View previous topic :: View next topic |
Author |
Message |
penguin
Joined: 16 Aug 2003
|
Posted: Sun May 31, 2009 6:21 pm Post subject: Can you buy South African Rand in Seoul? |
|
|
I've heard it's better to come to S Africa with Rand, rather than exchange at the Joburg airport.
Has anyone bought Rand in Seoul? If so, where?
Thanks. |
|
Back to top |
|
 |
Otherside
Joined: 06 Sep 2007
|
Posted: Wed Jun 03, 2009 9:56 pm Post subject: |
|
|
It's not better to come to SA with Rand. This goes for almost all emerging currency's. (The won included). You will almost always get a much better rate in country and dealing trading with major currencies than out of country. (Outside of Southern Africa, the only country where the you'd get a good deal buying or selling rand is the UK...based on trade/historical ties and an expat population somewhere between 1-2mill).
My advice (this is what I do if I take cash home), buy dollars in Korea, go to SA and change them into rands. The airport offers a competitive rate (the banks are marginally better, but unless you are talking huge sums, the difference is negligible).
Finally, as a side note, the rand has been flirting with 10 year highs against the won the last couple of weeks, unless you are leaving shortly, it would be wise to wait. (Personally, I'm sitting on a fat stack of won, and waiting this out) |
|
Back to top |
|
 |
penguin
Joined: 16 Aug 2003
|
Posted: Thu Jun 04, 2009 1:14 am Post subject: |
|
|
Thanks for your reply. I read somewhere that the exchange places in Jo'burg airport rip you off with really excessive commission. Is this not true? |
|
Back to top |
|
 |
Otherside
Joined: 06 Sep 2007
|
Posted: Thu Jun 04, 2009 5:21 am Post subject: |
|
|
penguin wrote: |
Thanks for your reply. I read somewhere that the exchange places in Jo'burg airport rip you off with really excessive commission. Is this not true? |
Well it's kind of a catch. They charge something like 1% commision, (minimum R50), yet this is almost universal in South Africa. (our banking practices suck - charge fees for everyhting, even atm withdrawals and just holding an account). But the spreads are pretty fair. If you were able to find rands, you wouldn't pay commission, but the spread would kill you. Bare in mind, even if you are cashing in as much as $1000, the 1% commision is only $10, so not really worth crying over. |
|
Back to top |
|
 |
|