Asia - getting South Korean Won from US dollar? ATM? cash? traveler's checks?

I'm heading to South Korea next week (for the first time) and am wondering which is the best/better in terms of exchange rates and lower fees?

Cash would be obviously the least safe in case I lost it.

US traveler's checks: Do they fetch a better exchange rate than straight US dollars? Are they inconvenient to cash at a bank or the airport?

ATM: Would I be better off looking for an ATM that takes foreign ATM cards? Are they hard to find in Seoul and/or will they yield a poor exchange rate or have such high fees that it's not worth my while?

Credit card cash advance: I don't think I want to do that due to the fees and interest rate. I normally pay off all my credit card balances in full every month.

Some (but not all) ATMs in the ICN landside arrivals hall will take a US ATM card and give you won. Best bet, I think. They're poorly signed, but there's a series of information desks and tourist kiosks and ATMs, etc. that run the length of the terminal, tucked between the exit doors that lead out to the vehicle set-down area, and the US-friendly ATMs are roughly every other one. The interface is kind of a struggle if you're English-only, but there IS an "ENGLISH" button to touch if you look hard enough. :)

How much are you going to exchange?

I recommend to exchange some US cash at the airport for your immediate use (taxi bus) and exchange your traveler's check at local bank.

http://www.keb.co.kr/IBS/nebanking/en/fx/fo/cb_200.jsp?vcode=18000000000000&scode=18020200000000

http://www.keb.co.kr/IBS/nebanking/en/fx/fo/cb_201.jsp?vcode=18000000000000&scode=18020200000000&ccode=18020202000000&

Exchanging USD into KRW at local bank in Seoul is very easy. I believe most banks in Seoul carry US dollar. (I was assuming the same in US when I crossed the border in Buffalo, NY. No local bank of america carries Canadien dollar!!!)

I always exchange a small amount at arrival, then take out what I need from my ATM card. Exchange rates are significantly better than cash exchange.

Agreed use an ATM when you get there. You have to find an international one but they are around especially in the business and tourist areas they have an English option and the rates are good.

Sometimes the big banks have a 'Global ATM', normal korean ATMs wont take overseas cards.

Look for a KEB or Hana Bank, they are the most likely to have one.

If you are cheap like me, I'd bring US $100 notes. Make sure they are undamaged. The best rates for cash are at moneychangers that you see sitting on the stools in places like Namdaemun market in Seoul. USD/KRW spreads are around 0.5%.

You will soon see anecdotal evidence that the rate of theft in Korea is significantly lower than what you may be used to. The moneychanging ladies carry $30K-$50K in their overstuffed bags and sit out in the open with no security guards. In the evening, you will see obviously drunk men whip out their inch thick roll of bills in order to pay for a pack of cigarettes.