If you fly abroad from Gimhae Airport in Busan, there is only one bank where you can change money at the airport: Busan Bank. And even that one nearly disappeared. With its contract about to expire, Korea Airports Corporation's Gimhae Airport began looking for a new operator in August, but the tenders kept failing. In the end it signed a private contract with Busan Bank, the only bidder in the 5th tender and its re-announcement. So the bank branch and exchange at Gimhae Airport will keep running as they do now for the next 5 years.

This article is based on reports of Gimhae Airport's announcement by Yonhap News Agency (October 30) and Financial News (November 1), and on a Busan Ilbo report (November 1) comparing Gimhae and Incheon airports. The sources do not give the exchange's location or opening hours, so we do not cover them.

At a glance

What was decided: Busan Bank keeps all 6 facilities

Busan Bank will keep running 6 facilities: the domestic lounge and cash machines (ATM), the international branch and currency exchange, a desk paying insurance benefits to foreign workers, and an ATM at the international cargo area. It came in through a tender in November 2019, and after the first 5-year contract ended it extended twice by 1 year each, running these facilities for 7 years.

According to Busan Ilbo, Busan Bank first opened a branch and exchange at Gimhae Airport in 1976. Today it is the only bank running a branch and exchange there.

Why nobody bid: fewer people change money at airports

Busan Ilbo reported that no one bid in the 1st and 2nd rounds, nor in the 3rd and 4th rounds when the price was cut by 5% each time; Busan Bank bid only after a 15% cut in the 5th round. Shinhan Bank left Gimhae Airport in 2022, citing worse profitability among other reasons, and did not bid this time either. That is a big change from 2012, when 4 banks competed.

The change in how travelers get foreign currency is seen as the background. People used to swap cash at the airport right before departure, but more now load foreign currency on their phones before the trip or pay abroad with a travel card, so financial firms say demand for airport exchange is not what it used to be.

Passenger numbers have actually grown

Gimhae Airport's international passengers this year passed 10 million on October 22, two months faster than last year, and the airport expects about 12 million for the full year. An airport official said they would keep the bank and exchange running smoothly to keep inconvenience low. The tender showed that more passengers do not mean proportionally more people changing money at the airport.

How Incheon Airport differs

Incheon Airport's Passenger Terminals 1 and 2 have branches and exchanges of KB Kookmin Bank, Woori Bank and Hana Bank. According to Incheon International Airport Corporation's facility guide cited by Busan Ilbo, exchanges are spread across departure and arrival halls and both public and duty-free areas, and an unstaffed exchange zone runs 24 hours, so it can be used late at night and early in the morning.

Gimhae has only one bank, so there are fewer counters to choose from. If you leave from Gimhae, it is easier to have the cash you need ready before you set off rather than planning to change money on arrival at the airport. The sources do not give the Gimhae exchange's opening hours, so check the airport's official information.

Pre-departure checklist

Travel prep related to this guide

Affiliate products picked separately from the guide above. Check options and terms on the seller’s page.

Many countriesTravel prep

An eSIM you pick by destination country

Any country, data by eSIM

Pick a country · Travelpayouts · Airalo→

This post is part of Travelpayouts · Airalo activities, and we receive a commission on purchases.