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ESL Girl
Joined: 03 Sep 2007
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 Posted: Tue Jun 10, 2008 1:22 am Post subject: Best Way to XChange W to $ |
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I am heading to the US and wanting to bring 2 million won. I know that airport currency exchange gives bad rates.
I googled for the best way to exchange, and every site says to use ATM cards. Unfortunately, I have be denied such an international bank card (3 times) from my Nonghyup bank.
To sum - what is the best way to get won to greenbacks?
(1) do airport exchange?! eeks
(2) international money transfer
(3) find a bank in my US city to exchange
(4) do you have another and even better idea?
Please help!! Thnx! |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jun 10, 2008 1:31 am Post subject: Re: Best Way to XChange W to $ |
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| ESL Girl wrote: |
I am heading to the US and wanting to bring 2 million won. I know that airport currency exchange gives bad rates.
I googled for the best way to exchange, and every site says to use ATM cards. Unfortunately, I have be denied such an international bank card (3 times) from my Nonghyup bank.
To sum - what is the best way to get won to greenbacks?
(1) do airport exchange?! eeks
(2) international money transfer
(3) find a bank in my US city to exchange
(4) do you have another and even better idea?
Please help!! Thnx! |
The exchange rate at the airport here is the SAME as the rate at the same bank in town (woori exchange and woori bank / Shinhan exchange and shinhan bank).
There are minor differences between banks.
The difference between some of the exchange houses in Itaewon and the banks / exchange booths at the Incheon airport is usually less than 1% (so less than $20 on 2 million plus or minus).
Do NOT take won out of Korea. Exchange it somewhere here. You WILL get killed on the rates (loss of more than 5%) if you try to exchange won outside of Korea.
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ESL Girl
Joined: 03 Sep 2007
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| Posted: Tue Jun 10, 2008 4:03 am Post subject: |
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Sorry to repeat just what you said - but I want to double check:
so I should take my 2 million won in cash to Gimhae airport and exchange it into U.S. dollars there before I fly out?
I like that idea, by the way. If that is the best way - great b/c it would be pretty darn convenient! |
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Flash Ipanema
Joined: 29 Sep 2006
Location: Seoul
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| Posted: Tue Jun 10, 2008 4:21 am Post subject: |
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Do NOT exchange anything at an American airport, those places are a total ripoff. Bad exchange rates combined with exorbitant fees. Either exchange it at a bank in Korea or the airport.
Would it be better for you to exchange them for traveler's checks or bank checks than cash? That's a better question. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jun 10, 2008 6:50 am Post subject: |
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| ESL Girl wrote: |
Sorry to repeat just what you said - but I want to double check:
so I should take my 2 million won in cash to Gimhae airport and exchange it into U.S. dollars there before I fly out?
I like that idea, by the way. If that is the best way - great b/c it would be pretty darn convenient! |
Yes, you can/should exchange them at the airport in Gimhae. Do NOT take won to the states.
| Flash Ipanema wrote: |
Do NOT exchange anything at an American airport, those places are a total ripoff. Bad exchange rates combined with exorbitant fees. Either exchange it at a bank in Korea or the airport.
Would it be better for you to exchange them for traveler's checks or bank checks than cash? That's a better question. |
Korean travellers checks are NOT the same as the ones from home and if they are lost or stolen you will have problems abroad.
Take cash. It's only $2000 (20 bills) and she can stick it in the bank when she gets home.
It might be prudent to NOT carry it all in her purse. Pockets are a good thing.
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JustJohn
Joined: 18 Oct 2007
Location: Your computer screen
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| Posted: Tue Jun 10, 2008 10:40 pm Post subject: |
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Quick related question. Does it make any real difference if you do a money order vs just transferring directly to your bank back home?
I was told earlier that doing a money order was best, but a friend just did it direct at KB and said they only upped the rate by 10 (1030 to 1040) which doesn't sound too bad. I can't imagine that a money order would give you that much better of a rate... |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jun 10, 2008 10:53 pm Post subject: |
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| JustJohn wrote: |
Quick related question. Does it make any real difference if you do a money order vs just transferring directly to your bank back home?
I was told earlier that doing a money order was best, but a friend just did it direct at KB and said they only upped the rate by 10 (1030 to 1040) which doesn't sound too bad. I can't imagine that a money order would give you that much better of a rate... |
It just eliminates the middle-man fees in a bank wire.
These can add up to an extra US$25-50 per transaction (depending on which particular banks you are dealing with above the local fee and exchange difference.
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ultra
Joined: 09 Nov 2007
Location: Book Han Gook Land Of Opportunity
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| Posted: Thu Jun 12, 2008 2:06 am Post subject: Re: Best Way to XChange W to $ |
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| ESL Girl wrote: |
(4) do you have another and even better idea?
Please help!! Thnx! |
Theres places in Incheon where you can find exchange rates that beat the bank.
1. around the two international ferry terminals are currency exchange stores.
2. the imported goods market behind Dong Incheon station.
Several of the imported goods sellers do currency exchange. The margin of savings is several %.
They have counting machines, and Koreans and foreigners exchange thousands of USDs at a time.
When exchanging, always confirm if there is a "ghost" in your USDs. I received a counterfeit USD 100, and that was from a bank. |
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JustJohn
Joined: 18 Oct 2007
Location: Your computer screen
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| Posted: Thu Jun 12, 2008 2:45 pm Post subject: |
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| If I were to convert there I wouldn't be able to send it directly to my bank in the U.S. though, would I? |
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