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Banking and currency exchange.

 
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Odysseus



Joined: 01 Feb 2003
Location: Earth

PostPosted: Sat Feb 08, 2003 7:49 pm    Post subject: Banking and currency exchange. Reply with quote

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
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kimcheeking
Guest




PostPosted: Sat Feb 08, 2003 8:24 pm    Post subject: Reply with quote

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.
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bucheon bum



Joined: 16 Jan 2003
Location: DC area

PostPosted: Sat Feb 08, 2003 8:41 pm    Post subject: Reply with quote

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.
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gomurr



Joined: 04 Feb 2003

PostPosted: Sun Feb 09, 2003 1:10 am    Post subject: Reply with quote

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



Joined: 16 Jan 2003
Location: South Korea

PostPosted: Sun Feb 09, 2003 1:20 am    Post subject: um Reply with quote

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.
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gomurr



Joined: 04 Feb 2003

PostPosted: Sun Feb 09, 2003 2:35 am    Post subject: Reply with quote

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.
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Magog



Joined: 09 Feb 2003

PostPosted: Sun Feb 09, 2003 3:26 am    Post subject: Reply with quote

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.
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gajackson1



Joined: 27 Jan 2003
Location: Casa Chil, Sungai Besar, Sultanate of Brunei

PostPosted: Sun Feb 09, 2003 3:37 am    Post subject: Reply with quote

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.
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Zyzyfer



Joined: 29 Jan 2003
Location: who, what, where, when, why, how?

PostPosted: Sun Feb 09, 2003 9:44 pm    Post subject: Reply with quote

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


You can't legally leave with Korean won. Maybe I read an outdated law, though.
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bucheon bum



Joined: 16 Jan 2003
Location: DC area

PostPosted: Mon Feb 10, 2003 1:38 am    Post subject: Reply with quote

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



Joined: 11 Jan 2003

PostPosted: Mon Feb 10, 2003 2:42 am    Post subject: Reply with quote

Quote:
to add to BB's post, check your ATM card for the Maestro/Cirrus/Plus emblems. If you have that, you should be safe.


This should be true, but sadly it's not the case. I'm in Kuala Lumpur right now with three different Korean bank cards, all with pretty cirrus/plus/maestro logos, it's the middle of the day and none work. I had this same experience in Thailand and Canada last year.

I'm sure some special "international" cards from Korean banks do work, but the symbols on the back are irrelevant.
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Odysseus



Joined: 01 Feb 2003
Location: Earth

PostPosted: Wed Feb 12, 2003 8:58 pm    Post subject: Reply with quote

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.
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gajackson1



Joined: 27 Jan 2003
Location: Casa Chil, Sungai Besar, Sultanate of Brunei

PostPosted: Mon Feb 17, 2003 6:35 pm    Post subject: Reply with quote

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.
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Little Laura



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

PostPosted: Wed Apr 13, 2005 12:43 am    Post subject: Reply with quote

What are normal Korean banking hours?
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dogbert



Joined: 29 Jan 2003
Location: Killbox 90210

PostPosted: Wed Apr 13, 2005 1:01 am    Post subject: Reply with quote

Little Laura wrote:
What are normal Korean banking hours?


9:30-16:30, Mon-Fri
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