| View previous topic :: View next topic |
| Author |
Message |
Spike
Joined: 24 Aug 2005
Location: Seoul
|
 Posted: Fri Feb 19, 2010 1:51 am Post subject: Best place to exchange money? |
 |
|
I'm assuming the airport would be the worst, correct?
I'm flying over next week and plan to bring over a few thousand at least to hold me off until the first paycheck...
Can anyone in the know tell me if it would be better to exchange it at the airport or to go to a specific bank?
My ignorance thanks you. |
|
| Back to top |
|
 |
Forever
Joined: 12 Nov 2009
|
| Posted: Fri Feb 19, 2010 2:11 am Post subject: |
|
|
Its best to leave it in your bank (your homecountry bank) - but check with your bank that your card will work in Korea (should have the blue +PLUS symbol on it or the MAESTRO symbol on it).
Once here - go to an ATM machine at a bank (such as Citibank) and withdraw your cash. (The cash will be dispensed in Korean won) - hence no need to bring cash and exchange it.
You can also withdraw as much cash as you want from the ATM at the airport when you arrive. |
|
| Back to top |
|
|
Michelle
Joined: 18 May 2003
|
| Posted: Fri Feb 19, 2010 3:46 am Post subject: Re: Best place to exchange money? |
|
|
| Spike wrote: |
I'm assuming the airport would be the worst, correct?
I'm flying over next week and plan to bring over a few thousand at least to hold me off until the first paycheck...
Can anyone in the know tell me if it would be better to exchange it at the airport or to go to a specific bank?
My ignorance thanks you. |
Hi There,
I disagree! Those things are notorious for not working. If you take this advice though the airport is still the most likely place for it to work.
Plus you will need some cash on you, just a bit, in case.
If you have a credit card you might try a few machines (if you are outside of Seoul) to have it work. Credit card is not too bad at the airport. I tried two global ATM's today with a normal credit card and ended up going into the bank, so visiting the bank is an option with a credit card. Other cards get strange looks. Ok the global ATM said it did maestro and cirrus but I couldn't even use my credit card.
I did not try citibank's machine though, it would have been my next try.
It could depend on your home bank, ring and ask.
You could buy Korean won at the bank here if you like the idea of bringing your cash, but the airport rate is a bit higher then most so avoid it. Also that limits you to weekdays from 9.00- 5.00.
Good Luck |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Fri Feb 19, 2010 6:41 am Post subject: |
|
|
Exchanging currency AT the airport in Incheon Korea IS THE SAME AS exchanging at the same branded bank in the city.
They are regulated and can't screw you (over charge as compared to the banks in town) unlike the money changers in many international airports around the world.
Do NOT exchange / buy won outside of Korea and be aware that the service charges on an international ATM card being used in Korea WILL usually exceed the loss you may experience changing cash. (my old ATM card from home usually charged $3-5 per transaction for it's use in Korea).
Credit cards are good BUT many places here (outside of the tourist places) WON'T take international credit cards.
Exchange enough cash to get you through the 1st week so you don't have to worry until you can get a bank account open and make a deposit.
. |
|
| Back to top |
|
|
Forever
Joined: 12 Nov 2009
|
| Posted: Fri Feb 19, 2010 5:04 pm Post subject: |
|
|
| ttompatz wrote: |
| be aware that the service charges on an international ATM card being used in Korea WILL usually exceed the loss you may experience changing cash. (my old ATM card from home usually charged $3-5 per transaction for it's use in Korea). |
I am aware that whenever I withdraw money from my (homecountries) international ATM card, I am charged $3 for using a Korean ATM.
However, isn't $3 LESS than the exchange fee?
By the way, I totally agree with exchanging cash at Incheon airport, because those exchange people are working for a local bank - and they don't seem to rip you off at all, but usually give a very fair deal.
Very different, to trying to change money in Singapore (Changai) airport, where the exchange people are running private businesses and claim that the rate they are using is some ridiculous "internet rate" and tend to attempt to rip you off quite a considerable amount of money. |
|
| Back to top |
|
|
Kurtz
Joined: 05 Jan 2007
Location: ples bilong me
|
| Posted: Fri Feb 19, 2010 5:22 pm Post subject: |
|
|
You'll have to wait, what, 4 weeks for your 1st paycheck?
I've never had a problem using my MAESTRO card here. International ATM's are always (well, usually) in bus stations and many Korean banks take them too. I'm sure you'll find one at the airport in Seoul, just take out a chunk of cash and if need be, find another one and take out some more cash if you're needing some more before payday.
Have a credit card as back up in the unlikely scenario the thing eats your card, but just bring say the equivalent of 200,000 won in cash, change at Incheon, and then use your cash card to get more out at the airport, or wait and go to a bank when you need more. |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Sat Feb 20, 2010 4:52 am Post subject: |
|
|
| Forever wrote: |
| ttompatz wrote: |
| be aware that the service charges on an international ATM card being used in Korea WILL usually exceed the loss you may experience changing cash. (my old ATM card from home usually charged $3-5 per transaction for it's use in Korea). |
I am aware that whenever I withdraw money from my (homecountries) international ATM card, I am charged $3 for using a Korean ATM.
However, isn't $3 LESS than the exchange fee? |
That would depend on how much you withdraw each time.
IF you are withdrawing your daily maximum at each transaction then it is about the same.
IF you withdraw only 100k won per transaction then it is pretty steep (about triple the difference between electronic and cash rates.
. |
|
| Back to top |
|
|
Spike
Joined: 24 Aug 2005
Location: Seoul
|
| Posted: Sat Feb 20, 2010 5:31 am Post subject: |
|
|
Thanks for the replies.
I have to bring more than usually since I have to pay off key money and first month's rent when I arrive... that and enough to furnish the apt and eat, drink and be merry.
I'm thinking I'll just exchange it all at the airport now.
Thanks all. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
