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normski7
Joined: 11 Jan 2010
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 Posted: Tue Jun 01, 2010 7:12 am Post subject: Taking money to Korea |
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Does anyone know if there's any limit on taking money into Korea.
I was planning to carry around �1000.
Is this a stupid idea, should I use another method for getting this money over to Korea? |
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Englishee
Joined: 21 Jan 2010
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| Posted: Tue Jun 01, 2010 7:35 am Post subject: |
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| i just stuck a couple thousand (CDN) in an envelope and put it in my laptop bag wen i came over. they opened my laptop carry case and saw it, didnt say anything because it wasnt really alot of money.. |
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goreality
Joined: 09 Jul 2009
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| Posted: Tue Jun 01, 2010 7:00 pm Post subject: |
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| I believe you can bring in the equivalent of 10 000 USD without declaring it. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jun 01, 2010 7:47 pm Post subject: Re: Taking money to Korea |
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| normski7 wrote: |
Does anyone know if there's any limit on taking money into Korea.
I was planning to carry around �1000.
Is this a stupid idea, should I use another method for getting this money over to Korea? |
You can legally carry up to US$10,000 or equivalent (�6800) without need to make any customs declaration.
�1000 (less than 2 million won) and they wouldn't even blink.
Make sure they are NEW notes and British notes NOT Scottish notes.
(You WON'T be able to exchange Scottish notes in Korea).
Exchange (some of ) your notes (�350) for Korean won at the exchange desk at Incheon airport. You will get the same exchange rate that you would in the city and it will save you trying to get to a bank in any great hurry.
DO NOT buy won outside of Korea. The rate will be terrible.
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HalfJapanese
Joined: 02 Feb 2010
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| Posted: Tue Jun 01, 2010 8:06 pm Post subject: |
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I've heard that exchanging your country's money into a foreign currency while you're in your own country is ripoff b/c you can get a much better exchange rate in that foreign country.
Is this true most of the time? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jun 01, 2010 9:13 pm Post subject: |
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| HalfJapanese wrote: |
I've heard that exchanging your country's money into a foreign currency while you're in your own country is ripoff b/c you can get a much better exchange rate in that foreign country.
Is this true most of the time? |
Almost always getting it in your own country is a worse rate.
In MOST cases, getting money changed at the airport is a bad idea because of poor rates or high commissions.
Korea is the one EXCEPTION to this rule that I can think of. The forex desks at the airport (Incheon) are mandated by law to offer the SAME exchange rate as the same branded banks in the city (so as an example: the KB* exchange desk at the airport gives the same rate (cash) as the KB* bank in town).
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Caffeinated
Joined: 11 Feb 2010
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| Posted: Tue Jun 01, 2010 9:19 pm Post subject: |
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| HalfJapanese wrote: |
I've heard that exchanging your country's money into a foreign currency while you're in your own country is ripoff b/c you can get a much better exchange rate in that foreign country.
Is this true most of the time? |
Changing KRW outside of the airport was not possible when I went to Japan, and the rates in Japan and Thailand were actually worse than the moneychanger at Incheon. Bring an international ATM card that works with you. |
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