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lhasa
Joined: 26 Jan 2008
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 Posted: Sat Mar 08, 2008 12:11 am Post subject: Travelers Cheques |
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Thinking of converting large chunk of savings into TC's before leaving. US dollar doesn't seem to be smartest to buy but what to do.
** Where is the best exchange rate for buying TC's? ($1,000 cheques) **
I live outside Seoul and assume it best to make a trip there to convert.
** Also, what's the average charge for wire transfers you've paid? ** |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Sat Mar 08, 2008 12:14 am Post subject: |
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| I think you can gat it all out w/ one bank check. Do a search here i think I've read about it here somewhere. |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Sat Mar 08, 2008 12:16 am Post subject: Re: Travelers Cheques |
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| lhasa wrote: |
Thinking of converting large chunk of savings into TC's before leaving. US dollar doesn't seem to be smartest to buy but what to do.
** Where is the best exchange rate for buying TC's? ($1,000 cheques) **
I live outside Seoul and assume it best to make a trip there to convert.
** Also, what's the average charge for wire transfers you've paid? ** |
Buy Euros. |
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lhasa
Joined: 26 Jan 2008
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| Posted: Sat Mar 08, 2008 1:17 am Post subject: |
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After leaving Korea I'll travel for a while then find a new home for a year or so. One cheque would be fine if i was going back home.
Can you buy Euro travelers cheques in Korea?....large notes? My experience with EU is you buy TC's at a less favourable rate compared to $US and sell EU TC's at a less favourable rate. Maybe this has changed but banks usually favour selling and buying $US. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Mar 08, 2008 1:19 am Post subject: Re: Travelers Cheques |
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| lhasa wrote: |
Thinking of converting large chunk of savings into TC's before leaving. US dollar doesn't seem to be smartest to buy but what to do.
** Where is the best exchange rate for buying TC's? ($1,000 cheques) **
I live outside Seoul and assume it best to make a trip there to convert.
** Also, what's the average charge for wire transfers you've paid? ** |
Depending on where home is, get a cashiers check payable to yourself in the denomination of your home country.
Why pay the exchange more than once by going to $US first (unless you are American).
Bank wires for large sums run about 40-50k won (total from all the banks involved in the transactions) and usually takes about 2 days before your home account is credited. |
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lhasa
Joined: 26 Jan 2008
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| Posted: Sat Mar 08, 2008 1:30 am Post subject: Re: Travelers Cheques |
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I'm not going home....travel and find a new place to live for a while then move on again.
Can you buy EU TC's in Korea.....at a reasonable rate? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Mar 08, 2008 1:35 am Post subject: Re: Travelers Cheques |
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| lhasa wrote: |
I'm not going home....travel and find a new place to live for a while then move on again.
Can you buy EU TC's in Korea.....at a reasonable rate? |
Yes, but if they are LOST or STOLEN you will need to return to Korea to get a refund. Cash will give you less problem and will have about the same security as a Korean issued travelers check (and that includes the big name ones like VISA or AMEX).
They are NOT like travelers checks from home.
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lhasa
Joined: 26 Jan 2008
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| Posted: Sat Mar 08, 2008 4:56 am Post subject: |
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| Anyone know if / where you can buy real travelers cheques in Korea....the type that you can get refunded if you lose them and not have to return to Korea to negotiate with the bank? |
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mrsquirrel
Joined: 13 Dec 2006
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dogshed
Joined: 28 Apr 2006
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| Posted: Sat Mar 08, 2008 8:02 am Post subject: Re: Travelers Cheques |
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| lhasa wrote: |
Thinking of converting large chunk of savings into TC's before leaving. US dollar doesn't seem to be smartest to buy but what to do.
** Where is the best exchange rate for buying TC's? ($1,000 cheques) **
I live outside Seoul and assume it best to make a trip there to convert.
** Also, what's the average charge for wire transfers you've paid? ** |
You can buy a Bank Of New York check from KEB.
Even if you get a cheap transfer you still have to pay your bank to receive it. |
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