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zenbone
Joined: 26 Jun 2010
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 Posted: Mon Jul 05, 2010 7:01 pm Post subject: Converting to won... when? best way? |
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| I am most likely getting on the plane to come to daejong August 3rd or 4th, i was wondering when did you convert your money to won and what was the best way to do it. I wanted to at least have some won in my wallet before landing but did you do the entire wad or just some for arrival. i am not sure what is best, opinions? |
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mcviking
Joined: 24 Mar 2009
Location: 'Fantastic' America
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| Posted: Mon Jul 05, 2010 7:11 pm Post subject: |
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| I think its better to just exchange when you get to Korea at the airport. The won is pretty useless and hard to find in other countries, especially Western ones. |
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oskinny1
Joined: 10 Nov 2006
Location: Right behind you!
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| Posted: Mon Jul 05, 2010 7:15 pm Post subject: |
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| When will you arrive? Will the exchanges be open then? Get at least 100,000 in your home country to be on the safe side. You can always use an ATM when you get here. Be sure to tell your bank that you are traveling and for how long so they don't block your card. |
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cucumber
Joined: 12 Oct 2008
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| Posted: Mon Jul 05, 2010 7:17 pm Post subject: |
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I'm pretty sure when you exchange money at the airport, they take a small cut. So, I'd recommend exchanging enough to allow you to get by for a few days until you can make your way to a bank to exchange the rest.
Maybe I'm wrong. Anyone know for sure? |
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Darkeru
Joined: 21 Apr 2010
Location: England
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| Posted: Mon Jul 05, 2010 7:28 pm Post subject: |
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| cucumber wrote: |
| I'm pretty sure when you exchange money at the airport, they take a small cut. So, I'd recommend exchanging enough to allow you to get by for a few days until you can make your way to a bank to exchange the rest. |
Does that mean Korean banks don't take a cut or they take a smaller one? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Jul 05, 2010 7:56 pm Post subject: |
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Unless you are talking about exchanging multi-thousands of dollars, the easiest way (and at the smallest loss in exchange fees) is to simply change it at the INCHEON airport when you arrive.
The forex counters at the (Incheon) airport offer the SAME exchange rate as the similarly branded bank in the city so there is no advantage to waiting till you can get to a regular bank.
The exchange counters INSIDE the baggage area (just AFTER you walk pas the customs counter with your bag and before you walk out to the arrivals hall) are open 24/7.
DO NOT BUY WON OUTSIDE OF KOREA. You WILL get hosed on the exchange rate.
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Mon Jul 05, 2010 8:04 pm Post subject: |
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| oskinny1 wrote: |
| Be sure to tell your bank that you are traveling and for how long so they don't block your card. |
Good advice, make sure they know you will be overseas for a period of time and that they make a note of it. Banks are getting touchy because they see an overseas transation and think it might be fraud. Also make sure that you know when your debt card expires and that they have an address in the US to send a new one so you can have it forwarded to you.
I would also make sure your drivers license is not about to expire either. Maintaining one for ID is important. |
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Slowmotion
Joined: 15 Aug 2009
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| Posted: Mon Jul 05, 2010 8:20 pm Post subject: |
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Is this site accurate? http://forecasts.org/won.htm
The rate is predicted to go way up, wtf ? Why?? |
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Lee Myung Bak
Joined: 25 Jun 2010
Location: Seoul
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| Posted: Tue Jul 06, 2010 1:31 am Post subject: |
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| ttompatz wrote: |
The forex counters at the (Incheon) airport offer the SAME exchange rate as the similarly branded bank in the city so there is no advantage to waiting till you can get to a regular bank.
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Not the case! everything else you said was legit besides this! the KEB and others at ICN have different exchange rates at about 20~30 won per dollar less favorable to either way you are changing. I confirmed this last year when a friend was at the airport, and I was standing in a KEB near city hall and we discussed the rates. The KEB's in the city will always have a better rate. You can look at their rates at www.keb.co.kr and clicking 금융상풒몰 and then 개인. So it depends how much hassle you want to go through, but I wouldn't say its only worth it for multi-thousands for example; going by todays rate at the close of business:
(1239 selling Won, 1197 buying won) at a city bank you would get
1,000 USD to KRW: 1,197,000
1,000,000 KRW to USD: $807
Airport (1264 selling won, 1172 buy won)
1,000 USD to KRW 1,172,000
1,000,000 KRW to USD $791
Therefore you lose approx 20 USD or approx 24,000 KRW for every $1,000 USD.
So I can see your point that it isn't much of a difference, but Id say anywhere over a grand US and especially 10G's(loss of $200) is definitely worth your time!!! So if you have time and the means, go to a city bank!!!
As ttompatz said, NEVER BUY WON OUTSIDE OF KOREA. |
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air76
Joined: 13 Nov 2007
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| Posted: Tue Jul 06, 2010 1:53 am Post subject: |
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| Lee Myung Bak wrote: |
So I can see your point that it isn't much of a difference, but Id say anywhere over a grand US and especially 10G's(loss of $200) is definitely worth your time!!! So if you have time and the means, go to a city bank!!!
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Who exchanges $10,000 at the airport?
I can guarantee you that anyone who is exchanging 10 grand at the airport could care less about 200 dollars. |
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akcrono
Joined: 11 Mar 2010
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| Posted: Tue Jul 06, 2010 2:29 am Post subject: |
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Your best bet for won exchange is 100-200 at Incheon airport, and then the rest when you get situated. It is unreal how much you will get gouged at your local airport, while Incheon is relatively reasonable.
Another piece of advice is to exchange your money ASAP. The exchange rate puts the won very weak right now, so your dollars (or whatever else you're using) will go further. If you can afford it, it may not be a bad idea to exchange more then you need, and then exchange the rest back when the exchange rate hits 1100 won per USD (or whatever else you're using). |
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akcrono
Joined: 11 Mar 2010
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| Posted: Tue Jul 06, 2010 2:34 am Post subject: |
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| air76 wrote: |
| Lee Myung Bak wrote: |
So I can see your point that it isn't much of a difference, but Id say anywhere over a grand US and especially 10G's(loss of $200) is definitely worth your time!!! So if you have time and the means, go to a city bank!!!
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Who exchanges $10,000 at the airport?
I can guarantee you that anyone who is exchanging 10 grand at the airport could care less about 200 dollars. |
A fair number of English teachers will leave this country with a boatload of won. I have the luxury of being able to sit on it for a few months and get the best exchange rate, but many have to convert to their native currency. In fact it is these people who care about small differences in the exchange rate the MOST, because a small difference could mean a few hundred dollars, as opposed to a small exchange where you're only out a couple bucks. |
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air76
Joined: 13 Nov 2007
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| Posted: Tue Jul 06, 2010 10:03 am Post subject: |
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| akcrono wrote: |
| air76 wrote: |
| Lee Myung Bak wrote: |
So I can see your point that it isn't much of a difference, but Id say anywhere over a grand US and especially 10G's(loss of $200) is definitely worth your time!!! So if you have time and the means, go to a city bank!!!
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Who exchanges $10,000 at the airport?
I can guarantee you that anyone who is exchanging 10 grand at the airport could care less about 200 dollars. |
A fair number of English teachers will leave this country with a boatload of won. I have the luxury of being able to sit on it for a few months and get the best exchange rate, but many have to convert to their native currency. In fact it is these people who care about small differences in the exchange rate the MOST, because a small difference could mean a few hundred dollars, as opposed to a small exchange where you're only out a couple bucks. |
Again...these people aren't changing their money at the airport and therefore are irrelevant to this thread. Most people leaving Korea watch the exchange rate and then wire their money home when the rate is as favorable as they figure it is going to get in relative proximity to their departure date.
Someone travelling into Korea with $10,000 cash, who NEEDS 12,270,000 won in cash upon arrival, will not care about a couple hundred dollars. |
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zenbone
Joined: 26 Jun 2010
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| Posted: Tue Jul 06, 2010 10:10 am Post subject: |
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| i am arriving with 2 - 3 grand. thought the best thing would be to arrive with about $200-$400 already converted for what ever might come up and then do the rest at a bank or something. i was going to convert it all but i have always heard it is best to do it in the country you are arriving in. even $200-$300 might be a little much but i am not sure how quickly i will get a bank account or any other stuff (still a little foggy on what, if any, assistance i will be able to get upon landing) |
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air76
Joined: 13 Nov 2007
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| Posted: Tue Jul 06, 2010 10:22 am Post subject: |
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| zenbone wrote: |
| i am arriving with 2 - 3 grand. thought the best thing would be to arrive with about $200-$400 already converted for what ever might come up and then do the rest at a bank or something. i was going to convert it all but i have always heard it is best to do it in the country you are arriving in. even $200-$300 might be a little much but i am not sure how quickly i will get a bank account or any other stuff (still a little foggy on what, if any, assistance i will be able to get upon landing) |
You don't need to buy any won at home...this will be the most expensive way. Just keep the cash and take out 300,000 won from the ATM when you arrive. If for some reason the ATM won't take your card, then exchange $200 at the airport. You don't need a bank account to change money, just a passport. If you are going to be in a big city I recommend going to any KEB (Korea Exchange Bank) and they will give you no guff about changing dollars as long as you have your passport).
Seriously...it sounds like you've never been overseas before...so the first thing to do is to take a big breath and relax. This is just Korea, nothing bad will happen to you here. If you are really stressed about it...buy 100,000 at your home airport, eat the 10 bucks and figure that you're buying yourself a stress-free journey....we pay 10 bucks for a couple mochas at the airport, so it's not that much money it if gives you peace of mind. |
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