Korean Job Discussion Forums

Kurtz · Joined: 05 Jan 2007 Location: ples bilong me

Going to be spending around 2 million won in Japan. What's the best way about exchanging money?

1) Take out that amount from an ATM in Korea, and go to a bank in Korea and get yen?

2) Take out as much as I can using my home cash card with the maestro on it (I take it such a facility exists at Narita airport) at Narita airport?

3) Get US dollars in Korea, and exchange at the airport in Narita?

4) Take Korean won to Japan and exchange at the airport in Narita?

5) other? please explain

Thanks

Chambertin · Joined: 07 Jun 2009 Location: Gunsan

I always change foreign currency to domestic at their airport currency exchange. The Kansai - Narita counters seem to give the best prices when buying Yen.
I have yet to see an institution beat them which is as easy to use.

That being said, you should check to see how close your bank is to the daily trading rates. It�s possible they have a good rate also.

Good luck.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

Kurtz · Joined: 05 Jan 2007 Location: ples bilong me

OK cheers. So same rate if I change at a bank or at Gimhae airport in Busan right? might be easier to change before the airport so I don't have to take wads of cash in the form of Korean Won as I haven't come across those new 50,000 Won notes yet.

Chambertin · Joined: 07 Jun 2009 Location: Gunsan

Maybe things have changed, but everyone I talked to had a much lower (worse) rate converting Yen if they did so out of Japan. The exchange had current and good rates for numerous currencies as well. I remember seeing indian rupees quoted on their boards.

Many bank oriented exchange kiosks especially in the US are terribly notorious grifters.
This was almost two years ago though.

Kurtz · Joined: 05 Jan 2007 Location: ples bilong me

Seems in fact the best method for geting cash at a good rate is using ATM's in Japan but I don't want to bank on that one 100% in case my card doesn't work.

Does anyone know how much you can take out per day using a Japanese ATM?

I read ATMS's that read international cards can be found at the airports, 7-11's and post offices.

JBomb · Joined: 16 Oct 2008

I changed my won at the airport in Gimhae and I got government rate with a tiny commish fee. I checked in Narita and if I had of done it there I would have been ripped off.

cangel · Joined: 19 Jun 2003 Location: Jeonju, S. Korea

Use your credit card for all purchases in Japan. You will save a bundle on the exchange rate. Of course bring some pocket cash but exchanging cash gets you a terrible rate far from the international rate offered by your credit card company. I've lived in Japan for 7 years and now almost 3 in Korea and trust me, you'll end up saving a lot!

Kurtz · Joined: 05 Jan 2007 Location: ples bilong me

cangel · Joined: 19 Jun 2003 Location: Jeonju, S. Korea

I have never been charged an "international transaction fee" for using my credit card overseas. However, if you use your credit card for cash advances then you will get nailed for huge fees. Using your credit card in a foreign country is no different from using it in your home country. The benefits include the very best exchange rate as well as, usually, insurance on all purchases just in case you break that souvenir you were going to give mom.

Kurtz · Joined: 05 Jan 2007 Location: ples bilong me

I'm not going to show you the proof, but I just re-checked my visa account for International Transaction Fees AUS $15 for buying a plane ticket, so I guess the fees might add up in my case which kind of sucks.

cangel · Joined: 19 Jun 2003 Location: Jeonju, S. Korea

You're right, kind of... The bank that issues the card will charge you a transaction fee usually between 1-3% of the total purchase. Here's a US link regarding fees:

http://www.bankrate.com/brm/news/cc/20010416b.asp

Taking into account these fees, it'll still save you a bundle. If you compare the rate you get in Korea at the airport and what you can get on XE, you'll see a major difference.

tired of LA · Joined: 06 Nov 2006 Location: Seoul

It depends on your credit card company. Not all credit card companies charge a fee for using their card overseas. I use Capital One since it is the only one I have that doesn't charge a fee, and the exchange rate is basically whatever its at on XE.

dzkouns · Joined: 29 Oct 2008

I agree with the last comment. I have a bank card and a credit card with Capital One and they've never charged me an international fee. Plus, they usually have awesome exchange rates.

davpag1 · Joined: 28 Jul 2009

I just went to the Kookmin Bank. Their rate is very near that what is shown on the Internet Exchange rates.
I also checked via the internet the exchange rate of the MoneyExchange booths in Gimhae (Busan) airport. Their rate only gave me 3,000 YEN more than the Kookmin - the service charge will be added.
The Kookmin do not charge anything to exchange. Also they will give discount depending on how much you will exchange.
So overall, there is no point in waiting to go to the airport if you live here. Just go to the bank. The booths are really only for tourists leaving and wanting to change money back to their original currency.
I previously went to Japan, 3 months ago. I stupidly thought there would be a good exchange booth in Gimhae. No, there wasn't. I then had to change my Won to Yen in Japan..... BIG mistake. I lost so much. Luckily I was only there for 4-5 days.
DO NOT exchange your Won in Japan......!
Hope this helps......
ps: I don't have a credit card, thank heavens.......hahahaha