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sab2197
Joined: 17 Nov 2013
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 Posted: Mon Jul 06, 2015 9:01 pm Post subject: Going to Japan--Advice on Currency Exchange |
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Hi,
I have researched some of the threads here about exchanging won to yen and the consensus seems to be that it is better to convert won to yen while still in Korea. I am wondering though if I can get currency converted at any bank or do I have to be an account holder with that bank? I have an account with Nonghyup and am not sure if they exchange currency.
Thanks for the advice! |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Mon Jul 06, 2015 10:32 pm Post subject: |
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| You can exchange currencies at any bank that has a forex desk. Smaller branches tend not to have one. There should be a prominent sign out front indicating if it has one. Same goes for Nonghyup. You dont need to have an account to swap currencies. |
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sab2197
Joined: 17 Nov 2013
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| Posted: Mon Jul 06, 2015 11:26 pm Post subject: |
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| Thanks, Schwa. I know it is kind of a silly question. I appreciate your help! |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Tue Jul 07, 2015 2:02 am Post subject: |
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| Not silly & no probs. In my experience Korean banks are very obliging about swapping out won & if one bank doesnt have enough of what you want on hand they'll phone around & find you another bank that does. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jul 07, 2015 3:27 pm Post subject: |
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IF you are just doing a visa run then exchange at the airport (in Korea).
The difference between the bank's exchange desk at the airport and the forex desk in the bank downtown is negligible and the amount we are talking about is small. You'd spend more than the difference just in public transportation costs and wasted time just to get to the bank as compared to doing your exchange at the airport.
If you were moving to Japan and exchanging a large amount of cash (more than 5 million won) then it might be different.
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Fallacy
Joined: 29 Jun 2015
Location: ex-ROK
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| Posted: Thu Jul 09, 2015 11:05 pm Post subject: |
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| ttompatz wrote: |
IF you are just doing a visa run then exchange at the airport (in Korea). The difference between the bank's exchange desk at the airport and the forex desk in the bank downtown is negligible and the amount we are talking about is small. You'd spend more than the difference just in public transportation costs and wasted time just to get to the bank as compared to doing your exchange at the airport.
If you were moving to Japan and exchanging a large amount of cash (more than 5 million won) then it might be different. |
This. I was going to suggest that you try to arrange a black market trade with a stranger in a back alley late night somewhere to gain a little edge on the spread, but then I decided to second ttompatz instead. |
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