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D.D.
Joined: 29 May 2008
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 Posted: Wed Jan 07, 2009 3:55 am Post subject: korean money in the philippines |
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Plan on bringing won with you to The Philippines. 100000 won will buy you 2000 pesos. 100 american will buy 4700, so the won is like less than 40 % on the american.
Exchanging pesos into won it costs 4000 pesos to buy 100000 won.
You really get screwed on both ends.
Most cheaper places were claiming 2000 a night for hotels so that is 100000 won a night =ouch. |
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losing_touch
Joined: 26 Jun 2008
Location: Ulsan - I think!
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| Posted: Wed Jan 07, 2009 4:48 am Post subject: |
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| Simple solution: change your won into dollars before you leave! |
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huffdaddy
Joined: 25 Nov 2005
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| Posted: Wed Jan 07, 2009 5:45 am Post subject: Re: korean money in the philippines |
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| D.D. wrote: |
| Plan on bringing won with you to The Philippines. 100000 won will buy you 2000 pesos. 100 american will buy 4700, so the won is like less than 40 % on the american. |
ttompatz has been saying that for years. Take his advice and you can't go wrong. |
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mick
Joined: 04 Mar 2005
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| Posted: Wed Jan 07, 2009 6:36 am Post subject: |
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| Wouldn't it be better changing your won to pesos in Korea using whichever bank you have an account with here? Would you gain much by changing won to dollars in Korea and then dollars to pesos in the Philippines? |
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losing_touch
Joined: 26 Jun 2008
Location: Ulsan - I think!
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| Posted: Wed Jan 07, 2009 7:28 am Post subject: |
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| mick wrote: |
| Wouldn't it be better changing your won to pesos in Korea using whichever bank you have an account with here? Would you gain much by changing won to dollars in Korea and then dollars to pesos in the Philippines? |
Yes, it is worthwhile. Like the Korean won, there isn't much demand for pesos outside of the Philippines. |
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The_Source
Joined: 09 Oct 2008
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| Posted: Wed Jan 07, 2009 2:26 pm Post subject: |
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| mick wrote: |
| Wouldn't it be better changing your won to pesos in Korea using whichever bank you have an account with here? |
If you find a bank in Korea that has Philippine currency, let us know. |
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D.D.
Joined: 29 May 2008
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| Posted: Wed Jan 07, 2009 3:52 pm Post subject: |
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| I did take dollars. I was just amazed when I looked at the exchange rate for korean won and that they buy pesos back at twice the the rate as the rate as the sell them at when against the won. |
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DCJames
Joined: 27 Jul 2006
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| Posted: Thu Jan 08, 2009 12:20 am Post subject: |
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| The_Source wrote: |
| mick wrote: |
| Wouldn't it be better changing your won to pesos in Korea using whichever bank you have an account with here? |
If you find a bank in Korea that has Philippine currency, let us know. |
MANY of the local Korean bank branches have a foreign exchange and they do have pesos. At the airport, ALL Korean banks have a foreign exchange booths.
I don't see the point of exchanging won into dollars than dollars into pesos. Banks in Korea always sell dollars for a higher rate than they're worth. Then if you buy pesos with those dollars in the PI, the foreign exchanges there will again sell their pesos at a higher rate. So in essence, you have paid retail twice, instead of taking the retail hit once if you exchange won into peso in Korea.
Nevertheless, take ALOT of WON with you to exchange. The won is not worth much right now in the Philippines. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Jan 09, 2009 7:50 am Post subject: |
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You are legally only allowed to import 10,000 pesos into the Philippines. In addition you can bring up to US$10,000.
You can always get a great rate for dollars if you look around a bit.
DON'T BRING WON. GET DOLLARS WHILE YOU ARE IN KOREA. You may want to buy p10,000 before you come so you have some local currency when you land and not have to worry about the money changers in the Philippine airports. THEY SUCK.
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DCJames
Joined: 27 Jul 2006
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| Posted: Fri Jan 09, 2009 8:18 am Post subject: |
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| ttompatz wrote: |
You are legally only allowed to import 10,000 pesos into the Philippines. In addition you can bring up to US$10,000.
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No one (customs, security, immigration) at the airports (Incheon/Manila) has EVER checked how much money I was importing / exporting.
The money changers at Incheon airport were more than happy to exchange for more than 10,000 pisos for me for many trips to the Philippines. |
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