Korean Job Discussion Forums

[Big Mac]

I'm leaving Korea in a week and I'm a bit concerned about the exchange rate against the Canadian dollar. It's not very good right now. I'm going to be leaving with about 8 million Won and I'm trying to figure out what I should do. Should I keep it in Korean Won and wait for the exchange rate to get better? Is it a problem to get Won exchanged later in Canada? In what form do I carry it with me? I really don't want to get on the plane with a whole stack of 10,000 Won bills! Maybe US dollars would be a better option?

You can see what I mean below. I've been tracking the Won against the Canadian dollar for almost a year. As you can see...it was much better in the spring and early summer! If I would have left on May 15th I would have been laughing.

I don't really know whether the rate will get better in the near future. I suspect a lot of the problem is the strength of the Canadian dollar right now...I mean it's 86 cents against the American dollar. I don't think it's been that high in years.

Value of 2 million won in Canadian dollars:
Feb. 11: $2400.27
Feb. 12: $2388.86
Feb. 13: $2395.97
Feb. 18: 2,401.800
Feb. 19: 2,402.951
Feb. 24: 2,475.722
Feb. 26: 2,461.004
March 6: 2,446.439
March 7: 2,457.520
March 9: 2,419.502
March 11: 2,408.334
March 20: 2,393.626
March 27: 2,398.837
April 6: 2,413.950
April 23: 2,472.190
May 7: 2,477.530
May 15: 2,525.024
May 25: 2,510.356
May 31: 2,507.106
June 21: 2,435.127
July 13: 2,321.676
Sept. 4: 2,320.551
Oct. 13: 2,238.564
Oct. 23: 2,239.400
Nov. 8: 2,264.249
Nov. 10: 2,271.175
Nov. 13: 2,276.807
Nov. 15: 2,306.994
Nov. 16: 2,312.340
Nov. 19: 2,298.356
Nov. 23: 2,253.438
Nov. 24: 2,254.436
Nov. 26: 2,240.404
Nov. 29: 2,247.916
Dec. 3: 2,239.981

[antoniothegreat]

one thing to consider if you change it to USD is then you are paying some kind of fee twice, as you will have to again change to Canadian, and that may be less effecient.
i assume you arent an economist, but what do you expect the future will hold? if the current trend continues, then you better hurry up and make sure you get atleast what it is at now. if you think the Canadian dollar will deflate to lower levels, then hang on to your money.

[peppermint]

in the 3 and a half years I've been here it always seemed like the exchange rate for Canadian money sucked in winter and got better in spring. I don't think it's that easy to exchange won in Canada outside of major centers and the rate would be more favorable here. .

You could get an international card for your Korean acount though, and withdraw the money from Canada when the rates improve.

[Hollywoodaction]

If I were you, I'd contact a bank in Canada first to see if you'll get a fair rate.
My wife exchanged some Korean currency in Canada a few years ago at Lester B. Pearson. It wasn't a large amount, but the rate was tantamount to highway robbery (the clerk hadn't informed my wife of the rate, either). I returned to the exchange counter to let them know how disgusted I was and threatened to file a complaint with the appropriate authorities.

[Bee Positive]

deleted by dave

[edoras]

[coffeeman]

Advice on Exchanging (maybe) All Currencies: Exchange your money at the exchange counters located in the check-in areas of the airport. Don't exchange your money at the counters located near the gates. An airline worker told me that you will get a worse rate near the gate because they figure that you must be desperate to unload your Korean Won at this point. I compared the rates between couters near check-in versus counters near the gate and confirmed that this is true.

Advice on Exchanging Won in Canada: Yes, you can exchange Won in Canada at the Canadian airports once you arrive. HOWEVER, the rate will be even worse than both of the locations at Korea's Incheon Airport. I know this because I showed my Korean money exchange receipt at the exchange counter at Vancouver's airport and the woman told me that I had gotten a better rate in Korea.

My personal opinion about the fluctuating rate is this; I send money home virtually every month because it prevents me from spending it if it is not here in Korea. Bad rate / good rate, I figure I am still ahead because I might spend it otherwise. The only crappy thing is wire transfer fees are so high. Both the Korean and Canadian banks help themselves to some of my money. Sometimes to reduce this headache, I send money home only every other month.

[justagirl]

And I would recommend exchanging your money NOT at the airport, if it's possible at all. The rate is always much worse than any bank outside the airport and if you're headed home, why not exchange the majority of your last paycheck/bonus/etc a couple days before heading to the airport? Save 30-40,000 just in case you need something on your last day in Korea, but get a lot more $ for your won by exchanging it at your local bank.

[justagirl]

[bellum99]

It always gets better in the Spring. This is usually the worst time to sell won in Korea. It always jumps some when winter is over.

Check the past 6 years and you will see that it has always jumped around spring time.