Site Search:
 
Speak Korean Now!
Teach English Abroad and Get Paid to see the World!
Korean Job Discussion Forums Forum Index Korean Job Discussion Forums
"The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

Best place to exchange WON to US $ cash?
Goto page 1, 2  Next
 
Post new topic   Reply to topic    Korean Job Discussion Forums Forum Index -> General Discussion Forum
View previous topic :: View next topic  
Author Message
Seul



Joined: 09 Oct 2008
Location: Seoul
PostPosted: Tue Jan 12, 2010 2:39 am    Post subject: Best place to exchange WON to US $ cash? Reply with quote
Heading home on vacation and just want to exchange 3 or 4 million won to US dollars to carry home. What is the best way to do this?

Thanks!
Back to top
View user's profile Send private message
Nemo



Joined: 28 May 2006
PostPosted: Tue Jan 12, 2010 3:42 am    Post subject: Reply with quote
Go to Itaewon or Namdaemun.
Back to top
View user's profile Send private message
Seul



Joined: 09 Oct 2008
Location: Seoul
PostPosted: Tue Jan 12, 2010 4:05 am    Post subject: Reply with quote
To a certain exchange place or bank?
Back to top
View user's profile Send private message
madoka



Joined: 27 Mar 2008
PostPosted: Tue Jan 12, 2010 11:32 am    Post subject: Reply with quote
Walk into one of the local banks. Check the exchange rate. Then compare against the old ladies in Namdaemun. Check a few of the old ladies as they all have different rates. Some will even negotiate a LITTLE bit.
Back to top
View user's profile Send private message
reactionary



Joined: 22 Oct 2006
Location: korreia
PostPosted: Tue Jan 12, 2010 2:42 pm    Post subject: Reply with quote
where are the money changers in namdaemun?
Back to top
View user's profile Send private message
madoka



Joined: 27 Mar 2008
PostPosted: Tue Jan 12, 2010 2:49 pm    Post subject: Reply with quote
If you walk more than 100 feet without a ajumma harassing you to change your money, then you are not in Namdaemun.
Back to top
View user's profile Send private message
Mr. Pink



Joined: 21 Oct 2003
Location: China
PostPosted: Tue Jan 12, 2010 2:55 pm    Post subject: Reply with quote
Myungdong also has money changers. I was skeptical at first, but the cash they gave me was real and the rate saved me BIG bucks. On a couple thousand dollars I think I got an extra 300,000 won from what the bank rate was.
Back to top
View user's profile Send private message
adventurrre



Joined: 18 Aug 2009
PostPosted: Tue Jan 12, 2010 10:47 pm    Post subject: Reply with quote
Mr. Pink wrote:
Myungdong also has money changers. I was skeptical at first, but the cash they gave me was real and the rate saved me BIG bucks. On a couple thousand dollars I think I got an extra 300,000 won from what the bank rate was.


why do they do this? whats the benefit to them?
Back to top
View user's profile Send private message
madoka



Joined: 27 Mar 2008
PostPosted: Tue Jan 12, 2010 10:51 pm    Post subject: Reply with quote
adventurrre wrote:
Mr. Pink wrote:
Myungdong also has money changers. I was skeptical at first, but the cash they gave me was real and the rate saved me BIG bucks. On a couple thousand dollars I think I got an extra 300,000 won from what the bank rate was.


why do they do this? whats the benefit to them?


A. They do it out of the generousity of their hearts.

or

B. They take a smaller cut than banks but still make a bit of profit.

Very Happy

Actually, watching them closely, I noticed that there is a woman who would go around collecting money and distributing out more to the old ladies as they need it. I wonder if they are actually employed by a company or if they pay the company to manage their monies.
Back to top
View user's profile Send private message
Mr. Pink



Joined: 21 Oct 2003
Location: China
PostPosted: Wed Jan 13, 2010 3:59 am    Post subject: Reply with quote
adventurrre wrote:
Mr. Pink wrote:
Myungdong also has money changers. I was skeptical at first, but the cash they gave me was real and the rate saved me BIG bucks. On a couple thousand dollars I think I got an extra 300,000 won from what the bank rate was.


why do they do this? whats the benefit to them?


My guess at first was money laundering. What better way to move your money out of the country than converting it to a foreign currency undetected?

They use the xe.com rate, so I am unsure how they make money. Thus I will reason, they are doing tax evasion or some other type of business crime and I will benefit from not having the banks rape me with their rate of exchange.
Back to top
View user's profile Send private message
The Gipkik



Joined: 30 Mar 2009
PostPosted: Wed Jan 13, 2010 5:21 am    Post subject: Reply with quote
Todays xe.com rate for 200 bucks was 225,000 Won. KEB exchanged it for 229,000 Won. Pretty good.
Back to top
View user's profile Send private message
DeLaRed



Joined: 16 Oct 2008
PostPosted: Wed Jan 13, 2010 5:27 am    Post subject: Reply with quote
Mr. Pink wrote:
Myungdong also has money changers. I was skeptical at first, but the cash they gave me was real and the rate saved me BIG bucks. On a couple thousand dollars I think I got an extra 300,000 won from what the bank rate was.


last time I went there I wanted to change won into $ but none of the places I went to had enough $. Went to many different money changers too.

Plenty of won but not the other way around. They don`t carry much $ it seems.

No problem changing Yen/GBP/USD etc > Won for the Japanese tourists etc shopping in Myongdong.