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Traveller's cheques instead of cash?

 
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SomeWaySoon



Joined: 02 May 2003

PostPosted: Wed Jun 18, 2003 12:59 pm    Post subject: Traveller's cheques instead of cash? Reply with quote

I am coming to Korea next week and I am thinking of taking traveller's cheques instead of cash. My question is if I you think this is the best way to do it? Will banks charge high fees to change them? Thanks for your help.
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justagirl



Joined: 17 Jan 2003
Location: Cheonan/Portland

PostPosted: Wed Jun 18, 2003 8:06 pm    Post subject: Reply with quote

Hey there,
In my experience, there isn't a fee to change traveler's cheques, or it is very nominal (because I've never noticed it). You can change them at the airport (which usually has a slightly worse rate than the banks, but not too bad to complain about).
Also, you can BUY traveler's cheques for a better rate than you can cash. So, if you are sending money home every month, consider buying the cheques and sending a bit more home. I've never been charged for buying TC at the banks (unlike the U.S.).

justagirl
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krats1976



Joined: 14 May 2003
Location: Gwangju

PostPosted: Wed Jun 18, 2003 11:49 pm    Post subject: Reply with quote

OK so this may be a stupid question, but remember that I'm new at this OK?

So, do you buy travelers checks in your home country's currency then exchange them for tc's in korea? Or is it better to wait till you get there?
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justagirl



Joined: 17 Jan 2003
Location: Cheonan/Portland

PostPosted: Thu Jun 19, 2003 6:22 pm    Post subject: Reply with quote

Here's what worked for me:

Bought TC in the US
came to Korea
at the airport (or at a bank) exchanged the TC for Korean won
had to show my passport to do it (a must for exchanging $)


The other thing I mentioned was for sending money home. Here's how I do that:

Go to the Korean bank
Hand them my passport and the won I want to exchange
ask for traveller's cheques
sign and date them, put "for deposit only" with my bank name and account number in the US
mail them off to my parents, who deposit them into my account

There is a slightly better exchange rate when buying TC. Also I don't have to worry about paying for a wire transfer.

There is another thread talking about getting an international ATM card and having a trusted friend/family member back home use that to negate both wire transfer fees and the wait time for the post. Look and see if you can find that thread if you are interested about sending $ home that way.

hope this helps answer a question or two. Very Happy
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slideaway77



Joined: 16 Jul 2007

PostPosted: Sun Sep 16, 2007 12:15 pm    Post subject: Reply with quote

What about GBP Travellers Cheques do they accept these in Korean banks airport exchanges?
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