| View previous topic :: View next topic |
| Author |
Message |
GreenFloyd
Joined: 03 May 2010
|
 Posted: Sat Jul 31, 2010 5:06 pm Post subject: Convert USD before leaving or when arriving at Inch. Intl?? |
 |
|
I can't seem to find a clear answer as to whether the rate is better at US banks (i.e. get WON before leaving the states!) or taking USD with me and converting it into WON @ the airport in Incheon. Right now $1000 will get me 1.1mil WON @ my bank's exchange rate. Are the fees and rates better @ the airport?
Thanks |
|
| Back to top |
|
 |
fugitive chicken
Joined: 20 Apr 2010
Location: Bucheon
|
| Posted: Sat Jul 31, 2010 5:12 pm Post subject: |
|
|
| exchange money AT the Incheon Airport. You will get a terrible rate everywhere else. |
|
| Back to top |
|
|
wylies99
Joined: 13 May 2006
Location: I'm one cool cat!
|
| Posted: Sat Jul 31, 2010 5:15 pm Post subject: |
|
|
| OP, you're talking about pocket cash and not some big amount? Exchange it at the airport. But for large amounts, it's better to wire it. |
|
| Back to top |
|
|
uklathemock
Joined: 26 Dec 2009
|
| Posted: Sat Jul 31, 2010 7:23 pm Post subject: Re: Convert USD before leaving or when arriving at Inch. Int |
|
|
| GreenFloyd wrote: |
I can't seem to find a clear answer as to whether the rate is better at US banks (i.e. get WON before leaving the states!) or taking USD with me and converting it into WON @ the airport in Incheon. Right now $1000 will get me 1.1mil WON @ my bank's exchange rate. Are the fees and rates better @ the airport?
Thanks |
You can do it at the airport or any bank in Korea. A bank gave me 1,200 won to $1 a few weeks ago. |
|
| Back to top |
|
|
GreenFloyd
Joined: 03 May 2010
|
| Posted: Sat Jul 31, 2010 8:18 pm Post subject: |
|
|
I thought airports were generally known for giving you horrible conversion rates. Is this not true in South Korea's case? I would get a better rate there than at my home bank here?
I'm not sure if I'll be able to get to a bank during EPIK orientation, so I was hoping just to get it all changed at once @ the airport. hmmm |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Sat Jul 31, 2010 9:51 pm Post subject: |
|
|
| GreenFloyd wrote: |
I thought airports were generally known for giving you horrible conversion rates. Is this not true in South Korea's case? I would get a better rate there than at my home bank here?
I'm not sure if I'll be able to get to a bank during EPIK orientation, so I was hoping just to get it all changed at once @ the airport. hmmm |
The forex counters at the incheon airport ARE the banks. You get the same rates as you would get in the city.
This is NOT true of most airports around the world.
For the amounts you are bringing with you to Korea, just use the exchange desk at the incheon airport.
DO NOT exchange won (buy or sell) outside of Korea.
. |
|
| Back to top |
|
|
GreenFloyd
Joined: 03 May 2010
|
| Posted: Sun Aug 01, 2010 1:15 am Post subject: |
|
|
Thank you, Tompatz - that is exactly the type of clear cut straightforward answer I was hoping for. Looks like I'll be taking my american cash wad with me and just converting it all @ Incheon  . |
|
| Back to top |
|
|
Yaya
Joined: 25 Feb 2003
Location: Seoul
|
| Posted: Sun Aug 01, 2010 1:32 am Post subject: |
|
|
| If you have time, change your money at a bank outside of the airport. You get a slighter better rate. |
|
| Back to top |
|
|
wishfullthinkng
Joined: 05 Mar 2010
|
| Posted: Sun Aug 01, 2010 8:41 pm Post subject: |
|
|
if you fly Asiana Air you can use your boarding pass stub withihn 7 days at a Hana Bank for a 50% "preferential rate."
I traded at Incheon airport last week at around 1650 to 1 dollar with the stub.
I travel internationally almost every week and the poster who noted that Korea ICN is the only airport you want to trade currency in is dead-on. All other hubs I've ever been to are very unfavorable at the terminal. |
|
| Back to top |
|
|
toby99
Joined: 28 Aug 2009
Location: Dong-Incheon-by-the-sea, South Korea
|
| Posted: Mon Aug 02, 2010 12:15 am Post subject: |
|
|
| 1650 to the dollar!? |
|
| Back to top |
|
|
wishfullthinkng
Joined: 05 Mar 2010
|
| Posted: Tue Aug 03, 2010 9:24 pm Post subject: |
|
|
| toby99 wrote: |
| 1650 to the dollar!? |
I'm sorry, that was a typo. It should have read 1265 to 1 dollar. |
|
| Back to top |
|
|
IconsFanatic
Joined: 19 Jan 2003
|
| Posted: Sat Oct 09, 2010 12:51 pm Post subject: |
|
|
| Yaya wrote: |
| If you have time, change your money at a bank outside of the airport. You get a slighter better rate. |
| wishfullthinkng wrote: |
| ...Korea ICN is the only airport you want to trade currency in is dead-on. All other hubs I've ever been to are very unfavorable at the terminal. |
Good to know, as virtually everybody on here advises to exchange currency at ICN.
I have a friend who will be flying into Busan via Tokyo next month. If the advice above is true, then he should stay well clear of any exchange tellers at Gimhae (Busan) airport.
If someone is in Busan (or any Korean city, really) for a short time as a tourist, and does not have a bank account with a Korean bank, will a bank allow them to exchange money there? Will they give tourists a less favourable exchange rate than bank account holders?
I suppose my main question is: where is the absolutely best place for tourists to exchange foreign currency into KRW within South Korea, in terms getting the most favourable exchange rate? |
|
| Back to top |
|
|
IconsFanatic
Joined: 19 Jan 2003
|
| Posted: Sat Oct 09, 2010 1:21 pm Post subject: |
|
|
I found the following quote in the thread titled "Converting to won... when? best way?":
| air76 wrote: |
| 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). |
Sounds like that's my answer, but if anyone else has something to add, please do. |
|
| Back to top |
|
|
Yaya
Joined: 25 Feb 2003
Location: Seoul
|
| Posted: Sat Oct 09, 2010 8:40 pm Post subject: |
|
|
| IconsFanatic wrote: |
| Yaya wrote: |
| If you have time, change your money at a bank outside of the airport. You get a slighter better rate. |
| wishfullthinkng wrote: |
| ...Korea ICN is the only airport you want to trade currency in is dead-on. All other hubs I've ever been to are very unfavorable at the terminal. |
Good to know, as virtually everybody on here advises to exchange currency at ICN.
I have a friend who will be flying into Busan via Tokyo next month. If the advice above is true, then he should stay well clear of any exchange tellers at Gimhae (Busan) airport.
If someone is in Busan (or any Korean city, really) for a short time as a tourist, and does not have a bank account with a Korean bank, will a bank allow them to exchange money there? Will they give tourists a less favourable exchange rate than bank account holders?
I suppose my main question is: where is the absolutely best place for tourists to exchange foreign currency into KRW within South Korea, in terms getting the most favourable exchange rate? |
I always change my money at Korea Exchange Bank. They usually give me a bonus in the rate (the rate posted earlier this year was 1,195 and I got 1,189).
You might also compare rates to the money changers in Itaewon. I figure they have to do something to get people to change money there. |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Sun Oct 10, 2010 2:40 am Post subject: |
|
|
| Yaya wrote: |
I always change my money at Korea Exchange Bank. They usually give me a bonus in the rate (the rate posted earlier this year was 1,195 and I got 1,189).
You might also compare rates to the money changers in Itaewon. I figure they have to do something to get people to change money there. |
So you got an extra 6000 won per $1000.
Great if:
a) you are a regular of the bank and get the discount/preferred rate.
b) you are changing a lot of cash. Not worth the effort if you have to make a special trip for a few bucks to you through on arrival (unless you are changing LOTS of cash).
. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
