Korean Job Discussion Forums

[paulandamy]

If one were to take money to the US just for a trip (several thousand dollars worth), would it be better to exchange won to dollars in Korea or in the US?

[jonbowman88]

I'm going to take $1000, I'm going to buy travelers checks here. You better check with customs and see how much you are alloud to have with you. You might be hard-pressed to find a bank in the US that will convert Won but i dunno

[climber159]

Do NOT take won out of Korea. You WILL have difficulities finding a bank that will convert your won at the same rate they will here. The safest way to get it to the US is to wire it to your US bank account if you have one. As for exchanging your money, the places in Itaewon and Myeong-dong usually give the best rates. I've taken large amounts of cash from Korea to the US with no problems. Just have your wits about you.

[chonga]

yeah convert it in Korea.

I just recently got back to the states and you can exchange it at the airport but the exchange rate to convert in the states is higher than in Korea. So you'll lose a few bucks converting in the states. (example I think i got a 1.21 m won to $1 in Korea and I saw in Atlanta airport the sign for 1.35 m won to $1).

[bassexpander]

Will you get a better rate exchanging at the airport than transferring from a bank in Korea to the USA?

How about those money exchange places in Itaewon? Are they trustworthy? What kind of rates do they offer? Do they require documentation of any sort as to how you earned the money?

[climber159]

The money exchage joints in Itaewon and Myeong-dong ARE regulated. Typically you will get a better rate than at the banks. They are also required to provide you with a receipt of the transaction. The airport exchange booths are run by the various banks (KB, Shinhan, KEB, etc...) and as far as I know the rates are the same as at any other branch of the bank.

Another option I just remembered are the casinos. I recall exchanging some yen at 7 Luck casino and getting a pretty good rate. Though, if we started going to the casino en masse to exchange money without playing any games they may not be too thrilled.

[Unposter]

I have never had a problem with the money exchangers in Itaewon and they do generally give a better rate than banks.

There is no limit on how much money you can bring into the U.S. but if you bring in more than $10,000 you do have to declare it. I believe any transaction of $10,000 or greater automatically triggers a declaration to the IRS.

Also, at one time, and I still think it is enforce but I don't know as the currency laws keep changing, you cannot take more than 10 million won out of Korea without declaring it.

[Misera]

[The_Source]

NEVER exchange ANY currency in the US (not even 'real' currencies such as the Japanese Yen). You will get ripped off, as their buy-sell spreads are larger than in any other country I've ever seen. And on top of that, most places will charge an additional "service fee."

[Unposter]

I don't know what happens. My guess is if you declare it going through customs, you also have to declare it on your income tax. My other guess is they are keeping an eye on money laundering and other illegal activities. But, really, I have no idea what might or could happen just that the IRS is notified.

[JJJ]