Korean Job Discussion Forums

[wuzza]

Hey all,

If I buy Euro traveller's cheques as opposed to hard cash, the exchange rate is better. There is no commission at my bank here in korea.

What i want to know is can I spend the cheques as freely as paper money when i'm over there? i.e just go in and pay for 25 Euro worth of stuff with a 50 Euro traveller's cheques and get 25 euro in cash back.

Do all normal stores take them or do I have to go to a bank? and is there commission at the other end?

thanks, need this info asap please, so any anecdotes/unsuredness welcome also

[camel96]

US travellers checks you can use as cash in supermarkets etc. in the US.
Check American Express' website. It probably mentions it.

[erlyn]

I think you usually have to pay some sort of fee to cash the cheque - anything from 2%-4% of the value, depending on who is doing the cashing. Again, depending on which cheques you get, there may be some banks that cash for little or no fee. In my experience, however, places such as stores, restaurants, or hotels often charge a higher fee for cashing them. Usually it's a pretty small amount, though, and often it's worth it for the security that they offer.