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bobbybigfoot
Joined: 05 May 2007
Location: Seoul
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 Posted: Tue May 22, 2007 9:34 am Post subject: Currency Exchange rates for Won in Canada. Please help... |
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Scotiabank doesn't sell it. HSBC doesn't sell it (can you believe that?? "The World's Bank" and no Korean Won!)
Royal Bank is showing .001415 against Canadian dollar.
Accu-rate is showing .0014 (slightly better). The buy back rate is abysmal at .000933.
i.e. 700,000 Won can be bought for $980 Canadian Dollars. Or Accurate will buy 700,000 Won for $653. What kind of crooked racket is this? Nearly $330 profit for buying 700,000 won from Peter, and selling that very same money to Paul.
So, (1) where did you buy your Won from in Canada?
(2) Are we better off bringing Canadian dollars to Korea, and exchanging it there, not at the airport, but at a bank?
Thanks for the input! |
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swetepete
Joined: 01 Nov 2006
Location: a limp little burg
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| Posted: Tue May 22, 2007 10:42 am Post subject: |
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| I just swap it at the airports, personally. Finding a bank in Korea that'll buy Canadian money, I dunno. I just assumed they wouldn't. Maybe they will tho, who knows? Could be an asspain finding out. Maybe email a citibank in seoul or something? They got bought out by yanks, maybe they'll have an english website. |
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dogshed
Joined: 28 Apr 2006
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| Posted: Tue May 22, 2007 12:58 pm Post subject: |
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I came here because I was broke. I only exchanged a couple hundred US dollars at the airport and didn't pay attention to the exchange rate.
I don't remember which bank I did it at but I think there is a KEB at the airport. KEB is the best bank for dealing with foreigners. You will want to use the sell rate on their web site because you are selling money. Right
now their exchange rate page isn't working. Compare the sell rate because
you are selling Canadian dollars. I don't know if a TC would be your best
method.
http://www.keb.co.kr/ |
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willneverteachagain
Joined: 17 Dec 2006
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| Posted: Tue May 22, 2007 1:09 pm Post subject: |
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| u wont get a good rate at the airport. i got mine from scotiabank, no reason u cant either. |
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bobbybigfoot
Joined: 05 May 2007
Location: Seoul
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| Posted: Tue May 22, 2007 2:11 pm Post subject: |
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| willneverteachagain wrote: |
| i got mine from scotiabank, no reason u cant either. |
I called my branch. The woman said, "we don't sell Korean Won"
I called HSBC. The woman said, "we don't sell Korean Won"
Time to talk to a man I guess!  |
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peppermint
Joined: 13 May 2003
Location: traversing the minefields of caddishness.
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| Posted: Tue May 22, 2007 2:14 pm Post subject: |
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| I got mine from BMO but that was a few years ago. |
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ajgeddes
Joined: 28 Apr 2004
Location: Yongsan
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| Posted: Tue May 22, 2007 2:36 pm Post subject: |
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| Just don't exchange it at Toronto's airport. I exchanged only a little back in 2004 and I was getting 600 won to a dollar. OUCH! |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Tue May 22, 2007 2:45 pm Post subject: |
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| bobbybigfoot wrote: |
| willneverteachagain wrote: |
| i got mine from scotiabank, no reason u cant either. |
I called my branch. The woman said, "we don't sell Korean Won"
I called HSBC. The woman said, "we don't sell Korean Won"
Time to talk to a man I guess! |
I believe that "all" banks will exchange Korean won... you just have to order it ahead of time (and they'll order it from their main branch or something). |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Tue May 22, 2007 2:48 pm Post subject: |
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| Airports have the worst rates. Just exchange it in Korea. Banks here take Canadian money. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue May 22, 2007 3:32 pm Post subject: |
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| Young FRANKenstein wrote: |
| Airports have the worst rates. Just exchange it in Korea. Banks here take Canadian money. |
In Korea the airport currency exchange booths ARE the banks and the rates are the same as the ones posted on the bank websites and in the branches in town.
EXCHANGE your currency IN KOREA. |
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Tokki1
Joined: 14 May 2007
Location: The gap between the Korean superiority and inferiority complex
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| Posted: Tue May 22, 2007 3:53 pm Post subject: |
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Why the hell would you exchange your money in Canada????
LOL...
When you travel, get local currency when you get there...like...in the airport.  |
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waltjocketty
Joined: 09 Oct 2006
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| Posted: Tue May 22, 2007 6:17 pm Post subject: |
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| anyone saying airport rates are bad has never actually compared the rates, because they're exactly the same as at the banks. the rates are regulated by the government, and as long as you exchange through a reputable company (i.e. a real bank or currency exchange company), you will get a fair rate. to see the current rates, go to xe.com, but your rate will be a little bit different from that regardless of where you go. i'm from america, and only banks in like three cities carry korean won because it's not a solid enough currency for banks to invest in. you can get yen, pounds, euros, and swiss whatevers, but the won varies considerably, so, long story short, don't mess with exchanging your money at home, but do it here and do it at the airport. |
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ajgeddes
Joined: 28 Apr 2004
Location: Yongsan
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| Posted: Tue May 22, 2007 6:30 pm Post subject: |
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| waltjocketty wrote: |
| anyone saying airport rates are bad has never actually compared the rates, because they're exactly the same as at the banks. the rates are regulated by the government, and as long as you exchange through a reputable company (i.e. a real bank or currency exchange company), you will get a fair rate. to see the current rates, go to xe.com, but your rate will be a little bit different from that regardless of where you go. i'm from america, and only banks in like three cities carry korean won because it's not a solid enough currency for banks to invest in. you can get yen, pounds, euros, and swiss whatevers, but the won varies considerably, so, long story short, don't mess with exchanging your money at home, but do it here and do it at the airport. |
Obviously, that is not true. Read my account. I got a 600 won to the dollar exchange rate when the actual rate was around 850 at the time I came over. |
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waltjocketty
Joined: 09 Oct 2006
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| Posted: Tue May 22, 2007 6:34 pm Post subject: |
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| ajgeddes wrote: |
| waltjocketty wrote: |
| anyone saying airport rates are bad has never actually compared the rates, because they're exactly the same as at the banks. the rates are regulated by the government, and as long as you exchange through a reputable company (i.e. a real bank or currency exchange company), you will get a fair rate. to see the current rates, go to xe.com, but your rate will be a little bit different from that regardless of where you go. i'm from america, and only banks in like three cities carry korean won because it's not a solid enough currency for banks to invest in. you can get yen, pounds, euros, and swiss whatevers, but the won varies considerably, so, long story short, don't mess with exchanging your money at home, but do it here and do it at the airport. |
Obviously, that is not true. Read my account. I got a 600 won to the dollar exchange rate when the actual rate was around 850 at the time I came over. |
That's because you got it at the TORONTO airport. Buy it in Incheon. Any currency will be more expensive if you buy it in another country, because it's a risky investment for the banks to be buying money from another country. |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Wed May 23, 2007 2:57 am Post subject: |
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| ttompatz wrote: |
| In Korea the airport currency exchange booths ARE the banks and the rates are the same as the ones posted on the bank websites and in the branches in town. |
Then things have changed in the last couple of years. Airport Exchange used to ream you on forex rates.
I go to my local KEB anyway. I do so much business though them, they give me a "good customer" rate. |
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