Korean Job Discussion Forums

[crlb2006]

Hey guys, I'm looking to exchange a few million won this week to travel outside of Korea.

Does anyone know a good place to get a decent rate for US dollars? I've heard that the airport and maybe even some places in Itaewon are good for this, but I've also heard some conflicting reports.

Thanks a lot for any helpful information.

[Toon Army]

Namdaemum's "black market" is pretty good......from my experience slightly better rates than Itaewon.

[crlb2006]

hey great i'll check it out. does 'black market' imply that these places are not legitimate and unsafe in any way?

thanks for your reply

[crlb2006]

does anyone know the subway stop for namdaemun? thanks again

[Xuanzang]

[madoka]

One, whoever told you the airport is a good place to exchange money was an idiot. It's quite possibly the worst place in the country.

Two, the money-changers at Namdaemun are not necessarily the absolute best, so you should check a local bank for comparison. Sometimes, though not often, the bank is better. Once you get to Namdaemun, you'll notice a bunch of adjummas just sitting in the street with small tables in front of them. You'll often also see stalls with a dollar, euro and yen signs. Ask them what the exchange rate is. I've had quotes vary a bit between adjummas who sat right next to each other. Koreans and foreigners like to use these adjummas to exchange their money because they often give a slightly better exchange rate and there is no documents (e.g. passport) necessary, unlike the bank.

Edit:
Unless you can't outrun a 65 year old ajumma, it's pretty safe. They exchange tens of thousands of dollars a day. I've seen their suppliers come to them and refill them with huge stacks of bills.

[crlb2006]

hey thanks it looks like nomdaemun is in my future. i really appreciate all the details, im gonna cross my fingers and hope i survive with my money and my life

[crlb2006]

is it possible to exchange money at nomdaemun at night or only during the day? is it open on saturdays?

[chevro1et]

[madoka]

[Robot_Teacher]

I would buy dollars at a bank as I don't know anyone else holding US dollar cash. I'm betting that buying dollars at the bank you bank with carries less fees than buying them at an airport currency exchange booth.

You not only want to look at the rate, but also the fees.

[crlb2006]

yeah thanks theres no question i wont do it at the airport. my burning question is this:

is it possible to exchange money at nomdaemun at night or only during the day? is it open on saturdays?

[Jammer113]

There's no question that you should stay away from non-korean airport exchange places... and in Korea, only do it at a national bank branch inside the airport. The bank branches at Korean airports are required by law to offer the same exchange rates as all of their other branches in Korea.

If you go to some lady at NamDaeMun, you're running a higher risk of receiving counterfit bills. There is no recourse if you have trouble. Are you sure you're willing to take that chance over a percent or two?

[chevro1et]

[crlb2006]