Korean Job Discussion Forums

[Sergio Stefanuto]

I really can't remember what the difference in exchange rates is between airport banks and normal banks.

1. Do you know what the difference is?
2. Any restrictions on amount? (gonna be taking through a ton)

Kind of embarrassed I don't know this already, but hey.

[Big Mac]

At Incheon Airport I'm pretty sure the rates are exactly the same as they would be at any branch anywhere else in Korea. Many international airports have independent money changers that wildly inflate the rates, but it seems to me that Incheon Airport has major Korean banks acting as money changers and they follow the standard rate.

KEB and Shinhan are two banks that I know for sure act as money changers at Incheon Airport. I'm pretty sure their rates are the same as they would be at a normal branch.

[Sergio Stefanuto]

[Mush]

[Wangja]

Over 10,000 USD should be declared on exit.

[Sergio Stefanuto]

Thanks for the replies.

Rather than take a bagful of green to the airport, I could use checks, of course.

Are w1m checks (or higher) available?

[Big Mac]

I have bought 1 million won cheques before. I've never tried to get one higher than that though.

Another option would be to get a money order in the currency you want and then cash it when you get to where you're going. It will be one little piece of paper as opposed to a wad of cash.

KEB will definitely give you a money order in any currency you want. They usually charge 10,000 Won for a money order.

I've never had a problem cashing one of KEB's money orders in Canada. The banks in Canada will not charge a service fee for cashing them either.

There is a full KEB branch in the basement of Incheon Airport if that's the route you want to go.

[Wangja]

And there's a full branch of Shinhan on the mezzanine floor, between arrival floor and departure floor.

[The Gipkik]

Do yourself a huge favor and exchange your money with KEB Bank. I just exchanged 1,900,000 Won a few minutes ago. I first went to Hana Bank and for 1.9 million, they offered me a measly $1,264 USD. I wrote down the amount, he wrote back. I think he screwed up the calculation. Anyways, I said forget it and went to KEB Bank just a few hundred meters away. For 1.9 million Won, I got $1,504 USD. The xe.com rate for that amount of Won is $1,532 USD today. Excellent exchange rate.

[Sergio Stefanuto]

Wow! Is there a KEB at the airport? Hope so.

[Wangja]

[Sergio Stefanuto]

Great stuff.

Next question: I understand that one can exchange a maximum of $10,000 at any bank. That, I believe, is the rule. Or maybe the banks will exchange any amount and then it's up to you to declare it. I don't know. I want to exchange more than that (into GBP).

[Wangja]