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IS IT BETTER TO EXCHANGE WON IN KOREA OR BACK IN THE US?

 
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Joseph Fitzgerald



Joined: 16 Jan 2003

PostPosted: Thu Feb 13, 2003 6:46 am    Post subject: IS IT BETTER TO EXCHANGE WON IN KOREA OR BACK IN THE US? Reply with quote

I am leaving Korea soon, and should I exchange mty won back to USD now, or wait until back in the US? Confused
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The Donkey



Joined: 21 Jan 2003
Location: Somewhere drinking, smoking and using foul language

PostPosted: Thu Feb 13, 2003 7:35 am    Post subject: Reply with quote

The exchange rate is actually really good right now if you are trading Won to green backs. The weaker dollar means you get more $ for each Won you trade in. There isnt a hugh difference anyway, unless you are trading in a couple of million won.
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The Donkey



Joined: 21 Jan 2003
Location: Somewhere drinking, smoking and using foul language

PostPosted: Thu Feb 13, 2003 7:43 am    Post subject: Reply with quote

Well...the US dollar lost more value today as well, AND the Won posted a + 0.35% change against the dollar. HAHA Very Happy
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Crazy Oz



Joined: 10 Jan 2003
Location: Ilsan, Korea

PostPosted: Thu Feb 13, 2003 5:05 pm    Post subject: Reply with quote

The rates of exchange are generally historic.....Jan, Feb and Mar being not so good for exchanging won for anything (check out XE.com or X-rates.com).
Taking cash back to your own part of the planet can be a bit of a shock as well, besides being only legally able to take 3million won out, the rates of exchange are very poor. Got burned last year by the Aussie banks (nothing new to Aussies!), when the best rate I could get at home was 870 to the AUS$. Man that hurt.
Tuesday mornings seem to be the most likely days to send by wire, but got to keep an eye on it, by the time I got to KEB last time the rate had changes by 10won...not a lot you may say, but when you send back a couple of months pay at once it makes a big difference.
My suggestion is to leave the place with nothing but foreign cash....not won.

Good luck....enjoy your new found wealth.


Still crazy, still here.
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quince



Joined: 17 Jan 2003

PostPosted: Fri Feb 14, 2003 4:50 pm    Post subject: changing money Reply with quote

something to consider in leaving the country with cash is the practical
matter of: won only come in denominations of 10,000 and if you're
taking out a big wad of bills... well, it's a REALLY big wad...100 dollar
denominations of greenbacks take up much less space (and can be
concealed/carried) much easier without attracting attention. plus you can
get a better exchange here on won than back home (in any other country)
...so do it here before leaving
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slothrop



Joined: 03 Feb 2003

PostPosted: Fri Feb 14, 2003 9:56 pm    Post subject: Reply with quote

edit

Last edited by slothrop on Sat Jun 02, 2012 5:43 am; edited 1 time in total
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Evil Bill



Joined: 02 Feb 2003

PostPosted: Sat Feb 15, 2003 7:25 am    Post subject: Change it in Korea! Reply with quote

For the love of God, don't take it out of the country!!!!

I made this mistake when leaving after my year in Korea. Not one bank in Toronto would take wom for exchange. Even KOREA EXCHANGE BANK's branch in Toronto laughed at me when I tried.

I finally had a relative who worked at a bank send it off on collection - it took 3 weeks and I got about 60% of what I would have gotten for it had I changed it before I left.

Take it home, sure, but don't plan on doing anything but papering your bedroom - that's about all it'll be worth.
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quince



Joined: 17 Jan 2003

PostPosted: Sat Feb 15, 2003 5:19 pm    Post subject: exchanging won Reply with quote

You're right about exchanging it first before leaving Korea if you're going home. I moved from here to Thailand (and then moved back) and found it no problem exchanging between won and baht, but then they are both Asian countries. It made more sense then doing a double conversion (won to dollars and dollars to baht, and vice versa).
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desultude



Joined: 15 Jan 2003
Location: Dangling my toes in the Persian Gulf

PostPosted: Fri Mar 07, 2003 3:16 am    Post subject: Reply with quote

I was able to buy won at the exchange at OHare international in Chicago. But the rate on the day that I left the U.S., and the rate that I got here the next day were quite different- the way better rate was on the Korea end. I assume that this rate disadvantage would go in both directions. All of the other down sides mentioned for changing your won in Korea seem right to me also. Frankly, I would find some way to move the money home without carrying it into a U.S. airport-security complications with declarations, safety with a lot of cash, etc.. Remember, you are returning to the land of the brave and the home of the larcenous.
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Real Reality



Joined: 10 Jan 2003
Location: Seoul

PostPosted: Fri Mar 07, 2003 6:22 pm    Post subject: Simple Reply with quote

Exchange in Korea.
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Carla



Joined: 21 Nov 2008

PostPosted: Mon Nov 24, 2008 8:04 pm    Post subject: Reply with quote

Yen and Won. I got traveler's before I went back home. Worked fine for me.
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JumpinInDaRain



Joined: 04 Nov 2008

PostPosted: Wed Feb 18, 2009 9:31 am    Post subject: Reply with quote

Do you guys know if the currency exchange places (at Incheon or in the US) take those 100,000 won bank checks?
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megandadam



Joined: 28 Dec 2008
Location: toronto, canada

PostPosted: Wed Feb 18, 2009 3:52 pm    Post subject: Reply with quote

i would be interested to know what is the best way to exchange dollars (cdn) into won - before i leave canada? or after i get into korea?

and i assume, from reading the above, that i should be wiring whatever money i can to my home bank from a korean bank? is that right?

i don't want to make a mistake exchanging monies and not have enough when i get into korea.
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simpleminds



Joined: 04 May 2006

PostPosted: Thu Feb 26, 2009 12:15 am    Post subject: Reply with quote

Finding a bank that has won in Canada is like a flower on Mars. Forgeddaboutit. Bring your dollars, exchange when you get here.

Yea, you can wire stuff from your Korean bank.
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