You’ve probably seen the phrase "Korean dollar" floating around online or heard a traveler mention it at a terminal. Honestly, it’s one of those things that sounds right but is technically a myth. South Korea doesn't have a dollar. They have the Won (KRW). If you're looking for the korean won to peso rate, you’re likely planning a trip to Myeongdong or waiting for a remittance from a relative working in Seoul.
The exchange rate between these two Asian currencies is a wild ride lately. As of mid-January 2026, 1 South Korean Won is hovering around 0.040 Philippine Pesos. That might look like a tiny number, but when you’re talking about a 50,000 Won banknote (that beautiful yellow one with Shin Saimdang on it), you’re looking at roughly 2,000 Pesos.
Rates change fast.
Why the Won and Peso are acting so weird in 2026
The global economy is currently a bit of a mess, and that trickles down to your pocket. Right now, the Bank of Korea (BOK) is keeping interest rates steady at 2.5%, mostly because the Won has been weakening against the US Dollar. When the Won struggles against the "big" dollar, it often drags its value down compared to the Peso too.
On the flip side, the Philippine Peso has been surprisingly resilient. The World Bank recently forecasted a 5.3% GDP growth for the Philippines in 2026. This "bright spot" status in Southeast Asia means the Peso isn't just sitting there; it's putting up a fight.
So, if you’re holding Pesos and want Won, you’re actually in a decent spot. But if you’re a Pinoy working in Korea sending money home, that "weak Won" means your hard-earned 1,000,000 Won is buying slightly fewer bags of rice in Manila than it did a couple of years ago.
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The Math: How much is your money actually worth?
Let's keep it simple. Most people get a headache looking at all those zeros on Korean bills. Here is the "quick math" for January 2026:
- 1,000 KRW = ~40 PHP (The price of a cheap convenience store coffee).
- 5,000 KRW = ~200 PHP (A basic street food meal).
- 10,000 KRW = ~400 PHP (A decent lunch in a non-tourist area).
- 50,000 KRW = ~2,000 PHP (The "big bill" you use for shopping).
Keep in mind these are mid-market rates. If you go to a money changer at NAIA or Incheon, you won't get 0.040. You'll probably get 0.038 or worse. Those booths have to pay rent, and they take that "spread" directly from your vacation fund.
Common traps when exchanging Korean Won
Don't just walk into the first booth you see. Seriously.
Airport rates are notoriously bad. I’ve seen people lose 5-10% of their total value just by exchanging at the arrival gate because they were in a rush. If you can, use an ATM. Global ATMs in Korea (look for the "Global" sign) usually give you a much better rate, even with the 3,000 Won fee.
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Another thing: Korea is basically a cashless society now. You can buy a 1,000 Won stick of tteokbokki with a credit card or a T-Money card. You don't need to carry millions of Won in cash. In fact, many shops in trendy areas like Seongsu-dong are "card only." If you’re a tourist, get a Wowpass or a Namane card. You can load them with Pesos or other currencies, and they act like a local debit card. It’s a game-changer for getting the best korean won to peso value without carrying a fat wallet.
The 2026 Outlook: Should you wait to buy?
Experts are divided, as they always are. Kenneth Rogoff, a big-shot economist from Harvard, recently mentioned that the Won is significantly undervalued. He thinks it’s poised for a rebound. If he’s right, the Won will get more expensive soon.
If you are planning a trip to Korea in late 2026, it might actually be smart to buy some Won now while it’s still "cheap" at 0.040.
But there’s a catch. The Philippines' central bank (BSP) might cut rates soon. If they do that, the Peso might weaken, making that exchange rate shift again. It’s a constant tug-of-war.
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Actionable steps for the best exchange
- Check the "Spot Rate" first. Use a reliable app like XE or Google Finance to see the real-time korean won to peso rate before you hand over any cash.
- Avoid the "Korean Dollar" confusion. When searching for rates, always use the code KRW. Using "dollar" might lead you to incorrect conversion tools that use US Dollar intermediaries, adding extra fees.
- Use GCash or Maya. Many digital banks in the Philippines now offer "Global" features or cards with low forex fees. Often, the rate you get swiping your GCash card at a Korean 7-Eleven is better than any physical money changer in Ermita.
- Watch the KOSPI. If the Korean stock market is booming, the Won usually strengthens. If you see news about Samsung or SK Hynix hitting record highs, expect the Won to get pricier.
The bottom line is that the korean won to peso relationship is currently favoring the traveler. Whether you're sending money home or heading to Seoul for a concert, staying informed on the 0.040 benchmark is your best defense against getting ripped off. Just remember: it's Won, not dollars, and every decimal point matters when you're buying that extra suitcase for your skincare haul.
Immediate Next Steps
- Download a currency tracker and set an alert for 0.041. If it hits that, it’s a great time for OFWs to send money.
- Apply for a travel-friendly debit card at least two weeks before your trip to avoid high-fee physical exchanges.
- Verify your bank's international ATM withdrawal fees, as some banks charge a flat 250 Peso fee plus a percentage, which can eat into your savings.