Korean Job Discussion Forums

[yamanjoe]

Lately I've noticed a proliferation of money changing offices in Itaewon. Has anybody heard whether they:

a) are legit
b) are trustworthy
c) have a better rate than your basic bank say KEB, for instance?

[peppermint]

They've been there a long long time, and I'm told they give better rates than banks for USD.

[I-am-me]

most money places around military bases are legitimate. They usually give better rates than banks.

[Karabeara]

I've never used one. Do you think I should start?

Is the rate difference really worth it?

[antoniothegreat]

just do the math, one day when you are walking by your bank, check the rate, then check the rate when you can in itaewon, really simple. if that is too hard to remember, change $50 at both places on the same day and see how it works...

[red headed stranger]

The rate difference can be worth it. This is especially the case if you are changing a lot of money. A 20 won difference can add up.

The guy I regularly go to gives me a better rate changing dollars into won if I give him brand new 100s. I am not sure in which direction you are primarily changing money, so this tip may or may not be useful.

[Xerxes]

Many Korean small to medium business owners will go to those places to change money so that they can avoid having to disclose their hidden assets to the tax man as they would end up doing when they exchange at a bank. I've seen bosses do this or talk about this.

I've never used one myself because I'm just too lazy, but don't the exchangers get POed when you go to them with just 50 bucks in your mitts? And, is there a rate difference between one dude to another?

You would only save 20 bucks when you are exchanging a thousand dollars, but when in the world would I be stupid enough to carry around a wad of a grand in my pockets when I visit about? (This is according to your calculations of 20 won to the dollar).