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jadoreparis
Joined: 05 Apr 2011
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 Posted: Wed Apr 06, 2011 1:12 pm Post subject: Exchanging currency with debit card |
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Hello,
I wanted to know what was the cheapest way to exhange foreign currency while having the best exchange rate. I don't know if my Wachovia Visa debit card will tack on fees if I exchanged for cash at a korean bank. I think it counts as a purchase and it is 3%.
I am hoping to exchange over $10,000. Thanks! |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Apr 06, 2011 3:55 pm Post subject: Re: Exchanging currency with debit card |
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| jadoreparis wrote: |
Hello,
I wanted to know what was the cheapest way to exhange foreign currency while having the best exchange rate. I don't know if my Wachovia Visa debit card will tack on fees if I exchanged for cash at a korean bank. I think it counts as a purchase and it is 3%.
I am hoping to exchange over $10,000. Thanks! |
The cheapest way to move money (in large denominations) and do the currency exchange is by bank wire.
Best rates, flat fee and most secure.
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jadoreparis
Joined: 05 Apr 2011
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| Posted: Thu Apr 07, 2011 7:45 pm Post subject: |
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| Could you explain to me how I could go about doing it? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Apr 07, 2011 9:07 pm Post subject: |
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| jadoreparis wrote: |
| Could you explain to me how I could go about doing it? |
Ask your bank. Foreign remittances (going either way) are nothing new.
They can wire money to meet you in a foreign country (bank of your choice) or you can send it directly into your account if you already have one.
There is usually a flat fee of between $20-50 depending on how many banks it has to pass through (intermediary banks) and what your bank charges for the wire fee.
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jadoreparis
Joined: 05 Apr 2011
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| Posted: Fri Apr 08, 2011 1:14 am Post subject: |
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Should I specify that it be received in KRW or USD?
Also, will there be a fee when someone picks it up? I don't know if I should go with Moneygram, Western Union, or my bank (Wachovia/Wells Fargo).
Thank you--you have been so incredibly helpful. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Apr 08, 2011 3:37 am Post subject: |
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| jadoreparis wrote: |
Should I specify that it be received in KRW or USD?
Also, will there be a fee when someone picks it up? I don't know if I should go with Moneygram, Western Union, or my bank (Wachovia/Wells Fargo).
Thank you--you have been so incredibly helpful. |
Moneygram and Western Union charge a percentage rather than a flat fee in addition to an additional commission on the exchange at the receiving end AND they are NOT bank services.
You want a simple "foreign remittance" - bank to bank (AKA bank wire).
Like I said above, ASK YOUR BANK!
If you are sending it TO Korea then just send dollars (bank to bank) and let the bank here do the conversion to won (better rates).
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