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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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 Posted: Thu Oct 16, 2008 5:19 pm Post subject: ATM withdrawal question RE: won rates |
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Does anyone know if the banks use yesterday's close to determine the rate, or if they use the "live" rate when the markets are open?
Thanks. |
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victorology
Joined: 10 Sep 2007
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| Posted: Thu Oct 16, 2008 5:44 pm Post subject: Re: ATM withdrawal question RE: won rates |
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| bassexpander wrote: |
Does anyone know if the banks use yesterday's close to determine the rate, or if they use the "live" rate when the markets are open?
Thanks. |
I'd assume they use a live rate. If they used a previous rate, there could be some arbitrage issues there. In generally, I've always received good rates using the ATM even though my bank charges me a 1% transaction fee.
One way you can find out what rate they're offering is by checking your balance at the ATM. They will give it to you in won. |
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Big Pun Lives
Joined: 12 Oct 2008
Location: Seoul, South Korea
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| Posted: Thu Oct 16, 2008 5:52 pm Post subject: |
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| It depends on your Bank. I know in the US it is very common for them to use an "average" exchange rate over the course of a week or so. I would assume it works to their advantage. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Thu Oct 16, 2008 6:08 pm Post subject: |
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An average? Hmm... interesting. I found one ATM that seems to give me really decent rates. Oddly, it's not at a bank. It's at a Seven-Eleven store. The average scenario might explain why I was getting a rate slightly higher than the most recent close a few days ago.
I have two banks in the US, and one had considerably better rates than the other via ATM. |
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