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skk1153
Joined: 29 Jun 2012
Location: Chicago, IL
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 Posted: Fri Feb 01, 2013 12:56 pm Post subject: When/where should I exchange US dollars for Korean won? |
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EPIK recommends that you bring the equivalent of $1,000 USD for your first month in Korea. However, I'm not sure whether it would be best to try to exchange for Korean won before I leave the US or after I arrive in Korea. I've seen some advice recommending that you wait until you arrive in Korea to get a better exchange rate, but I have to immediately catch the bus to orientation, so my only option would be at the Seoul Incheon airport - and aren't airports notorious for terrible exchange rates?
I live in Chicago currently, so do have access to some major banking institutions, but just would like an idea of what the exchange rate is within Korea so I can determine which would be better. Any advice is appreciated! Thanks! |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Fri Feb 01, 2013 2:29 pm Post subject: Re: When/where should I exchange US dollars for Korean won? |
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| skk1153 wrote: |
EPIK recommends that you bring the equivalent of $1,000 USD for your first month in Korea. However, I'm not sure whether it would be best to try to exchange for Korean won before I leave the US or after I arrive in Korea. I've seen some advice recommending that you wait until you arrive in Korea to get a better exchange rate, but I have to immediately catch the bus to orientation, so my only option would be at the Seoul Incheon airport - and aren't airports notorious for terrible exchange rates?
I live in Chicago currently, so do have access to some major banking institutions, but just would like an idea of what the exchange rate is within Korea so I can determine which would be better. Any advice is appreciated! Thanks! |
Definitely don't exchange USD for Won in the US, wait until you get to Korea.
And while most airports do have bad rates, ICN is an exception. Also, you can always use your ATM card and withdraw won at the airport. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Feb 01, 2013 5:11 pm Post subject: |
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NEVER, NEVER, NEVER exchange won (buy or sell) outside of Korea.
Bring 10, crisp new Benjamins in your pocket.
Exchange 3-4 of them at the airport when you arrive (the rates are comparable to the similarly branded banks in town).
Exchange the rest at your convenience at a bank near home after you get into your apartment.
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Sun Feb 03, 2013 6:04 am Post subject: |
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| The Namdaemun area of Seoul has the best rates. Change 100 dollars at the airport and then hit the above area to change the rest. |
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Brooks
Joined: 08 Apr 2003
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| Posted: Sun Feb 03, 2013 10:41 pm Post subject: |
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How about Gimpo?
Is it worth it to sell won there? |
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wishfullthinkng
Joined: 05 Mar 2010
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| Posted: Mon Feb 04, 2013 12:47 am Post subject: |
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| incheon airport is the only airport in the world i've ever been to that has national banks inside for currency exchange with bank rates instead of companies like forex. it will take you all of 5 minutes to exchange your currency. like others said, don't do it in the usa. also, if you are flying on asiana you can use your flight ticket stub with one of the hana bank booths for an even better rate. |
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wishfullthinkng
Joined: 05 Mar 2010
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| Posted: Mon Feb 04, 2013 12:49 am Post subject: |
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| Yaya wrote: |
| The Namdaemun area of Seoul has the best rates. Change 100 dollars at the airport and then hit the above area to change the rest. |
but then he'd have to travel to namdaemun. for 1000usd, the savings vs. the hassle of a newbie traveling to namdaemun (including that transit cost) isn't worth it in my opinion.
just do it all at incheon. easy, convenient, and not a bad rate. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Mon Feb 04, 2013 6:25 am Post subject: |
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| wishfullthinkng wrote: |
| Yaya wrote: |
| The Namdaemun area of Seoul has the best rates. Change 100 dollars at the airport and then hit the above area to change the rest. |
but then he'd have to travel to namdaemun. for 1000usd, the savings vs. the hassle of a newbie traveling to namdaemun (including that transit cost) isn't worth it in my opinion.
just do it all at incheon. easy, convenient, and not a bad rate. |
Not a good rate, either. About 20 points above what the banks charge. |
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12ax7
Joined: 07 Nov 2009
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| Posted: Wed Feb 06, 2013 5:58 pm Post subject: |
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| Yaya wrote: |
| wishfullthinkng wrote: |
| Yaya wrote: |
| The Namdaemun area of Seoul has the best rates. Change 100 dollars at the airport and then hit the above area to change the rest. |
but then he'd have to travel to namdaemun. for 1000usd, the savings vs. the hassle of a newbie traveling to namdaemun (including that transit cost) isn't worth it in my opinion.
just do it all at incheon. easy, convenient, and not a bad rate. |
Not a good rate, either. About 20 points above what the banks charge. |
Exactly. We always exchange our money at our local branch. We get far better rates there than anywhere else.
Last edited by 12ax7 on Wed Feb 06, 2013 6:23 pm; edited 2 times in total |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Feb 06, 2013 6:06 pm Post subject: |
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| Yaya wrote: |
| wishfullthinkng wrote: |
| Yaya wrote: |
| The Namdaemun area of Seoul has the best rates. Change 100 dollars at the airport and then hit the above area to change the rest. |
but then he'd have to travel to namdaemun. for 1000usd, the savings vs. the hassle of a newbie traveling to namdaemun (including that transit cost) isn't worth it in my opinion.
just do it all at incheon. easy, convenient, and not a bad rate. |
Not a good rate, either. About 20 points above what the banks charge. |
So 20k won on $1000.
If he was near to or going by Namedaemun and sort of knew his way around then yes.
As a newbie, just landed, fresh off the plane, for the first time in Korea... no.
Change $300 at ICN so he has enough cash to get by. (loss of about $6. over running to namdaemun and far more convenient.)
Change the rest at his local bank when it is convenient for him.
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Wed Feb 06, 2013 6:20 pm Post subject: |
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| 12ax7 wrote: |
| Yaya wrote: |
| wishfullthinkng wrote: |
| Yaya wrote: |
| The Namdaemun area of Seoul has the best rates. Change 100 dollars at the airport and then hit the above area to change the rest. |
but then he'd have to travel to namdaemun. for 1000usd, the savings vs. the hassle of a newbie traveling to namdaemun (including that transit cost) isn't worth it in my opinion.
just do it all at incheon. easy, convenient, and not a bad rate. |
Not a good rate, either. About 20 points above what the banks charge. |
Exactly. We always exchange our money at our local branch. We get far better rates there than anywhere else. |
If you are not in Seoul, fine, but if you are, I'd say going to Namdaemun is worth the trip. |
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12ax7
Joined: 07 Nov 2009
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| Posted: Wed Feb 06, 2013 6:31 pm Post subject: |
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| Yaya wrote: |
| 12ax7 wrote: |
| Yaya wrote: |
| wishfullthinkng wrote: |
| Yaya wrote: |
| The Namdaemun area of Seoul has the best rates. Change 100 dollars at the airport and then hit the above area to change the rest. |
but then he'd have to travel to namdaemun. for 1000usd, the savings vs. the hassle of a newbie traveling to namdaemun (including that transit cost) isn't worth it in my opinion.
just do it all at incheon. easy, convenient, and not a bad rate. |
Not a good rate, either. About 20 points above what the banks charge. |
Exactly. We always exchange our money at our local branch. We get far better rates there than anywhere else. |
If you are not in Seoul, fine, but if you are, I'd say going to Namdaemun is worth the trip. |
Why bother? As you said, banks offer a better rate. Heck, you can even ask for a better rate than the posted one if you exchange a considerable amount. |
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waynehead
Joined: 18 Apr 2006
Location: Jongno
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| Posted: Wed Feb 06, 2013 10:29 pm Post subject: |
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| I've never understood this obsession some people have with hunting all over town for the best rate. Of course you don't want to get hosed, but spending an extra hour or two to get to Namdaemun and save 20 bucks? No thanks. |
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wishfullthinkng
Joined: 05 Mar 2010
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| Posted: Wed Feb 06, 2013 10:44 pm Post subject: |
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| waynehead wrote: |
| I've never understood this obsession some people have with hunting all over town for the best rate. Of course you don't want to get hosed, but spending an extra hour or two to get to Namdaemun and save 20 bucks? No thanks. |
ditto. but it all boils down to how much your time is worth to you. one hour of my time is much more valuable than 20 dollars so the "savings" i'd get would be negated by the hour lost, and i'd have a net loss to boot. |
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createasaurus21
Joined: 22 Feb 2009
Location: Seoul
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| Posted: Tue Mar 05, 2013 3:02 am Post subject: |
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| The ajummas in Namdaemun have the best rates. It's where most older Koreans from abroad change their money. |
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