| View previous topic :: View next topic |
| Author |
Message |
JD_Tiberius
Joined: 16 Nov 2009
Location: Korea
|
 Posted: Tue Aug 31, 2010 12:18 pm Post subject: Best ratio of currency to Travellers cheques to arrive with |
 |
|
I'm going to be moving to rural Gyeongnam from the UK in just under two weeks time and plan to take about �1500 with me. Marks and Spencers stores here do commission free currency exchanges so I should be able to get a very decent deal on the Won I need in the UK.
I'm thinking about converting 1/3 of the cash to Won and taking the other 2/3rds as US Dollar Traveller Cheques to cash in when I need to during my first month. Should I alter my ratios a little? |
|
| Back to top |
|
 |
blackjack
Joined: 04 Jan 2006
Location: anyang
|
| Posted: Tue Aug 31, 2010 3:10 pm Post subject: |
|
|
| yes forget the TC just bring won |
|
| Back to top |
|
|
climber159
Joined: 02 Sep 2007
|
| Posted: Tue Aug 31, 2010 3:35 pm Post subject: |
|
|
If you have a way to check the exchange rate at Incheon airport do so before you exchange money at home. Even if it's commission free you may not be getting as good a rate. Your best bet may be to wait until you arrive at Incheon to do your exchanging. They have a lot of won there. And, again, forget the traveler's checks; they're more a hassle than anything.
Last edited by climber159 on Wed Sep 01, 2010 12:56 pm; edited 1 time in total |
|
| Back to top |
|
|
Gaber
Joined: 23 Apr 2006
|
| Posted: Tue Aug 31, 2010 3:57 pm Post subject: |
|
|
| 1:0 |
|
| Back to top |
|
|
zhanknight
Joined: 24 Mar 2010
Location: Yangsan
|
| Posted: Tue Aug 31, 2010 4:01 pm Post subject: |
|
|
| climber159 wrote: |
| If you have a way to check the exchange rate at Incheon airport do so before you exchange money at home. Even if it's commission free you may not be getting as good a rate. You're best bet may be to wait until you arrive at Incheon to do your exchanging. They have a lot of won there. And, again, forget the traveler's checks; they're more a hassle than anything. |
++ This. |
|
| Back to top |
|
|
northway
Joined: 05 Jul 2010
|
| Posted: Tue Aug 31, 2010 4:04 pm Post subject: |
|
|
| Traveler's checks are for old folks. |
|
| Back to top |
|
|
sallymonster
Joined: 06 Feb 2010
Location: Seattle area
|
| Posted: Tue Aug 31, 2010 4:35 pm Post subject: |
|
|
| DO NOT BRING TRAVELER'S CHECKS. I did, thinking they would be safer, but before long I wished I hadn't. They are such a pain to exchange, you'll need every form of ID you have and it takes forever. The worst part about bringing traveler's checks, though, was when immigration held my passport for two weeks when I applied for my ARC. Without my passport, I couldn't exchange my remaining traveler's checks. I would've been very broke during that time if I didn't happen to get paid that week for my afterschool class. You might not be so lucky, so just bring your money in cash! |
|
| Back to top |
|
|
Kurtz
Joined: 05 Jan 2007
Location: ples bilong me
|
| Posted: Tue Aug 31, 2010 4:40 pm Post subject: |
|
|
| or........you can just exchange enought won at the airport to get you by for a week or two and then use your home bank's cash card or credit card if you're in need. There are many ATM's in Korea that accept foreign bank cards, they are often found at train or bus stations. |
|
| Back to top |
|
|
climber159
Joined: 02 Sep 2007
|
| Posted: Tue Aug 31, 2010 4:52 pm Post subject: |
|
|
| Kurtz wrote: |
| or........you can just exchange enought won at the airport to get you by for a week or two and then use your home bank's cash card or credit card if you're in need. There are many ATM's in Korea that accept foreign bank cards, they are often found at train or bus stations. |
Absolutely. Just keep in mind that many banks will charge additional fees for ATM use in a foreign country. Check with your bank before doing this to avoid any surprises. |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Tue Aug 31, 2010 5:26 pm Post subject: |
|
|
Do not buy won outside of Korea.
Do not take won outside of Korea.
Bring British pounds or Euros (whichever is most convenient to you) and exchange them here. Bring the largest notes you can.
DO NOT BRING SCOTTISH POUND NOTES.
You will NOT be able to exchange them here.
| Kurtz wrote: |
| or........you can just exchange enought won at the airport to get you by for a week or two and then use your home bank's cash card or credit card if you're in need. There are many ATM's in Korea that accept foreign bank cards, they are often found at train or bus stations. |
Compared to what you might lose on the exchange rates at the banks or Incheon airport this is just plain expensive. With bank limits imposed the cost of the service fees often exceeds 4% of the transaction amount.
Bring CASH. If you are worried about losing it, get a chain on your wallet or split it into 2 different pockets. 1500 quid is only 15 bank notes.
.
. |
|
| Back to top |
|
|
Kurtz
Joined: 05 Jan 2007
Location: ples bilong me
|
| Posted: Tue Aug 31, 2010 5:38 pm Post subject: |
|
|
| Simple solution to bank fees is to draw out a lot of money, it's always worked for me. I can handle the odd 5,000 won bank fee, that's about what I have to pay. |
|
| Back to top |
|
|
Claytron
Joined: 16 Jun 2010
|
| Posted: Tue Aug 31, 2010 6:46 pm Post subject: |
|
|
| ttompatz wrote: |
Do not buy won outside of Korea.
Do not take won outside of Korea.
Bring British pounds or Euros (whichever is most convenient to you) and exchange them here. Bring the largest notes you can.
DO NOT BRING SCOTTISH POUND NOTES.
You will NOT be able to exchange them here.
| Kurtz wrote: |
| or........you can just exchange enought won at the airport to get you by for a week or two and then use your home bank's cash card or credit card if you're in need. There are many ATM's in Korea that accept foreign bank cards, they are often found at train or bus stations. |
Compared to what you might lose on the exchange rates at the banks or Incheon airport this is just plain expensive. With bank limits imposed the cost of the service fees often exceeds 4% of the transaction amount.
Bring CASH. If you are worried about losing it, get a chain on your wallet or split it into 2 different pockets. 1500 quid is only 15 bank notes.
.
. |
Haha I actually rode over here with 2 grand in my socks I was so worried. |
|
| Back to top |
|
|
Claytron
Joined: 16 Jun 2010
|
| Posted: Tue Aug 31, 2010 6:47 pm Post subject: |
|
|
| ttompatz wrote: |
Do not buy won outside of Korea.
Do not take won outside of Korea.
Bring British pounds or Euros (whichever is most convenient to you) and exchange them here. Bring the largest notes you can.
DO NOT BRING SCOTTISH POUND NOTES.
You will NOT be able to exchange them here.
| Kurtz wrote: |
| or........you can just exchange enought won at the airport to get you by for a week or two and then use your home bank's cash card or credit card if you're in need. There are many ATM's in Korea that accept foreign bank cards, they are often found at train or bus stations. |
Compared to what you might lose on the exchange rates at the banks or Incheon airport this is just plain expensive. With bank limits imposed the cost of the service fees often exceeds 4% of the transaction amount.
Bring CASH. If you are worried about losing it, get a chain on your wallet or split it into 2 different pockets. 1500 quid is only 15 bank notes.
.
. |
Haha I actually rode over here with 2 grand in my socks I was so worried. |
|
| Back to top |
|
|
JD_Tiberius
Joined: 16 Nov 2009
Location: Korea
|
| Posted: Wed Sep 01, 2010 10:41 am Post subject: |
|
|
I should have mentioned this in my first post. My recruiter is going to be picking me up from Busan Airport, so that is where I will be arriving at. I still haven't booked my flights yet as I'm waiting for my visa. Of the 3 choices of flights available to me, only one of them makes a transfer through Incheon Airport. The other two are via Hong Kong and Tokyo.
This obviously will play a part in what I am able to do as many of you have suggested get the exchange done at Incheon Airport. |
|
| Back to top |
|
|
oldtactics
Joined: 18 Oct 2008
|
| Posted: Wed Sep 01, 2010 11:12 am Post subject: |
|
|
| Busan Airport has a currency exchange too. You're not flying into a remote outpost in the jungle. Just bring USD, Euros or pounds and exchange when you get here. Easy. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
