After many research and talking to various sources, I have collected the various methods of exchanging your currency.
Bank Exchange
Depending on your bank, they may offer currency exchanges depending on their exchange rates. In addition, you may also withdraw money in your study abroad country, however, there are probably some additional fees/charges in doing so. When purchasing items abroad, my bank charges a 2% service charge to process the payment. When exchanging your money with the bank, usually you would have to order the money beforehand in order to receive it.
For Korea, the banks there have pretty decent exchange rates compared to US banks. An example is the Woori Bank exchange rate; on June 18, 2018, the buy rate of USD to Korean Won was 1123.82. Check their daily exchange rates here.
Currency Exchange Booths
These can be found all over the place in your home and host country. Be sure to check the exchange rates of each location to get the most "bang for your buck".
For Korea, I have heard a numerous amount of times that Myeongdong has the best exchange rates. There are many individual sellers, so be sure to check the rates at multiple locations to gauge where you can get more currency.
DFS Galleria
Personally, I changed my money at the Hawaii DFS Galleria in Waikiki. I believe this is the best location for Hawaii residents to exchange your money with a wide variety of currency available for customers. In addition, they offer validated parking, so it's definitely a plus since Waikiki is always crowded. When I exchanged my money, the buy rate from USD to Korean won was 1145 won, higher than most places I could find. However, the one downside is that you are not sure of how much of the desired currency they have, so I recommend going in the morning if you have time. Follow the steps below to exchange currency at DFS Galleria:
Turn left onto Lewers Street from Kalakaua Avenue.
On the right-hand side, turn into the first driveway you see. It should lead you to a ramp to visitors parking on the 5th floor.
Take the elevator down to the 1st floor and walk inside DFS Galleria until you pass the Information Desk. The exchange booth is across the walkway from the Pineapple Lane.
Once you exchange your money, take your receipt and parking ticket to the Reception Desk further past the Pineapple Lane and ask for validation.
After receiving a validation ticket, return back to the 5th floor and insert your parking ticket and validation ticket into the ticket machine by the elevator.
Congratulations! You have exchanged your money without paying for parking!
To check their daily exchange rates, call the automated machine (808) 931-2700 and press 1 three times.
Tips & Advice
Before exchanging your currency, I highly recommend watching the exchange rates at whichever location you choose. By watching the rates, you can then determine the best day with a higher exchange rate. Before exchanging my dollars to won, I watched the rates at DFS Galleria for a couple of weeks before my departure date, which was how I was able to receive a higher amount of won for my dollars.
