 won (roughly $679) actually feels on the ground in South Korea:
- Fine Dining: You could go to a Michelin-starred spot like Mingles or La Yeon about three or four times.
- Tech: It’s enough for a brand-new, mid-tier Samsung Galaxy phone, but you’ll need more for the "Ultra" flagship models.
- Plastic Surgery: This is a big one for visitors. 1 million won will easily cover a high-end skin laser treatment or some botox/filler with change to spare, but a full rhinoplasty? Not even close. You'd need about 5 to 8 million for that.
Why the Rate is Jumping Around in 2026
The Korean won is famously sensitive. It’s often called the "proxy" for the Chinese Yuan or a "canary in the coal mine" for global trade.
Recently, the Bank of Korea held its base interest rate at 2.50%. They’re stuck between a rock and a hard place. They want to lower rates to help people with mortgage debt, but if they do, the won might weaken even more against the dollar. If the won drops, the price of imported oil and ramen goes up. It’s a mess.
Local investors in Korea are also part of the "problem." Instead of keeping their money in Seoul, they are flocking to US stocks (hello, Nvidia and Tesla). When everyone in Korea sells their won to buy dollars to invest in the Nasdaq, the won't value takes a hit.
The "Bessent" Factor
The recent "jawboning"—that's a fancy finance term for "talking the market up"—by the US Treasury has created a floor for the currency. They basically said the won is stronger than the market thinks it is. While the rate hit nearly 1,480 won to the dollar earlier this month, it has since stabilized closer to 1,470.
📖 Related: Dollar to MMK Exchange Rate: What Most People Get Wrong
The Math: Doing the Quick Conversion in Your Head
You’re at a shop. You see a bag for 450,000 won. You don't want to pull out a calculator.
The 70% Rule:
Basically, take the price in won, drop the last three zeros, and multiply by 0.7.
- 450,000 won -> 450.
- 450 x 0.7 = $315.
- Actual current rate: ~ $305.
It’s close enough for a quick decision.
Back in the day, we used to just "drop three zeros" and call it a day. 1,000 won = $1. Those days are gone, likely for a long time. The "new normal" is closer to $0.68 to $0.72 per 1,000 won.
Misconceptions About the "Million"
The biggest mistake? Thinking 1 million won is a fortune because of the word "million."
In Korea, the currency doesn't use "cents." The smallest common bill is 1,000 won (less than a dollar). Because of this, everyone is a "millionaire" on payday. A standard starting salary for a university grad at a mid-sized company might be around 3,000,000 won a month.
That sounds amazing until you realize it’s only about $2,037 USD.
When you look at the Purchasing Power Parity (PPP), things get interesting. The IMF and other experts note that while 1,000,000 won only converts to $679, it actually buys more than $679 would in New York or San Francisco. Healthcare is cheaper. Public transit is world-class and costs about $1.20. High-speed internet is everywhere.
Practical Steps for Handling Your Money
If you are dealing with millions of won—maybe for a business deal, a k-pop tour, or a move to Seoul—don't just use your local bank.
- Avoid Airport Booths: They will absolutely fleece you. You'll lose 5-10% on the "spread."
- Use Apps: Services like Wise or Revolut offer rates much closer to the mid-market rate you see on Google.
- Local Cards: If you're staying in Korea, get a "WOWPASS." You can feed it USD, and it gives you a great rate and works as a transit card (T-Money).
- Watch the News: If the Bank of Korea (BOK) announces a surprise rate hike, the won will get more expensive instantly.
The bottom line is that how much is million won in usd changes by the hour. But for now, if you have a million-won bill in your pocket, you’re carrying roughly 680 bucks. Use it wisely.
To keep track of these fluctuations for a future trip or investment, you should set a rate alert on a site like XE or Wise for when the KRW/USD pair hits your target "buy" zone.