Korean Job Discussion Forums

[shanti_shanti]

My Mother was telling me not to get my dollars exchanged at the bank. Does anyone know where I can go and get the best rate. Itaewon?? I appreciate your help. So i don't get flamed the search tool isn't working.
Thank you

[ttompatz]

[sojusucks]

Your mother told you to exchange money? How old are you?

Anyway, there are several banks. Look for the main branch (sorry, I haven't ever bothered to remit or exchange money in Itaewon). They should be able to exchange money and remit it overseas. You will probably have to say Won to US dollars (most bank personnel understand what you want with these words). They could even draw a simple map to the bank that can do this or they might have someone that speaks enough English to give you proper directions. It is a bit troublesome but very possible.

Currently, the Won is similar in value to the dollar. Some people think that the Won will drop in value again, so your mother is probably right; you should exchange some money.

[sojusucks]

I guess I read your post too quickly. Your mother told you not to exchange your money at the bank. Well, there are some reputable money exchange places; most notably at Incheon International airport. There are also many in Itaewon but the exchange rates are less advantageous than at the bank or at the airport.

Good luck finding one.

[sojusucks]

I assummed US dollars. Good luck trying to exchange anything else with the exception of Euros. If you have anything other than those two currencies then you will have to go to the airport or find a "black market" currency exchange. You might possibly find a reputable one but good luck.

[shanti_shanti]

Yes I'm changing us dollars to won. The rate I get at bank is a bit lower than maybe a black market op. I was hoping to run into someone on this board with some knowledge, changing a lot of money so every bit counts.
Thanks

[jangsalgida]

Namdaemun Market, walk along the sidewalk and you will see about 10 different places/older Korean women exchanging. Be sure to carefully show them what you want or they will misquote you. Tell/show them you want to give them U.S. dollar and them to give you Korean Won. Then you should get a price/exchange rate. Walk further and ask more places/little tables/stands until you find the best rate.

Why are you exchanging alot of dollars for Won?

[dc'79]

[pokesplort]

so i should just bring cash on the plane and exchange to won at the incheon airport? any other helpful hints? i'll have a debit/credit card too. also, i keep hearing conflicted things about travelers checks. so lets hear it, should or shouldn't i get some of my cash put into travelers checks before i go? thanks for any info in advance!

[climber159]

My experience has been that banks give the worst exchange rates, the money exchange shops in Namdaemun and Itaewon give the best rates, and Incheon airport falls somewhere in the middle.

Visa and Mastercard are widely accepted in Seoul and other major cities in Korea. However, Korea is still very much a cash-based economy ESPECIALLY if you are going to be doing any shopping in any markets (as opposed to the brand-named stores and restaurants). So, bring cash. You'll find that you can bargain down on just about anything if you pay in cash.

Personally, I wouldn't bother with travelers checks. You'll likely find them to be a hassle when dealing with Korean banks and/or businesses. Add to that the fact that international ATMs are relatively easy to find (airport, Yongsan station, Seoul station, many major bank branches in foreigner districts, and others) and you shouldn't find yourself in any sort of monetary bind.

Note: If you're entering Korea, then bring US dollars. Exchange those into Won when you arrive. Before you leave Korea, rid yourself of your Won...it is worthless outside of Korea.

[nosmallplans]

i'm told there's some places to exchange in myeong dong that'll give good rates as well. anyone know where i should look?

i've got about $500 and figured i'd exchange it before the won went up again.