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AtmaWeapon
Joined: 30 Jun 2011
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 Posted: Mon Feb 13, 2012 2:28 pm Post subject: |
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| madoka wrote: |
| I understand that �1500 may seem like a lot of money, but really it's not that big a deal. I'd bring it all in cash. If you're nervous about losing it, get a neck purse. Once you're over, start exchanging it out with the adjummas in Namdaemun. Shop the rates there till you find one you like. That's the way you maximize your �1500 instead of losing part of it on fees or bank exchange rates. |
| madoka wrote: |
| If you are REALLY into maximizing the exchange rate, then the old ladies of Namdaemun can't be beat. But in your case, we're talking a small amount of money in difference; maybe a few dollars. You'd have to start exchanging several thousand to start getting into nice lunch money territory. |
Is that really better than doing it at Incheon Airport? I always thought the general consensus was that was the best place to do it. I had never heard of doing it at Namdaemun, but I will look into doing that when I arrive in a couple weeks. Can anyone else confirm this is the best way of doing it? I'm planning on bringing ~$3000 USD. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Feb 13, 2012 4:16 pm Post subject: |
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| AtmaWeapon wrote: |
| madoka wrote: |
| I understand that �1500 may seem like a lot of money, but really it's not that big a deal. I'd bring it all in cash. If you're nervous about losing it, get a neck purse. Once you're over, start exchanging it out with the adjummas in Namdaemun. Shop the rates there till you find one you like. That's the way you maximize your �1500 instead of losing part of it on fees or bank exchange rates. |
| madoka wrote: |
| If you are REALLY into maximizing the exchange rate, then the old ladies of Namdaemun can't be beat. But in your case, we're talking a small amount of money in difference; maybe a few dollars. You'd have to start exchanging several thousand to start getting into nice lunch money territory. |
Is that really better than doing it at Incheon Airport? I always thought the general consensus was that was the best place to do it. I had never heard of doing it at Namdaemun, but I will look into doing that when I arrive in a couple weeks. Can anyone else confirm this is the best way of doing it? I'm planning on bringing ~$3000 USD. |
one half of one percent better.
On $3000 you are talking about your time and shoe leather for about $15 assuming the rates don't fall on your way over there.
What is your time worth? $20/hour. How long and how much taxi/subway/bus fare will you spend to get there and home again?
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AtmaWeapon
Joined: 30 Jun 2011
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| Posted: Mon Feb 13, 2012 5:50 pm Post subject: |
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| ttompatz wrote: |
| AtmaWeapon wrote: |
| madoka wrote: |
| I understand that �1500 may seem like a lot of money, but really it's not that big a deal. I'd bring it all in cash. If you're nervous about losing it, get a neck purse. Once you're over, start exchanging it out with the adjummas in Namdaemun. Shop the rates there till you find one you like. That's the way you maximize your �1500 instead of losing part of it on fees or bank exchange rates. |
| madoka wrote: |
| If you are REALLY into maximizing the exchange rate, then the old ladies of Namdaemun can't be beat. But in your case, we're talking a small amount of money in difference; maybe a few dollars. You'd have to start exchanging several thousand to start getting into nice lunch money territory. |
Is that really better than doing it at Incheon Airport? I always thought the general consensus was that was the best place to do it. I had never heard of doing it at Namdaemun, but I will look into doing that when I arrive in a couple weeks. Can anyone else confirm this is the best way of doing it? I'm planning on bringing ~$3000 USD. |
one half of one percent better.
On $3000 you are talking about your time and shoe leather for about $15 assuming the rates don't fall on your way over there.
What is your time worth? $20/hour. How long and how much taxi/subway/bus fare will you spend to get there and home again?
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Actually, I've never been to Namdaemun and was planning on checking it out anyway  |
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madoka
Joined: 27 Mar 2008
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| Posted: Tue Feb 14, 2012 1:14 am Post subject: |
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| AtmaWeapon wrote: |
Is that really better than doing it at Incheon Airport? I always thought the general consensus was that was the best place to do it. I had never heard of doing it at Namdaemun, but I will look into doing that when I arrive in a couple weeks. Can anyone else confirm this is the best way of doing it? I'm planning on bringing ~$3000 USD. |
I bring in several thousand dollars every time I come into Korea, so I have had many occasions to check the rates. Last year, I found that even the airport restaurant I ate at had a better rate than the exchange counter at the airport. The ajummas have a better rate as well (again, I tested this by going to Namdaemun to exchange out my last few dollars 2-3 hours before going to the airport. Here is my post when I made that observation:
http://forums.eslcafe.com/korea/viewtopic.php?p=2624546
"If you're into saving every won, change the bulk of your money with the grandmas in Namdaemun. I checked this past month. At the airport, they gave 1055 per $1. Namdaemun grandma gave me 1088 per $1. Yahoo reported the exchange rate at 1090 at the time."
Whether the money you save is worth the trip is up to you. If you plan on going to Namdaemun anyways, then convert the bulk of your money there if you want to maximize it. |
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