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tonyvu
Joined: 30 May 2008
Location: busan - a view of dadaepo beach from my office window
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 Posted: Sat Jul 19, 2008 2:56 am Post subject: When arriving to Korea... |
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| would it be best to exchange your currency immediately at the airport? I assume not all places accept debit/credit... |
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ciccone_youth
Joined: 03 Mar 2008
Location: Japan
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| Posted: Sat Jul 19, 2008 3:20 am Post subject: |
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i exchanged mine before i left... you can order the Korean won at your bank, it takes 2-3 business days.
I don't know about at the airport though, isn't it more expensive? |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Sat Jul 19, 2008 4:03 am Post subject: |
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| Yes, Incheon airport has a currency exchange on the left side after passing through immi and security, uh I mean going around security, and I presume it's open all the time as I used it at 4 in the morning. |
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zpeanut
Joined: 12 Mar 2008
Location: Pohang, Korea
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| Posted: Sat Jul 19, 2008 7:02 am Post subject: |
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from past experience you don't get such as great rate at the airport, plus with all the stuff u gotta deal with on arrival and being TIRED!... I change about $100. to keep me going before i leave..
then i find the bank with the best rate once i'm settled. |
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Zaria32
Joined: 04 Dec 2007
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| Posted: Sat Jul 19, 2008 10:51 am Post subject: |
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I agree with zpeanut...airport currency exchanges are notoriously bad...all around the world.
Change one or two hundred, change the rest after you establish a bank account. |
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Fresh Prince
Joined: 05 Dec 2006
Location: The glorious nation of Korea
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| Posted: Sat Jul 19, 2008 6:01 pm Post subject: Re: When arriving to Korea... |
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| tonyvu wrote: |
| would it be best to exchange your currency immediately at the airport? I assume not all places accept debit/credit... |
Don't rely on debit/credit. You might end up in a place where there are no ATM's or banks that will accept them, as happened to me. Luckily for me, I had a really nice Korean co-teacher who spent a lot of time and called all the banks she could until she found one. It was a KEB in a neighborhood that was an hour and a half drive away. Unfortunately, they had a limit on how much I could withdraw.
There are three banks in the Incheon airport and they are going to have the same exact same exchange rates as their other branches in the rest of Korea. So if they are open, then would exchange everything you need at one of those banks. If you go to a currency exchange booth because the Incheon airport banks are closed, they will probably give you a less favorable exchange rate than an actual bank, but I'd do a quick calculation to see if the difference will really matter that much to you.
The exchange rates in the Incheon airport, even at the currency exchange booths are most likely going to be far better than anything your bank/airport at home will give you. It might be interesting to talk to your bank before you come to Korea so you can compare how different the rates are. At home, all the banks I checked with were giving an absolutely ridiculous rate. My home airport was even worse than the banks. |
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Bibbitybop
Joined: 22 Feb 2006
Location: Seoul
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| Posted: Sat Jul 19, 2008 7:34 pm Post subject: |
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You usually have to find a "global" ATM to withdraw money from a foreign credit card. Most are in Seoul, but I hear the KEB banks have them around the country. If you bring cash you are fine.
Ordering won from your home bank is usually a good way to get an even worse exchange rate than in Korea and you have more fees.
Like other posters said, if you have cash, a bit at the airport, then the rest at a bank, or even better at a street money changer (like in Itaewon or Dongdaemun Stadium).
Everyone takes credit cards here, from restaurants to stores, everyone takes plastic. Just don't bring an American Express or Discover Card or other non-global-friendly company. |
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i
Joined: 10 Apr 2008
Location: Seoul
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| Posted: Sun Jul 20, 2008 1:18 am Post subject: |
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| I only cashed $100 at the airport. Cashed more the next day in town. Difference was about $3 more for $100. |
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