| View previous topic :: View next topic |
| Author |
Message |
Ck10n3
Joined: 20 May 2009
Location: Bundang
|
 Posted: Mon Feb 08, 2010 3:19 pm Post subject: Where to exchange? |
 |
|
Where is the best place to exchange dollar for won?
Is it better to bring traveler's checks or exchange? |
|
| Back to top |
|
 |
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Mon Feb 08, 2010 6:49 pm Post subject: Re: Where to exchange? |
|
|
| Ck10n3 wrote: |
Where is the best place to exchange dollar for won?
Is it better to bring traveler's checks or exchange? |
Bring CASH (US$100s).
Exchange a couple hundred at the INCHEON airport to get you through until you have access to a bank near your new home.
Do NOT buy won outside of Korea. You will get killed on the exchange rate.
Usually the airport is a bad place to exchange money BUT in Korea they are the SAME as (and offer the same rates as) the similar branded bank in the city (government regulated).
. |
|
| Back to top |
|
|
Murakano
Joined: 10 Sep 2009
|
| Posted: Mon Feb 08, 2010 6:55 pm Post subject: Re: Where to exchange? |
|
|
| Ck10n3 wrote: |
Where is the best place to exchange dollar for won?
Is it better to bring traveler's checks or exchange? |
the money exchangers in Namdaemum or Myeongdong. Not sure about Itaewon in terms of rate but I guess similar....but better than the banks rate. |
|
| Back to top |
|
|
madoka
Joined: 27 Mar 2008
|
| Posted: Mon Feb 08, 2010 7:33 pm Post subject: Re: Where to exchange? |
|
|
| Murakano wrote: |
| Ck10n3 wrote: |
Where is the best place to exchange dollar for won?
Is it better to bring traveler's checks or exchange? |
the money exchangers in Namdaemum or Myeongdong. Not sure about Itaewon in terms of rate but I guess similar....but better than the banks rate. |
1. Cash is king.
2. The money exchangers in Myeongdong did not seem as good as the ones in Namdaemum or Itaewon. The Myeongdong ones seemed to specialize in Japanese tourists. If I had to choose, I'd rank it Namdaemum adjummas, Itaewon shops, then a toss up between the bank and Myeongdong. The street vendors are also willing to negotiate a LITTLE bit. Disclaimer: I base my info on the $12,000 I exchanged for won last year at a bunch of different places. |
|
| Back to top |
|
|
Ck10n3
Joined: 20 May 2009
Location: Bundang
|
| Posted: Mon Feb 08, 2010 7:49 pm Post subject: |
|
|
So Namdaemum will give me the most won for dollar? Where exactly in Namdaemum? How much would a usual exchange be, say I was exchanging $1000 US?
I am not yet in Korea, but I will be there on the 25th of this month. I won't have any time the first weekend to be exchanging money because I will be going straight into orientation. I have the following Monday off, I guess I could do it then. I'll have to find the time. How far is this from Bundang? |
|
| Back to top |
|
|
madoka
Joined: 27 Mar 2008
|
| Posted: Mon Feb 08, 2010 8:08 pm Post subject: |
|
|
| Ck10n3 wrote: |
So Namdaemum will give me the most won for dollar? Where exactly in Namdaemum? How much would a usual exchange be, say I was exchanging $1000 US?
I am not yet in Korea, but I will be there on the 25th of this month. I won't have any time the first weekend to be exchanging money because I will be going straight into orientation. I have the following Monday off, I guess I could do it then. I'll have to find the time. How far is this from Bundang? |
Well, to be honest, I think you're better off just exchanging the $1000 at a bank. I don't think there is enough of a difference to warrant travelling to Namdaemum over a few dollars. However, if you wanted to visit Namdaemum because of the excellent shopping/touristy things, then by all means. From Bundang, look for buses 9401, 9001, 9000, or 8130. They will all stop by the Myungdong Catholic church in about 35 minutes. Exit there and ask random Koreans which direction to Namdaemun. Walk for about 15-20 minutes to get to Namdaemum and you'll be harassed by scores of adjummas sitting on crates in the street to exchange your money. Check the rates between them as it will vary slightly. There are also scores of tiny shops that will also exchange your money, but overall the adjummas seemed a bit better. |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Tue Feb 09, 2010 4:24 am Post subject: |
|
|
| Ck10n3 wrote: |
So Namdaemum will give me the most won for dollar? Where exactly in Namdaemum? How much would a usual exchange be, say I was exchanging $1000 US?
I am not yet in Korea, but I will be there on the 25th of this month. I won't have any time the first weekend to be exchanging money because I will be going straight into orientation. I have the following Monday off, I guess I could do it then. I'll have to find the time. How far is this from Bundang? |
You would save between 0.5% - 1% between Namdaemun and your local bank.
So in real terms, you might save $5-10 when exchanging $1000 but you would wear off $5 for bus and subway to get there from Bundang and $20 worth of time and shoe leather finding your way around as a newbie.
Just get a couple hundred dollars changed at the INCHEON airport to tide you over till you get your apartment and get moved in; then change the rest at your local bank when it is convenient.
. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
