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alljokingaside
Joined: 17 Feb 2010
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 Posted: Wed Mar 24, 2010 6:50 am Post subject: Exchanging cash |
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Hey all,
This topics probably been done to death, but a search yields nothing so...
What seems to be the best place to exchange USD for KRW? I keep hearing banks and/or "private" lenders, but the rate they offer doesn't seem to differ much.
also, what are (if any) the exchange fees for a US debit at an ATM? I received 100,000 krw from this KEB with my citicard (no citibanks in sight) and all seemed fine, but the interaction didn't really tell me how much $ I was being charged for the interaction nor did it tell me rates of exchange.
The airport rate today was 1095/1
Thanks! |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Mar 24, 2010 7:38 am Post subject: Re: Exchanging cash |
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| alljokingaside wrote: |
Hey all,
This topics probably been done to death, but a search yields nothing so...
What seems to be the best place to exchange USD for KRW? I keep hearing banks and/or "private" lenders, but the rate they offer doesn't seem to differ much.
also, what are (if any) the exchange fees for a US debit at an ATM? I received 100,000 krw from this KEB with my citicard (no citibanks in sight) and all seemed fine, but the interaction didn't really tell me how much $ I was being charged for the interaction nor did it tell me rates of exchange.
The airport rate today was 1095/1
Thanks! |
Depends on how much you want to exchange.
The difference between the airport at incheon, the banks in town and the ladies at Namdaemun is usually 1% or less.
Use whatever is convenient for you. UNLESS you are exchanging tens of thousands of dollars of course; in that case, look for your best deal. 1% of $10,000 is $100 - worth some shoe leather.
If you are talking about $1000 then you save less than $10 but you spend more than that in time and shoe leather.
In regards to the ATM card. The rate will be about the same as the posted bank rates for remittances (slightly better than the cash rate) BUT the service charge on this end is usually 800-1200 won and the service charge on the US end can be as high as $5.00 (what I was charged on my wells fargo account for international ATM use).
My Canadian bank however (scotia) only charged me $3.50 per transaction for international ATM use.
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lhasa
Joined: 26 Jan 2008
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| Posted: Wed Mar 24, 2010 7:40 am Post subject: |
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hey ttompatz,
are the exchange rates at incheon airport the same as those posted at regular city branches? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Mar 24, 2010 7:58 am Post subject: |
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| lhasa wrote: |
hey ttompatz,
are the exchange rates at incheon airport the same as those posted at regular city branches? |
The rates at the INCHEON airport are the SAME as the CASH rates at the similar branded banks in the city.
For example, the rates posted at the Woori exchange counter at the airport are the same as the CASH rates at the Woori bank in the city.
Same with all the other banks.
Be aware that the CASH rate is poorer than the remittance rate (bank to bank transfers) but does NOT have the associated service charges that remittances have.
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lhasa
Joined: 26 Jan 2008
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| Posted: Wed Mar 24, 2010 8:56 am Post subject: |
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| ttompatz wrote: |
| lhasa wrote: |
hey ttompatz,
are the exchange rates at incheon airport the same as those posted at regular city branches? |
The rates at the INCHEON airport are the SAME as the CASH rates at the similar branded banks in the city.
For example, the rates posted at the Woori exchange counter at the airport are the same as the CASH rates at the Woori bank in the city.
Same with all the other banks.
Be aware that the CASH rate is poorer than the remittance rate (bank to bank transfers) but does NOT have the associated service charges that remittances have.
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many thanks ttompatz (sorry aja). what about travelers checks? sold at less favorable rates at incheon? |
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uklathemock
Joined: 26 Dec 2009
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| Posted: Wed Mar 24, 2010 3:37 pm Post subject: |
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| Traveler's checks get a slightly better rate than cash. |
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Mariner
Joined: 24 Apr 2009
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| Posted: Wed Mar 24, 2010 4:24 pm Post subject: FX |
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What would be a good way to do this is; exchange cash barter style.
Such as say I have Won and I want US Dollar. Agree to a strike price and both parties should benefit since there is no middle man margin.
(For example) I'm coming to Korea with $2,000 US and want to exchange for X Won published in the WSJ based on the day I arrive. |
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alljokingaside
Joined: 17 Feb 2010
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| Posted: Sat Apr 03, 2010 6:30 am Post subject: |
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| Also, I heard that a "black market" exists with better exchange rates than the banks. Info anyone? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Apr 03, 2010 9:31 am Post subject: |
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| alljokingaside wrote: |
| Also, I heard that a "black market" exists with better exchange rates than the banks. Info anyone? |
There is no black market for currency exchange because there is no restriction on currency exchange.
The ladies in Namdaemum give you about 1/2 point better than the banks for cash. Great if you are exchanging more than $10,000. If you are changing much less than that it will cost you more in time and subway costs to get there and home again than you save over the bank rates.
Credit cards give you the best rates and international ATM cards work out to be the worst because of the service charges that you get hit with. |
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