Korean Job Discussion Forums

[Freakstar]

Could someone recommend a good exchange place in Itaewon? I want to change USD into KRW. If I change $500 US right now, how much should I expect to receive back in KRW?

Also, if I'm looking at the Buy/ Sell columns at banks, I should be looking at the Buy column, right? Since I'm buying KRW? Sorry for the stupid question.

Thanks.

[SeoulShakin]

There are tons of exchange places in Itaewon, but I'm not sure what their rates are. If it were me, and I were in Itaewon and had to exchange, I would just go to one of the banks in the area. Just around the subway station, you can choose from Shinhan, KB star, and IBK bank. Down by Burger King is a KEB bank. I would go to a bank before I would go to a random sketchy exhange place, but that's just me.

[gajackson1]

A lot of the exchangers you are referring to are of the 'underground'ish flavor, and do offer a better rate than banks do - even the little shop-type ones. Less overhead.

Anyone else remember the old days of trying to do it in the bigger market areas in Dongdaemun, or in Busan (when it was Pusan)? The old gorilla-permed halmonies with the multiple money belts? All the haggling, and careful recounting 3 times??? Fun times, those!

I would guess, for someone seasoned/experienced, it can be worth it. I would say, in general, it is easier/safer than lots of places in SEAsia. Or if you have a place or person you REGULARLY do business with. I amlmost never have to use a moneychanger, but when I do, I have one in Song-tan that I know/trust, because they handle a lot of bar-based business.

But generally, unless you feel really saavy, or have a special reason, just use your bank.

A final word of caution here - just because it is a bank, doesn't mean you are 100% safe. For example, on one of our last trips (HK? Singapore?), we were trading KRW for USD. The rate was fine, service fast, and we got the correct number of bills. All good in the hood, as my buddy Mack says.

What the bank DID do, and was pretty crappy, was give us a bunch of it in bill demoninations that were 'suspicious' (based upon highly circulated forgeries for that demonination & year), and hard to get exchanged afterwards. (I think it was HK, now that I think about it). Ever our hotel was reluctant to exchange them, and we wound up having to go to a bank, to get the notes individually verified & exchanged.

However, other Koreans we knew/met, going to HK and who had exchanged money at the same bank branch in the airport HAD BEEN WARNED IN ADVANCE ABOUT THESE BILLS AS THEY WERE EXCHANGING THEIR WON FOR USD. The bank actually told them to be careful not to get/accept these particular bills while traveling.

I'm sure some others here will have good stories to share, as well.

Needless to say, we've blacklisted that bank entirely.

Regards,

G.

[betchay]

There's a nice shop on the second floor of a building near McD's. The rate is good and the shopkeeper friendly.