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TeeBee
Joined: 18 Oct 2007
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 Posted: Thu Jun 26, 2008 3:19 pm Post subject: Changing KRW to Chinese RMB/Yuan in Korea |
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| I'm going to China at the end of July, and I'd like to change some KRW directly into Chinese RMB/Yuan, instead of KRW to US$ and then to RMB/Yuan. Has anyone done the direct exchange at a Korean bank? If so, what was the exchange rate like? |
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KYC
Joined: 11 May 2006
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| Posted: Thu Jun 26, 2008 4:29 pm Post subject: |
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| some banks won't even have it...depending where you are. Just do it at the airport like I did. The exchange rate was 7 yuan for 10,000 won or somethign liek that when I went. |
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TeeBee
Joined: 18 Oct 2007
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| Posted: Thu Jun 26, 2008 4:32 pm Post subject: |
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| Ok, not a bad idea. I'll check that out. Thanks |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jun 26, 2008 7:06 pm Post subject: Re: Changing KRW to Chinese RMB/Yuan in Korea |
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| TeeBee wrote: |
| I'm going to China at the end of July, and I'd like to change some KRW directly into Chinese RMB/Yuan, instead of KRW to US$ and then to RMB/Yuan. Has anyone done the direct exchange at a Korean bank? If so, what was the exchange rate like? |
Only a few bank branches carry RMB. Change it at the airport. The rate at the exchange counters at the Incheon airport are the same as the rates at the same branded banks in town (KEB exchange counter is the same as the KEB bank in town).
Check before you buy. The exchange counters are run by the banks and they do have different rates from each other (by as much as 0.5% {one half of one percent or 50 cents on 100 dollars}).
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TeeBee
Joined: 18 Oct 2007
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| Posted: Thu Jun 26, 2008 7:11 pm Post subject: |
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| Thanks ttompatz. Do you know if there is some way to exchange directly from funds in my Korean account, or will I have to take a wheelbarrow along for all the 10,000 won notes? I'm looking to take between 500,000 and 1,000,000 won with me. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jun 26, 2008 7:24 pm Post subject: |
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| TeeBee wrote: |
| Thanks ttompatz. Do you know if there is some way to exchange directly from funds in my Korean account, or will I have to take a wheelbarrow along for all the 10,000 won notes? I'm looking to take between 500,000 and 1,000,000 won with me. |
Just use the ATM machine at the airport. There are about a dozen of them on the departures level and on the 2nd floor.
Make sure you use them BEFORE you go through security. There are NO ATMs on the airside of the airport.
You are aware that ~7000 RMB in 100RMB notes will also take a lot of room in your pocket (~70 notes)?
Perhaps get 500k won converted to RMB and take US$500 as well. It would take up a lot less space, makes sure you have RMB when you need them and you can change the rest at your convenience as you need them. Just a thought. The dollar won't fall that far in a short time and the difference in exchange rates is less than the extra wallet you will need for all the paper.
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TeeBee
Joined: 18 Oct 2007
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| Posted: Thu Jun 26, 2008 7:44 pm Post subject: |
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| You are aware that ~7000 RMB in 100RMB notes will also take a lot of room in your pocket (~70 notes)? |
Hahaha. Yeah, good point. I might be conspicuous waddling through security with my pockets bulging.
I've already got US$500 in travellers checks, so I probably won't take too much RMB in cash with me. It's between two of us, so it shouldn't be too bad.
Thanks for the tips. I'll probably do that - change some cash into RMB at the airport and the rest into US$ for exhange at a later stage. I'm going to be in China for almost 2 weeks, so that's probably not a bad idea. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jun 26, 2008 7:54 pm Post subject: |
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Take a significant amount of cash if you can.
Cashing T/Cs can be time consuming and problematic at the best of times (especially those issued in Korea).
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KYC
Joined: 11 May 2006
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| Posted: Fri Jun 27, 2008 5:43 pm Post subject: |
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Also change at the airport IN KOREA.
My friend was running late so she wanted to change it at the airport IN CHINA but they said they couldn't do it. She had to go to 2 different banks to get it changed. |
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jajdude
Joined: 18 Jan 2003
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| Posted: Wed Jul 02, 2008 5:36 am Post subject: |
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| Would it be wise just to get (mostly) USD and change it in China? What about using int'l (CDN) bank card - no problem in China? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Jul 02, 2008 5:53 am Post subject: |
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| jajdude wrote: |
| Would it be wise just to get (mostly) USD and change it in China? What about using int'l (CDN) bank card - no problem in China? |
Outside of the cities like Beijing and Shanghai it can be difficult to find an ATM much less an international one.
Take $US. You still need a bank or money changer (like the airport or MAJOR hotel) to change it but you won't waste hours trying to do so.
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