Ever wondered if you can just walk into an Indian bank or exchange booth and swap your Korean won (KRW) for Indian rupees (INR) while traveling? I’ve dug into the actual process, pitfalls, and odd moments—from outright refusals at airport counters to the rare, lucky exchanges in major cities. This article isn’t just theory; it’s a walkthrough, peppered with real anecdotes and official sources, plus a practical comparison of international trade verification standards that often influence such currency procedures.
Let’s get straight to the point: converting Korean won to Indian rupees inside India is surprisingly tricky. When my Korean friend, Min, visited Delhi, we thought we’d just swing by a money changer at the airport. Big mistake. The staff politely shook their heads, saying, “We don’t deal in KRW, sir. Only USD, EUR, GBP.” We tried a couple of banks downtown—same story. It wasn’t until we hit the main branch of Thomas Cook in Connaught Place that we had a breakthrough, but even then, the rates were far from friendly.
Step 1: Research Before You Go
Most Indian banks and authorized money changers like Thomas Cook and Centrum only list major international currencies. Their publicized exchange rate pages (see: Thomas Cook KRW to INR) sometimes show KRW, but try to book online for airport pickup and you’ll often get an error or a “contact branch” message.
Step 2: At the Counter
If you’re in a big city, walk up to the counter and ask directly about KRW. Don’t be surprised if the teller looks confused or immediately offers to exchange only USD or EUR. If they do agree, they’ll often have a two-step process: first, they’ll convert KRW to USD (with their own internal rates, which are rarely favorable), then USD to INR. You lose on both conversions.
Step 3: Paperwork
Indian regulations (per the Reserve Bank of India’s Foreign Exchange FAQ) require ID proof (passport), visa details, and sometimes your flight ticket. This is to comply with anti-money laundering norms as per the FEMA guidelines. Expect to fill out a declaration form.
Step 4: Actual Exchange
If you’re lucky, you’ll get a printed receipt—otherwise, be wary. I once got a handwritten slip at a small money changer in Mumbai, which my bank back home later refused to recognize for any complaints.
Step 5: Rate Shocks
Online currency converters (like XE.com) will give you mid-market rates. The real rate you get? Expect at least 3-5% less, plus commission fees.
A friend tried to convert leftover KRW at Kolkata Airport. The official counter told him, “Go to the city, we don’t keep KRW stock.” The city branch then said, “We can order KRW-INR, but it’ll take 3 business days.” He gave up and just withdrew INR from an ATM using his international card—which, ironically, ended up cheaper.
According to the World Customs Organization (WCO standards), currencies with low global liquidity or that aren’t widely traded get less coverage in foreign exchange networks. India’s own FEMA Act, 1999 restricts direct exchange mainly to “freely convertible currencies”—KRW isn’t usually on that list.
The Bank of Korea’s annual report (BOK, 2023) points out that while KRW is gaining international use, it’s still not in the same league as USD or EUR for cross-border settlements, which carries over to retail exchange.
| Country | Verified Trade Standard | Legal Basis | Enforcement Agency |
|---|---|---|---|
| India | FEMA (Foreign Exchange Management Act) | FEMA, 1999; RBI Guidelines | Reserve Bank of India (RBI), Directorate of Enforcement |
| South Korea | Foreign Exchange Transactions Act | FETA, 1999; BOK Circulars | Bank of Korea, Financial Supervisory Service |
You’ll notice that neither country places KRW among their “freely traded” pairs for tourism—unlike USD or EUR, which get full backing and streamlined verification.
Suppose a Korean tourist arrives in Mumbai with only KRW. They visit an authorized money changer. The agent explains, “We don’t hold KRW reserves, but we can convert if you don’t mind a two-step process—KRW to USD, then USD to INR. You’ll pay two spreads plus commissions.” The tourist checks the XE.com rate: 1 KRW ≈ 0.06 INR, but the offer is closer to 0.05 INR after fees.
Dr. Ritu Sharma, a forex compliance officer in Mumbai (interviewed in Livemint, 2021), notes: “Small currencies like KRW are rarely kept in cash stock in India. Customers are better off bringing USD or using international debit cards. Direct exchange is possible but slow and expensive.”
In summary, Korean tourists face a cumbersome process when converting KRW to INR in India. Direct exchanges are rare, rates are poor, and paperwork is a given. Based on my own run-ins and those of friends, the best approach is to bring USD or EUR, or simply use a global debit/credit card for ATM withdrawals. You’ll save time, money, and a lot of frustration.
If you do need to convert KRW directly, stick to big cities, major branches, and always compare the offered rate with the mid-market rate on trusted tools like XE.com or OANDA. Don’t forget to keep receipts—preferably printed, not handwritten.
If you want to dig deeper, check out the Reserve Bank of India’s official FAQ on foreign exchange and the Bank of Korea’s annual report on currency internationalization.
In the end, it’s a classic case of global finance not quite keeping up with the realities of tourism. Maybe one day, KRW will be as liquid as USD in India—but for now, plan ahead and don’t rely on a miracle at the airport.