Korean Job Discussion Forums

[decolyon]

Usually on my almost-annual trip to Thailand to rest, I exchange what KRW cash I have at the Bangkok airport. As the exchange centers in the airport are usually just mini branches of Thailand's major banks, the rates there are near what they are in the city or down on an island somewhere.

Now, if you're exchanging dollars or any other major Western or even Japanese currencies, exchanging in Thailand is fine.

However, this trip is going to be longer than the others and on a tighter budget, so I thought I'd check the Thai bank rates versus the Korean bank rates ahead of time.

Wow, I really have been giving myself the short end of the stick on this one. It's really better to exchange here in Korea. For example, I was planning on spending just 3 million KRW in my months down there. Getting that exchanged here instead of Bangkok, I save myself nearly 700,000 Won!!! I know, that's extreme. Who would've thought the rates could be so different?

I really crunched some numbers and even exchanging your Won into USDollars in Korea, then changing the USD into THB when in Thailand, even after fees, you'd still save a few hundred thousand Won on an amount over 3 million won.

Those rates are nuts. It makes me want to cash out all of my holdings and investments, change them into THB, then go to Thailand and change them back to KRW there and fly back to Korea the same day. After the cost of the flights back and forth, I'd still make over 2 million won exchanging 10 million won from the beginning.

[Jake_Kim]

If you put in an order of exchange on-line in advance to your bank, you can further reduce bid-ask spread by 10~50% depending on the currency ordered. THB through KEB, for example, gets 35% off the spread.

[JSC]

I haven't been around here for that long, but I've seen ttompatz post this enough times to know:

DO NOT TAKE WON OUT OF KOREA

The Won is crap outside of Korea and that's why you get screwed when you exchanged it in Bangkok.

[decolyon]

[Jake_Kim]

If I may keep on KEB's example, they call it 'Cyber FX' which you might have seen from KEB's English website, 'Foreign Exchange' tab - 'Cash / Traveler's Check' menu - 'Internet Buy Cash / Traveler's Check' page. Their 'preferential rate' is the narrowed bid-ask spread I mentioned, although there's a slight discrepancy in the rates stated on English page with those on Korean page.
Other banks offer similar services, even though they might call it differently. The concept is the same, though - you order on-line, pick up the foreign currency at the airport or from other location you select. It's just that KEB used to offer the best rate (the smallest spread) to begin with, with the most variety of currencies among all banks.

[Vagabundo]

it's all very simple.

Never take won out of Korea.
It's completely worthless.
and only slightly worth something inside of Korea for that matter.

Never change won into anything other than USD at Incheon aiport (or your bank) because they will screw you.

take your crisp brand new USD bills to any exchange rate window in BKK and you'll be best off (don't change money at BKK airport, except any bare minimum that may be needed)


btw.. the won has been collapsing vs Thai baht.. it was down over 10% just THIS year (2010) before a slight rebound just recently..

[decolyon]

What about the reverse? When I get ready to leave Thailand and want to change my leftover Baht back into Won?

[ttompatz]

[Jake_Kim]