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butlerian
Joined: 04 Sep 2006
Location: Korea
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 Posted: Wed Apr 23, 2008 11:32 pm Post subject: Exchanging Won into Pesos |
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Can anyone recommend where/when to exchange Korean Won into Philippino Pesos? I'm not sure if it's best to do it here in Korea or once in the Philippines, and also where are the better places to have it done.
Cheers. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Apr 24, 2008 12:33 am Post subject: Re: Exchanging Won into Pesos |
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| butlerian wrote: |
Can anyone recommend where/when to exchange Korean Won into Philippino Pesos? I'm not sure if it's best to do it here in Korea or once in the Philippines, and also where are the better places to have it done.
Cheers. |
If you are exchanging won to pesos, do it at the airport HERE.
They usually try to give you only p1000's. Make sure you get some smaller bills (500s or even a few 100s if you can). Nobody outside the shopping malls or major hotels will change (be able to change) a p1000 note.
You will get KILLED on the exchange rate if you take won to the Philippines and most money changers WON'T touch won.
If you want to take something other than pesos (the biggest note is p1000 = ~$25) to the Phils, take dollars (US$100's). You can get them at your favorite bank's exchange desk or one of the money changers in Itaewon if you are close.
Without knowing where you are going it is hard to tell you where the best money changers are.
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justagirl
Joined: 17 Jan 2003
Location: Cheonan/Portland
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| Posted: Sat Apr 26, 2008 7:30 pm Post subject: |
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I don't know how it is now, but in the past it was always better to exchange won to U.S. dollars and then into Pesos. I know it sounds crazy that you could save money by exchanging twice, but I did research on the current dollar/peso exchange before exchanging money and then compared it to what the airport was offering for won/pesos. I saved about 20% by getting dollars, then exchanging them for pesos once I got to the Philippines.
ttompatz, do you know if this is still the case? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Apr 26, 2008 7:49 pm Post subject: |
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| justagirl wrote: |
I don't know how it is now, but in the past it was always better to exchange won to U.S. dollars and then into Pesos. I know it sounds crazy that you could save money by exchanging twice, but I did research on the current dollar/peso exchange before exchanging money and then compared it to what the airport was offering for won/pesos. I saved about 20% by getting dollars, then exchanging them for pesos once I got to the Philippines.
ttompatz, do you know if this is still the case? |
Compared to the rates you see on the internet, that is still the case
BUT
Compared to "on the ground" - "what do you really get"...
IF you want to use won to buy pesos, do it at the airport here.
IF you are going to buy pesos in the Philippines, get US dollars here and change dollars to pesos there.
DO NOT take won to the Philippines. The exchange rate is BAD and they are hard to unload (most money changers won't touch them).
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butlerian
Joined: 04 Sep 2006
Location: Korea
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| Posted: Sun Apr 27, 2008 2:50 am Post subject: |
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| So exchange rates at the airport are better than those outside of the airport in Korea? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Apr 27, 2008 2:55 am Post subject: |
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| butlerian wrote: |
| So exchange rates at the airport are better than those outside of the airport in Korea? |
IN KOREA you are not likely to find pesos outside of the airport.
Dollars or EUROS you can get anywhere.
Pesos are NOT a common currency so you won't find them except at the airport (or maybe a Filipino store).
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