Korean Job Discussion Forums

Odysseus · Joined: 01 Feb 2003 Location: Earth

Sorry, I know this is way boring compared to all the topics about war, sex, and drinking.

My contract is up soon and I will be paid a substantial sum on a Friday evening and depart Seoul on the following Saturday morning. My questions:

What are the hours of the money changers at the airport?

How much can you exchange at one time?

Can you buy AE travelers checks at the airport?

Is there a way to withdraw from my Korean account while overseas?

Any factual insight would be most helpful!

Cheers,

Odysseus

kimcheeking · Guest

I would recommend going to MyoungDong behind the post office there is a bunch of places where you can get black market $$. you will save money on the exchange rate. I, or rather my wife, does this everytime we travel.

What time is your flight? I think the exchanges are open from around 8am though I am not sure. If none of this works then maybe you can get someone you know to wire the money to you after you leave. 2 weeks ago I wired 3 million to a buddy in England after he quit.

bucheon bum · Joined: 16 Jan 2003

there is no limit on how much you can exchange. If you have an "international" ATM card (ie part of the Cirrus, Maestro, or Plus networks) you can use ATMS throughout the world to get money from your Korean account. Don't know the hours of the exchange at the airport. Might want to check out Incheon Airport's website.

gomurr · Joined: 04 Feb 2003

If time is an issue. Why not wait until you get home and do it at an exchange bank.

Anda · Joined: 16 Jan 2003 Location: South Korea

Avoid the last bit of advice as exchange rates overseas vary and are a lot less than you will get here before leaving. Also with the current situation the won for obivious reasons could take a big drop if anything happens.So exchanging here before you leave is your best bet.

gomurr · Joined: 04 Feb 2003

WHen I went back home in 98 the exchange rate was terrible. I exchanged about 3 million won here in Korea and took 6 million won home. I waited about 3months keeping track of the currency exchange and when it was down to about 835 won to the Canadian dollar (down from 920) i cashed in and made an extra $600-700. So it depends on how badly you need it.

Magog · Joined: 09 Feb 2003

Im due to make a cash in where I will be lossing around 3 million won due to a bad exchange rate. But rather than wait for it to get worse I'll have to take it on the chin.

gajackson1 · Posted: Sun Feb 09, 2003 3:37 am Post subject:

to add to BB's post, check your ATM card for the Maestro/Cirrus/Plus emblems. If you have that, you should be safe. But remember, you can only access/withdraw during KOREAN banking hours. If your card is in iffy shape, stop by your bank & get an extra card.

KCK's advice about black market exchange is actually a lot better than it sounds, as long as you have less than 10k USD to take out of the country.

Yes, you can get TC's at the airport. AE TC's do not have expiration dates any more - as long as the checks are clean, neat, in good shape, etc, they are always good. Just keep track of the serial numbers!!! (a lot of teachers send home money this way).

If you go through your bank or a money changer and it is a big sum, remember that it will probably be stamped into your passport - be sure to check cash declarations, or you could stand to lose it on arrival home!!!

Have a good trip back!

G.

Zyzyfer · Posted: Sun Feb 09, 2003 9:44 pm Post subject:

bucheon bum · Joined: 16 Jan 2003

Since the IMF crisis, you can legally exchange (and leave with) the won outside Korea.

The Lemon · Joined: 11 Jan 2003

Odysseus · Joined: 01 Feb 2003 Location: Earth

Thanks for all the info!

I checked the Inchon website and discobered the banks at the airport open very early.

I was told by CitiBank in Seoul that only Korean residents can withdraw money from korean banks when traveling outside of Korea. My bank did issue me an international debit card, I have no idea if it will work. don't want to take any chances so i will empty the account before I leave.

gajackson1 · Posted: Mon Feb 17, 2003 6:35 pm Post subject:

Sorry - just caught the replies to this.

I can't speak for other banks, but I CAN for KB (Kook-min Bank). My ATM card from there has CIrrus/Plus emblems on the back; and I have used it outside of the country - even at BoA machines in Austin, Texas, durin Christmas time.

KB's policy is that you can use them anywhere on the Cirrus/Plus link, but ONLY during 'normal' Korean banking hours.

Also an unsolicited plug: I've been very happy w/ the foreign service desks at Itaewon KB, even if it is a pain to get over there.

G.

Little Laura · Joined: 11 Feb 2004 Location: On the trails with my dog

What are normal Korean banking hours?

dogbert · Joined: 29 Jan 2003 Location: Killbox 90210