This guide explains how to convert Korean won (KRW) to Chinese yuan (RMB, CNY) for travel, shopping, or business. You’ll learn the current exchange rate, how to calculate conversions manually, and practical tips for getting the best rate. Whether you’re planning a trip or sending money, this article gives you the tools to make accurate conversions.
Ingredients
- 1 amount in Korean won (KRW) – e.g., 100,000 KRW
- Current KRW to CNY exchange rate – e.g., 1 KRW = 0.0053 CNY (as of writing)
- Calculator or smartphone (optional)
- Internet access for live rates (optional)
Instructions
- Find the current exchange rate. Use a reliable source like a bank, Google Finance, or XE.com. Rates fluctuate throughout the day, so always check the latest rate before converting.
- Multiply your amount in KRW by the exchange rate. For example, 100,000 KRW × 0.0053 = 530 CNY. This gives you the equivalent in RMB.
- If you need to convert from RMB to KRW instead, divide the RMB amount by the exchange rate. For instance, 530 CNY ÷ 0.0053 = 100,000 KRW.
- Consider any fees. Banks and exchange services often add a margin to the mid-market rate. Ask about the exact rate you’ll get, including any commissions or transfer fees.
- Double-check your math with an online converter if you’re unsure. Many currency converters also show the mid-market rate, which is the rate you see on Google.
Tips
- Use mid-market rate as a baseline: The mid-market rate is the rate you see on Google or XE. Banks and exchange counters will offer a slightly worse rate to make a profit. Compare the offered rate to the mid-market rate to see the markup.
- Watch out for hidden fees: Some services advertise a zero-fee exchange but build the cost into a worse rate. Always ask for the total cost in RMB before committing.
- Convert larger amounts at once: If you’re exchanging cash, doing it in one go often gets you a better rate than multiple small transactions. But never carry more cash than needed for safety.
- Use a credit card with no foreign transaction fees: When traveling, paying by card often gives you a rate close to the mid-market rate, plus you avoid carrying large amounts of cash. Check your card’s terms before relying on it.
Serving Suggestions
Use this conversion for practical purposes: budgeting a trip to China, calculating the cost of goods from Korean online stores, or sending money to family. For travel, consider carrying a small amount of RMB in cash for taxis and street vendors, and use cards for larger purchases. For business, keep a record of the rate at the time of transaction for accounting.
Variations
- Using a currency converter app: Instead of manual math, use an app like XE or Google Currency Converter. They update live and account for the mid-market rate.
- Converting via bank transfer: If you’re sending money, use a service like Wise or Revolut, which often offer better rates than traditional banks. They show the exact rate and fees upfront.
- Historical conversion: For past transactions, use historical exchange rate charts available on sites like XE or OANDA to find the rate on a specific date.
Storage and Reheating
This conversion is not a physical item, but the information can be stored for future reference. Save the exchange rate and the date you checked it in a note or spreadsheet. Rates change constantly, so for any future conversion, always re-check the current rate. If you’re storing receipts or transaction records, keep them in a safe place for tax or reimbursement purposes. For travel, keep a small notebook with the conversion rate written down, so you can quickly estimate prices without a phone.
Frequently Asked Questions
What is the current exchange rate from KRW to CNY? The rate changes daily. As of this writing, 1 KRW is approximately 0.0053 CNY, meaning 1 CNY is about 188.68 KRW. Always check a live source for the most accurate rate.
Is it better to exchange money in Korea or China? Generally, exchanging in China can be better because you avoid carrying large amounts of cash across borders. However, rates vary by location. Compare the rate you get at home, in Korea, and in China to find the best deal.
Can I use Korean won in China? No, Korean won is not accepted in China. You must exchange to RMB for most transactions. Some tourist areas might accept US dollars, but it’s not guaranteed and the rate is often poor.
How do I avoid getting a bad exchange rate? Avoid exchanging at airports or hotels, which typically have the worst rates. Use ATMs that accept international cards, or use a currency exchange service that offers a rate close to the mid-market rate. Always ask about fees upfront.
What is the mid-market rate? The mid-market rate is the rate at which banks trade currencies with each other. It’s the fairest rate, and you’ll see it on Google or XE. You won’t get this exact rate as a consumer, but it’s a good benchmark to compare against.
Are there limits on how much RMB I can bring into China? Yes, China has customs regulations on cash. Travelers must declare amounts over a certain limit (currently 20,000 RMB for foreigners). Check the latest regulations before traveling to avoid fines or confiscation.
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