Korean Job Discussion Forums

[relaxed111]

Where is the best place (better exchange) to change my Korean won to New Zealand dollars? My local KB bank, another bank here, or wait until I get to New Zealand?
Thanks

[jhuntingtonus]

Here is far better than there, if, somehow, the banks here have them. If they don't, you may actually be better off getting US dollars here and buying NZ dollars with them there.

[dragon777]

Korea Exchange Bank.

[kiwiinkorea]

Where are you going in NZ? I know in Christchurch there are heaps of foreign exchange places that exchange won. We had no trouble getting Korean won there. Some of the banks had won too but the hole in the wall exchange places had a better rate. There are probably plenty in Auckland too as NZ gets lots of tourists.

I don't know how the rate compares to here but you can get an idea of the bank rate here

http://www.bnz.co.nz/Rates_and_Fees/1,1184,20-189-513,00.html

Only thing is that you would need some $NZ to get from the aiport into town.

[Chris_Dixon]

[blackjack]

[wormholes101]

I'd be very wary of exchanging the won outside of Korea. In my experience, the exchange rates outside of Korea can be very nasty.

[dragon777]

Do not exchange your won in NZ or anywhere else outside the ROK. You

will get the best rate here in Korea.

[whome?]

I've done a bit of currency trading.

The won is a difficult currency to deal with, because if you aren't dealing with a country with strong trade relations with Korea, they likely wont even accept it.

New Zealand does accept it, and in October 2007 I got a very good deal, far better than if I had exchanged it here.

The rule of thumb is that if you have a tradeable foreign currency it can often be sold/exchanged for 5% more than in it's home country. Scarcity adding the value.

But with the drop in the Won I think you might just be better off exchanging here. KEB or almost any bank of any size can order it for you.

You other option is to simply transfer your money to your home account and use that card, since it will more than likely be an international card.

[dragon777]

Whome? Glad you can change your won in NZ. I tried to change some won in Australia but the banks refused to even look at it. That was the ANZ, Commonwealth, Westpac and National banks. When I traveled to Japan to get my E2 visa they warn you not to take Korean won because the Japanese won't change it. Times change though.