| View previous topic :: View next topic |
| Author |
Message |
Zackback
Joined: 05 Nov 2010
Location: Kyungbuk
|
 Posted: Fri Jan 07, 2011 3:01 am Post subject: Money exchange: Is the airport that bad? |
 |
|
| Are they really crappy in terms of giving you a bad exchange rate compared to banks? |
|
| Back to top |
|
 |
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Fri Jan 07, 2011 3:15 am Post subject: Re: Money exchange: Is the airport that bad? |
|
|
| Zackback wrote: |
| Are they really crappy in terms of giving you a bad exchange rate compared to banks? |
In Korea = no. They offer the same rates as the similar branded bank in town
(ie: woori exchange counter has the same rates as woori bank in town, KEB exchange has the same rates and KEB bank in town).
There ARE minor differences between different banks and they update the rates 3x per day.
At other international airports this is NOT the case and more often than not the airport exchange counters offer a bad rate AND may charge you a commission on top of the bad rate
(exchanging Won to Yen in Japan is a prime example - but certainly not the only one).
bottom line:
If you are exchanging won to another currency for a short time vacation (amounts less than 2 million won) then the loss by changing at the airport is less than you what you would spend on the bus fare to get to namdaemun to find the old ladies.
If you are exchanging many millions (10's of millions) of won (as in going home) do a bank wire and save yourself the grief.
If you are talking about buying Won coming to Korea, do it in Korea. Again, for the amounts you are talking about the convenience of using the counter at the airport is less expensive than making a trip to the bank.
. |
|
| Back to top |
|
|
Vagabundo
Joined: 26 Aug 2010
|
| Posted: Fri Jan 14, 2011 1:36 pm Post subject: Re: Money exchange: Is the airport that bad? |
|
|
| ttompatz wrote: |
| Zackback wrote: |
| Are they really crappy in terms of giving you a bad exchange rate compared to banks? |
In Korea = no. They offer the same rates as the similar branded bank in town
(ie: woori exchange counter has the same rates as woori bank in town, KEB exchange has the same rates and KEB bank in town).
There ARE minor differences between different banks and they update the rates 3x per day.
At other international airports this is NOT the case and more often than not the airport exchange counters offer a bad rate AND may charge you a commission on top of the bad rate
(exchanging Won to Yen in Japan is a prime example - but certainly not the only one).
bottom line:
If you are exchanging won to another currency for a short time vacation (amounts less than 2 million won) then the loss by changing at the airport is less than you what you would spend on the bus fare to get to namdaemun to find the old ladies.
If you are exchanging many millions (10's of millions) of won (as in going home) do a bank wire and save yourself the grief.
If you are talking about buying Won coming to Korea, do it in Korea. Again, for the amounts you are talking about the convenience of using the counter at the airport is less expensive than making a trip to the bank.
. |
actually, I think the Incheon booth rate is about 1- 1.5% worse than what you'd get at the bank. When I left, spot was 1130 or so, and they were offering 1165 to 1 at the airport (I wanted to buy USD) At the bank, I think it'd be closer to 1150.
Most other airports around the world, they'll gyp you for about 3% compared to atm's or moneychangers inside the major city you're visiting. |
|
| Back to top |
|
|
Poker
Joined: 16 Jan 2010
|
| Posted: Fri Jan 14, 2011 6:33 pm Post subject: |
|
|
| Ttompatz, is it better to exchange my Won directly into Taiwan dollars at the Incheon airport or convert from Won to US at Incheon then US to Taiwan dollars at the Taiwan airport? Thanks |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Fri Jan 14, 2011 9:49 pm Post subject: |
|
|
| Poker wrote: |
| Ttompatz, is it better to exchange my Won directly into Taiwan dollars at the Incheon airport or convert from Won to US at Incheon then US to Taiwan dollars at the Taiwan airport? Thanks |
Short haul or long stay?
IF you are only talking about a million won then a single transaction at ICN is your best bet for convenience and minimal losses in exchange.
If you are talking long stay (and multiple millions of won) go to dollars (US$100s are easy to carry, exchange and don't take up much space).
You may gain a bit or lose a bit as the currencies fluctuate over time but overall the differences are usually small and average out over a long stay. |
|
| Back to top |
|
|
Yaya
Joined: 25 Feb 2003
Location: Seoul
|
| Posted: Sat Jan 15, 2011 12:28 am Post subject: |
|
|
| If you have the time, exchange your money at a place OTHER than the Incheon or Gimpo airports. The airport charges one slightly more for money exchange. |
|
| Back to top |
|
|
Poker
Joined: 16 Jan 2010
|
| Posted: Sun Jan 16, 2011 12:29 am Post subject: |
|
|
| Yaya wrote: |
| If you have the time, exchange your money at a place OTHER than the Incheon or Gimpo airports. The airport charges one slightly more for money exchange. |
Thanks for the suggestion. I am from Daegu though, which banks will have Taiwan dollars to exchange? I don't want to be running around Seoul.
Ttompatz, I see, it's only for a week and its 3.5 million Won, thanks |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Sun Jan 16, 2011 2:29 am Post subject: |
|
|
| Poker wrote: |
| Yaya wrote: |
| If you have the time, exchange your money at a place OTHER than the Incheon or Gimpo airports. The airport charges one slightly more for money exchange. |
Thanks for the suggestion. I am from Daegu though, which banks will have Taiwan dollars to exchange? I don't want to be running around Seoul.
Ttompatz, I see, it's only for a week and its 3.5 million Won, thanks |
Buy 3 million worth of dollars at your convenience (any bank with a forex desk) and exchange 500k won to TWD at the airport.
You may want to do it all at the airport if it is convenient (use the ATMS instead of carrying 3.5 million won around in your pocket). The difference is only about 0.5% if you are changing to dollars ($15 on 3.5 million won).
. |
|
| Back to top |
|
|
Vagabundo
Joined: 26 Aug 2010
|
| Posted: Sat Jan 22, 2011 6:25 am Post subject: |
|
|
| ttompatz wrote: |
| Poker wrote: |
| Yaya wrote: |
| If you have the time, exchange your money at a place OTHER than the Incheon or Gimpo airports. The airport charges one slightly more for money exchange. |
Thanks for the suggestion. I am from Daegu though, which banks will have Taiwan dollars to exchange? I don't want to be running around Seoul.
Ttompatz, I see, it's only for a week and its 3.5 million Won, thanks |
Buy 3 million worth of dollars at your convenience (any bank with a forex desk) and exchange 500k won to TWD at the airport.
You may want to do it all at the airport if it is convenient (use the ATMS instead of carrying 3.5 million won around in your pocket). The difference is only about 0.5% if you are changing to dollars ($15 on 3.5 million won).
. |
sorry Ttompatz, but NO, NO and NO.
NEVER EVER change crap won into anything else than USD at the airport.
You will get killed on BOTH sides of the exchange rate (especially crap won to whatever other currency you're changing)
my last trip to the Phillippines I made the mistake of changing a small amount of won into Pesos directly at ICN and when I sat down to calculate the rate I was given, vs USD/PI peso rate, I got seriously angry. |
|
| Back to top |
|
|
sweet_potato
Joined: 05 Jul 2009
|
| Posted: Sun Jan 30, 2011 5:44 pm Post subject: |
|
|
| I exchanged WON for TWD at Incheon in December, whereas my boyfriend did it at a KEB. He got a better deal than me, but not by much at all (less than 10,000W difference on approx 600,000). If you have a KEB or another bank that exchanges currency near you, go for it. They have TWD currency, you won't have to order it or anything. It was easier for me to do it at the airport, though. |
|
| Back to top |
|
|
Vagabundo
Joined: 26 Aug 2010
|
| Posted: Mon Jan 31, 2011 3:44 pm Post subject: |
|
|
| sweet_potato wrote: |
| I exchanged WON for TWD at Incheon in December, whereas my boyfriend did it at a KEB. He got a better deal than me, but not by much at all (less than 10,000W difference on approx 600,000). If you have a KEB or another bank that exchanges currency near you, go for it. They have TWD currency, you won't have to order it or anything. It was easier for me to do it at the airport, though. |
did you figure out what you'd be given if you changed your crap won into USD and then changed those USD into TWD in Taiwan??
I'm willing to bet it'd be a better strategy (though it's best used with developing country currencies)
like I said.. I did the math with Won into PI pesos and at Incheon I got something like 33 to 1, whereas had I changed crap won into USD and USD into pesos I'd be getting 27 to 1. (or vice versa, bottom line is that changing into USD and then from USD was far better) |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
