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hochhasd
Joined: 05 Jul 2008
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 Posted: Tue Oct 07, 2008 1:54 pm Post subject: Will Gepik refund my airfare in US funds |
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Is there anyone that could tell me, when Gepik refunds my airfare will they give it to me in US funds ? I am not looking to get less back if I have to exchange it , especially the way the exchange rate is lately.
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cruisemonkey
Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.
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| Posted: Tue Oct 07, 2008 2:44 pm Post subject: |
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| Of course they won't. They'll give the equivalent in Korean won... they're Korean... you're in Korea... the unit of currency is the won. |
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hochhasd
Joined: 05 Jul 2008
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| Posted: Tue Oct 07, 2008 2:48 pm Post subject: |
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| cruisemonkey wrote: |
| Of course they won't. They'll give the equivalent in Korean won... they're Korean... you're in Korea... the unit of currency is the won. |
so, you are saying I am going to get less back when I go to exchange it to US funds? I thought they refund the full amount?  |
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cruisemonkey
Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.
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| Posted: Tue Oct 07, 2008 2:53 pm Post subject: |
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| They will refund the full amount - in Korean won. |
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hochhasd
Joined: 05 Jul 2008
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| Posted: Tue Oct 07, 2008 3:01 pm Post subject: |
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| cruisemonkey wrote: |
| They will refund the full amount - in Korean won. |
Ok, what happens when I go to exchange it for US funds? The credit card company only takes US funds and by the time I go to exchange it, I will most likely take a loss plus the cost of exchange. |
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jellobean
Joined: 14 Mar 2006
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| Posted: Tue Oct 07, 2008 3:22 pm Post subject: |
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Hmmm.... Yet another reason why a prepaid ticket is better than a reimbursement....
Perhaps the new negotiation fact should be the value of you ticket in won on the day you bought it |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Oct 07, 2008 3:53 pm Post subject: |
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| hochhasd wrote: |
| cruisemonkey wrote: |
| They will refund the full amount - in Korean won. |
Ok, what happens when I go to exchange it for US funds? The credit card company only takes US funds and by the time I go to exchange it, I will most likely take a loss plus the cost of exchange. |
They take the amount you paid in US$, convert it to won and pay you.
You take your won to the bank and buy back greenbacks. If you do it the same day they pay you then the only loss you suffer is the difference between the buy and sell rate of the 2 currencies.
Send the US$ home and pay off your card at your convenience.
Alternatively, pay cash for your ticket instead of using your card.
When you get your reimbursement, use it for your 1st month living expenses instead of bringing more currency with you.
IF you planned to live off of your card during your 1st month here you are going to take a hit on the currency exchange anyway because you will have to buy your dollars at their convenience instead of yours.
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hochhasd
Joined: 05 Jul 2008
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| Posted: Tue Oct 07, 2008 4:33 pm Post subject: |
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| ttompatz wrote: |
| hochhasd wrote: |
| cruisemonkey wrote: |
| They will refund the full amount - in Korean won. |
Ok, what happens when I go to exchange it for US funds? The credit card company only takes US funds and by the time I go to exchange it, I will most likely take a loss plus the cost of exchange. |
They take the amount you paid in US$, convert it to won and pay you.
You take your won to the bank and buy back greenbacks. If you do it the same day they pay you then the only loss you suffer is the difference between the buy and sell rate of the 2 currencies.
Send the US$ home and pay off your card at your convenience.
Alternatively, pay cash for your ticket instead of using your card.
When you get your reimbursement, use it for your 1st month living expenses instead of bringing more currency with you.
IF you planned to live off of your card during your 1st month here you are going to take a hit on the currency exchange anyway because you will have to buy your dollars at their convenience instead of yours.
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ttompatz,
The day we get are refund will it be cash or will it be a check that was cut days before? If this is the case I would get way less back when I go to exchange it.
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icicle
Joined: 09 Feb 2007
Location: Gyeonggi do Korea
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| Posted: Tue Oct 07, 2008 4:45 pm Post subject: |
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| They will usually deposit the money directly into your Korean bank account ie the same account that you use for your pay. |
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hochhasd
Joined: 05 Jul 2008
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| Posted: Tue Oct 07, 2008 5:12 pm Post subject: |
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| icicle wrote: |
| They will usually deposit the money directly into your Korean bank account ie the same account that you use for your pay. |
icicle,
When they deposit the refund will it equall the amount I paid for the flight ?so ,I can go that day to the bank and the only hit I will take wil be the exchange fee to US funds? |
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marlow
Joined: 06 Feb 2005
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| Posted: Tue Oct 07, 2008 5:52 pm Post subject: |
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| hochhasd wrote: |
| icicle wrote: |
| They will usually deposit the money directly into your Korean bank account ie the same account that you use for your pay. |
icicle,
When they deposit the refund will it equall the amount I paid for the flight ?so ,I can go that day to the bank and the only hit I will take wil be the exchange fee to US funds? |
It had better be. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Oct 07, 2008 7:27 pm Post subject: |
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| hochhasd wrote: |
| icicle wrote: |
| They will usually deposit the money directly into your Korean bank account ie the same account that you use for your pay. |
icicle,
When they deposit the refund will it equall the amount I paid for the flight ?so ,I can go that day to the bank and the only hit I will take wil be the exchange fee to US funds? |
They will take the amount printed on your receipt, convert to Korean won on the day of the refund and deposit the amount (in Korean won) into your bank account.
What you do after that is your business; convert it to US$ and pay your card or use it for your living expenses here in Korea.
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farrepatt
Joined: 27 Jan 2008
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| Posted: Wed Nov 05, 2008 12:41 am Post subject: |
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My wife just came back to start at a new GEPIK school a few weeks ago and we just gave them the flight receipt last week.
Unfortunately, her school is claiming that they pay the exchange rate on the date the ticket was purchased (which happened to be the couple of days the won was around 1200 last month) rather than today's rate (1260's). I know it's not the biggest difference in the world, but I feel like she's being ripped off a bit.
Can anyone confirm that GEPIK's policy is to pay the exchange rate on the date it's paid? I looked in the manual I got at training last year and it doesn't say anything there or in the contract itself. |
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Sody
Joined: 14 May 2006
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| Posted: Wed Nov 05, 2008 1:16 am Post subject: |
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| farrepatt wrote: |
My wife just came back to start at a new GEPIK school a few weeks ago and we just gave them the flight receipt last week.
Unfortunately, her school is claiming that they pay the exchange rate on the date the ticket was purchased (which happened to be the couple of days the won was around 1200 last month) rather than today's rate (1260's). I know it's not the biggest difference in the world, but I feel like she's being ripped off a bit.
Can anyone confirm that GEPIK's policy is to pay the exchange rate on the date it's paid? I looked in the manual I got at training last year and it doesn't say anything there or in the contract itself. |
There is DEFINITELY no rule about this. When I worked for GEPIK a long time ago I was paid the exchange rate of the day they made the deposit. I don't know if this is worth making a fuss over however. It's kinda cheap of them to do this but you are being compensated at least. |
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BrianInSuwon
Joined: 10 Jan 2006
Location: Korea
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| Posted: Wed Nov 05, 2008 3:19 am Post subject: |
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| For me, they printed the exchange rate calender and highlighted the day I bought the ticket and figured the refund based on the day I bought the ticket. I believe, 100%, that this is the fairest way. That's what you paid for it, that's what they would have paid for it, if they had purchased it for you, that's what you get back. If the rate went up or down after that so be it. |
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