Korean Job Discussion Forums

Ilsanman · Joined: 15 Aug 2003 Location: Bucheon, Korea

I need to exchange about $2000 worth of won into Canadian dollars coming up soon.

I know that Korean won is a lot less valuable outside of ROK, so I want to exchange here. I also know that the airport may be convenient, but the rate is not very good there.

I don't know which bank could do it at a good rate. I never see the exchange rate for Canada posted, always Euros, US $, Chinese and Japanese money too.

What about money changers in Itaewon? Anyone have a good experience there?

huffdaddy · Joined: 25 Nov 2005

Why not check your local bank? I was able to convert Thai Baht to Won with no problem. If you get the spot rate + 2%, it's a decent rate.

Mr. Pink · Joined: 21 Oct 2003 Location: China

Just go look up "exchange rates" on yahoo or google.

It is like 840ish won to a Cdn dollar these days.

I buy my Cdn dollars at the local bank, it is no problem.

If you are worried on rates, with only $2000 being bought, the difference is going to be very small, like maybe $1 or so between airport and banks rates.

Ilsanman · Joined: 15 Aug 2003 Location: Bucheon, Korea

I am worried about money changers having counterfeit bills, or else I would just go there.

The airport rate is different enough that I will lose more than $1, I am certain. Maybe as much as $20.

Mr. Pink · Joined: 21 Oct 2003 Location: China

I always change money at the airport. I don't see how IN KOREA it can be that much different, as the exchangers are BANKS, KOREAN BANKS. I usually do my changing at the KEB counter. The difference between the T/T rate and cash rate on 2k is prolly 20 bucks. The same it would cost you to wire money. I doubt they are bumping 14-20 won per on the exchange between the outside banks and airport banks.

If you use those counters like samsung or other NON banks, sure they might have an extra "fee" - however banks are regulated by the gov't so I don't see how you would get screwed.

peppermint · Posted: Tue Apr 25, 2006 2:39 pm Post subject:

Considering there's an actual KEB branch in the basement of the airport, I don't see how they can tweak the rates

Ekuboko · Joined: 22 Dec 2004 Location: ex-Gyeonggi

You can print off a discount coupon from Shinhan Bank either from their website or tour2korea's to get an even nicer exchange rate on your cash.