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inmytree
Joined: 14 Jan 2008
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 Posted: Wed Jan 30, 2008 6:58 pm Post subject: exchanging money |
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| what's the best way to exchange your money when you first get here? |
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The Grumpy Senator
Joined: 13 Jan 2008
Location: Up and down the 6 line
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| Posted: Wed Jan 30, 2008 7:01 pm Post subject: |
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I would get Korean Won, it is widely accepted here!!
Just kidding, set up a bank account and do it there. They will charge the least to exchange money. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jan 30, 2008 7:12 pm Post subject: Re: exchanging money |
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| inmytree wrote: |
| what's the best way to exchange your money when you first get here? |
You mean from your home currency to K-won?
DO NOT buy K-won in your home country. You will get screwed on the exchange rate.
Exchange some (~US$200 or equivalent) at the INCHEON airport AFTER you land in Korea and before you leave for your new home.
The rates at the INCHEON airport are the same as the CURRENCY exchange rates at the banks in the city and you will need some cash for things like food before you get a chance to set up a bank account.
When you get settled, open a bank account and deposit the balance of your money into that.
Alternatively you can bring an international ATM card from home and use that for cash withdrawls but be aware that the bank in your home country may (depending on the bank) take a large service charge for this service as well as the local charge here. |
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Seoul_Star
Joined: 04 May 2007
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| Posted: Wed Jan 30, 2008 8:27 pm Post subject: |
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FYI: Banks and Airport exchange places in Korea will give you the absolute worst rate possible.
Here is an example:
The won was at 949 per 1 USD, the airport exchange was offering 889 WON per USD that day, the bank I use was offering 890 won per USD on that day. The currency exchange shop in Itaewon that I visited the next day, when the "OFFICIAL" rate was 948, offered me 938 won per USD.
4,450,000 won if I used the Airport or Bank
4,690,000 won by simply using an exchange place on the street in Itaewon
The difference was about $253 if I had exchanged $5000 USD.
If you have less to exchange, maybe you should use the bank. Just realize that in Korea, opposite to most countries, the best going rate for USD, especially hundred dollar bills can be had on the street and not in banks. When you go to places like Thailand, it's the exact opposite. |
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NicRenee
Joined: 10 Apr 2007
Location: Seoul
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| Posted: Wed Jan 30, 2008 9:07 pm Post subject: |
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Yes, banks (even if you have an account there) offer the worst exchange rates I've seen. Go to one of the numerous currency exchange shops in Itaewon. I'm sure they are elsewhere too. I use them everytime I travel and sometimes I get an even BETTER rate than what was on xe.com in the days before and after I did the exchange.
On a side note, anyone know where I can get kiwi dollars? I went to 8 (eight!!) currency shops this morning and they had none. I've never had a problem getting a currency before, including currency for China, US, Vietnam, Japan, etc. I don't want to hijack the thread here, but any help would be appreciated. |
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