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GreenFloyd
Joined: 03 May 2010
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 Posted: Tue Jan 11, 2011 5:24 pm Post subject: Best way/place to exchange WON to YEN? |
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Hi guys,
Sorry, I would honestly just do a search for this as I'm sure there are a few topics about it already, but the forum search function isn't working for me right now.
Usually it's cheaper to exchange currency in the country you are going to (especially for converting the USD), but I thought maybe the WON and YEN are different since the countries are close to each other.
KEB seems to have a fairly good rate for the YEN and I'm wondering if it's better to convert here at a bank before going to Japan or if I can use my Korean bank debit card in the ATMs in Japan and get a better rate.
Thank you!
~Danny |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jan 11, 2011 7:38 pm Post subject: Re: Best way/place to exchange WON to YEN? |
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| GreenFloyd wrote: |
Hi guys,
Sorry, I would honestly just do a search for this as I'm sure there are a few topics about it already, but the forum search function isn't working for me right now.
Usually it's cheaper to exchange currency in the country you are going to (especially for converting the USD), but I thought maybe the WON and YEN are different since the countries are close to each other.
KEB seems to have a fairly good rate for the YEN and I'm wondering if it's better to convert here at a bank before going to Japan or if I can use my Korean bank debit card in the ATMs in Japan and get a better rate.
Thank you!
~Danny |
OLD and oft repeated:
DO NOT TAKE WON OUT OF KOREA.
Either buy dollars here or in your case, buy your Yen here (your local bank or at ICN).
If you use your Korean ATM card abroad you can also expect to get kicked on the service charge (worse than if you just bought cash here). The fees for use of your Korean card in ATMs abroad often exceed 5k won per transaction and often the limits are low so you end up paying more than you would by just exchanging your won to yen (or dollars for other destinations).
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BoholDiver
Joined: 03 Oct 2009
Location: Canada
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| Posted: Tue Jan 11, 2011 7:39 pm Post subject: |
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| The won drops in value about 10-20% (or more) outside of Korea. Always exchange your money here. |
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GreenFloyd
Joined: 03 May 2010
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| Posted: Wed Jan 12, 2011 12:03 am Post subject: |
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Wow, I wasn't expecting this kind of response, so thank you. For a 3 week trip I'm expecting I'll need a lot of money. Do you really suggest I take it all out in a big chunk of cash? I'm not really so comfortable doing that, but I guess it's the only way, huh? Unless I just use my American credit cards there.. hmmm.
Okay, thanks a lot. Any suggestions of the best places to exchange the money here in Korea? Do all the banks give similar rates? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jan 13, 2011 12:43 am Post subject: |
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| GreenFloyd wrote: |
Wow, I wasn't expecting this kind of response, so thank you. For a 3 week trip I'm expecting I'll need a lot of money. Do you really suggest I take it all out in a big chunk of cash? I'm not really so comfortable doing that, but I guess it's the only way, huh? Unless I just use my American credit cards there.. hmmm.
Okay, thanks a lot. Any suggestions of the best places to exchange the money here in Korea? Do all the banks give similar rates? |
They are all comparable (or people would be using them for their own arbitrage) .
The same is also true of the exchange counters at ICN (but NOT true of exchange counters in other countries). the exchange counters at ICN are the banks and have the same rates as the similarly branded bank in town.
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jb99
Joined: 16 Jan 2011
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| Posted: Tue Jan 18, 2011 12:24 am Post subject: |
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| GreenFloyd wrote: |
Wow, I wasn't expecting this kind of response, so thank you. For a 3 week trip I'm expecting I'll need a lot of money. Do you really suggest I take it all out in a big chunk of cash? I'm not really so comfortable doing that, but I guess it's the only way, huh? Unless I just use my American credit cards there.. hmmm.
Okay, thanks a lot. Any suggestions of the best places to exchange the money here in Korea? Do all the banks give similar rates? |
Any bank is fine.
If you are going to spend lots of money, and don't want to use your American credit card, then you could see about getting a Korean credit card. |
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richinlondon
Joined: 17 Oct 2008
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| Posted: Tue Jan 18, 2011 5:40 am Post subject: |
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KB Star do 50% off currency exchange with a voucher that you can print off the net. It never seems to expire either.
I've saved a good 40,000-50,000 off fees when exchanging big chunks before.
Checking against bank exchange rates, I ended up paying 1% when I exchanged into Yen/USD and Pounds
Drop me a PM and I'll email you the voucher. |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Sun Jan 30, 2011 6:38 am Post subject: Re: Best way/place to exchange WON to YEN? |
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| ttompatz wrote: |
OLD and oft repeated:
DO NOT TAKE WON OUT OF KOREA.
Either buy dollars here or in your case, buy your Yen here (your local bank or at ICN). |
Really? The one time I exchanged currency before arriving in my destination country, I lost money because they only had paper money in the currency I wanted (no coins). So from then on, I went back to only exchanging in the country of destination.
I'm going to the US next month. If I echange my won to dollars here in Korea, I'll get the US coins, too? (I realize as I write this, my question sounds rediculous, but after the experience I mentioned above, I'm a bit paranoid about it.) |
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dsob
Joined: 28 Mar 2010
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| Posted: Thu Feb 03, 2011 3:15 pm Post subject: |
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I'm coming to Korea in a couple of weeks from the UK. I can exchange �600 for about 1.02 million won here. Will I get a better rate if I wait until I'm in Korea??
Thanks |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Feb 03, 2011 3:38 pm Post subject: |
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| dsob wrote: |
I'm coming to Korea in a couple of weeks from the UK. I can exchange �600 for about 1.02 million won here. Will I get a better rate if I wait until I'm in Korea??
Thanks |
Wait till you get to Korea.
DO NOT BUY OR SELL WON OUTSIDE OF KOREA.
Also, make sure you have GBP and NOT Scottish pounds (don't know where in the UK you are coming from). You won't be able to convert Scottish pounds here. |
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scace182
Joined: 07 Jul 2011
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| Posted: Thu Jul 07, 2011 8:17 pm Post subject: |
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| richinlondon wrote: |
KB Star do 50% off currency exchange with a voucher that you can print off the net. It never seems to expire either.
I've saved a good 40,000-50,000 off fees when exchanging big chunks before.
Checking against bank exchange rates, I ended up paying 1% when I exchanged into Yen/USD and Pounds
Drop me a PM and I'll email you the voucher. |
Hey there,
Would you be able to email the voucher to [email protected]. I leave for Taiwan on the 28th of July to visit my friend who is currently teaching ESL in Seoul, and then we're off to Seoul on the 7th of August.
Cheers,
Matt |
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Jake_Kim
Joined: 27 Aug 2005
Location: Seoul
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| Posted: Fri Jul 08, 2011 12:31 am Post subject: |
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| GreenFloyd wrote: |
Wow, I wasn't expecting this kind of response, so thank you. For a 3 week trip I'm expecting I'll need a lot of money. Do you really suggest I take it all out in a big chunk of cash? I'm not really so comfortable doing that, but I guess it's the only way, huh? Unless I just use my American credit cards there.. hmmm.
Okay, thanks a lot. Any suggestions of the best places to exchange the money here in Korea? Do all the banks give similar rates? |
If you already have a KEB account and set up on-line banking, then you can order JPY cash on-line with 50% off of cash bid-ask spread, and pick up the banknotes at a branch near you. 'Cyber FX' is the name of the service. Its end-result brings the rate down to the remittance rate for JPY. However, you're supposed to have enough credit on your KEB checking account when you put in the buy order.
KEB international debit card will use the remittance rate but charges fee of USD 2~3 per transaction (which is handed over to, say, VISA or Mastercard/Cirrus network) therefore cancel out any advantage of using the remittance rate if you withdraw small amounts multiple times. |
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