Korean Job Discussion Forums

tfunk · Joined: 12 Aug 2006 Location: Dublin, Ireland

Should I bring U.S. dollars or Chinese RMB to Beijing?
Is there any financial advantage of changing Won->RMB in Korea over changing from Won ->Dollars and then changing the dollars into RMB in China. Laughing

joeyjoejoe · Joined: 24 Sep 2006

RMB.

if you change from won to $ then $ to rmb you lose two lots of the gap between buy/sell rate and bank rate. changing only once you lose less.

huffdaddy · Joined: 25 Nov 2005

tfunk · Joined: 12 Aug 2006 Location: Dublin, Ireland

Thanks people, I've never really got my head around the whole buying selling business, I'm looking to convert 900,000 won for China in Itaewon on Christmas day.

I'll check out your links huffdaddy and try and figure them out (in the morning, Christmas Eve night and all that).

Ta! (how much money is it possible to lose by making a bad choice...if it was only 20,000 won(on 900,000 won) then I might go for the most convenient/laziest option)

huffdaddy · Joined: 25 Nov 2005

Ramones · Joined: 23 Oct 2006 Location: In Hell in my own mind...

If you have a bank account in Korea or wherever you are from you might just do better using your ATM card at a Bank Of China ATM terminal.

I have done this and the surcharges were less than selling my USA money and buying the RMB at a bank or money changer.

I was only charged $1.50 from my USA bank for using an ATM not in one of their banks and didn't see any additional charges from the Bank O China. there are lots of banks in China but Bank Of China ALWAYS worked with my USA ATM card - many other banks did not.

Can't say if it will work with a Korean ATM card but ask your bank. You will save some money using the ATMs at BOC and don't have to worry about walking around with so much cash in your pocket.