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Foreign exchange in the San Francisco Bay Area, Won to USD

 
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createasaurus21



Joined: 22 Feb 2009
Location: Seoul

PostPosted: Wed Jan 16, 2013 3:01 pm    Post subject: Foreign exchange in the San Francisco Bay Area, Won to USD Reply with quote

I'm in the SF Bay Area now and I'm looking to exchange won for dollar for a decent rate. The foreign exchange place at the mall wanted to give me only $395 USD for 500,000 won. Anyone know of any places?

I went to a grocery store in Sunnyvale (where a big Korean population lives) and asked a Korean ajumma at the register if she knew of a place. She immediately said 'No,' almost too quickly. Both my friend and I got the impression that she knew but didn't want to say, or that saying so would be illegal or something. I then asked about the Korean bank next door, and she said she wasn't sure but encouraged to check. I went to the bank and got the same kind of response. As if what I was asking was illegal, at a bank! She told me to change it at the airport, which is just ridiculous considering their rates. She also told me to check Bank of America.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Wed Jan 16, 2013 5:24 pm    Post subject: Re: Foreign exchange in the San Francisco Bay Area, Won to U Reply with quote

createasaurus21 wrote:
I'm in the SF Bay Area now and I'm looking to exchange won for dollar for a decent rate. The foreign exchange place at the mall wanted to give me only $395 USD for 500,000 won. Anyone know of any places?

I went to a grocery store in Sunnyvale (where a big Korean population lives) and asked a Korean ajumma at the register if she knew of a place. She immediately said 'No,' almost too quickly. Both my friend and I got the impression that she knew but didn't want to say, or that saying so would be illegal or something. I then asked about the Korean bank next door, and she said she wasn't sure but encouraged to check. I went to the bank and got the same kind of response. As if what I was asking was illegal, at a bank! She told me to change it at the airport, which is just ridiculous considering their rates. She also told me to check Bank of America.


Sorry to tell you but taking won out of Korea has always been a bad idea.
(and it has been publicly stated in this forum many, many times over the years, "Do NOT take won out of Korea, you ALWAYS get hit on the exchange rate".)

It is not a well traveled currency (IE: it WAS a non-convertible* currency until recently) and you will ALWAYS lose 15-33% when you try to exchange it (as a currency) abroad.
It doesn't matter if you try to do it in Japan, USA, Canada, Thailand or anywhere else; you lose.

If you want a decent rate, mail it back to Korea and get someone to exchange it for you and send the dollars back or just bite the bullet, take your hit and move on.

* - Definition of 'Nonconvertible Currency:
Any currency that is used primarily for domestic transactions and is not openly traded on a forex market. This usually is a result of government restrictions, which prevent it from being exchanged for foreign currencies.

.
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createasaurus21



Joined: 22 Feb 2009
Location: Seoul

PostPosted: Wed Jan 16, 2013 9:55 pm    Post subject: Reply with quote

I actually did (and usually do) change my money in Korea before leaving, for the reason you mentioned. This trip though, I had just gotten paid by my employer while I was at the airport, so even though I did have enough for my trip, I decided to just withdraw 550k won from the airport ATM for an emergency fund. Turned out I spent a lot more than I thought on Christmas gifts and shopping, so I'm glad I decided to do that.

I went to Bank of America today and with their rate I lost about 50,000 won in the transaction. Not a good rate, but better than what the rip-off booth was offering.
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12ax7



Joined: 07 Nov 2009

PostPosted: Wed Jan 16, 2013 10:32 pm    Post subject: Reply with quote

Yes, don't do it. My wife exchanged some won to Canadian dollars at YYZ a few years back and I had to go back to the counter when she showed me what she had gotten. I thought there had been a mistake. The lady said those were the rates. I flat out told her it was robbery.
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bucheon bum



Joined: 16 Jan 2003

PostPosted: Thu Jan 24, 2013 11:28 am    Post subject: Reply with quote

Guess it is too late since you already exchanged the money, but Currency Exchange International is probably your best bet. They're located in the Fnancial District and Berkeley (plus maybe elsewhere in the Bay, Idk).
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