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Michael_75
Joined: 13 Oct 2008
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 Posted: Thu Jun 16, 2011 10:23 am Post subject: Exchanging KRW for GBP at Incheon airport |
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Possible? Good rates? I'll be heading home in a couple of weeks and I just wanted to check to see if anybody has done it.
Obviously I will be trying to send the majority of my cash home by wire transfer, but the last chance I will have to do that will be a week before departure. I anticipate perhaps 200-300k left over in my account that I don't want to leave here or take home in KRW.
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jun 16, 2011 4:07 pm Post subject: Re: Exchanging KRW for GBP at Incheon airport |
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| Michael_75 wrote: |
Possible? Good rates? I'll be heading home in a couple of weeks and I just wanted to check to see if anybody has done it.
Obviously I will be trying to send the majority of my cash home by wire transfer, but the last chance I will have to do that will be a week before departure. I anticipate perhaps 200-300k left over in my account that I don't want to leave here or take home in KRW.
Thanks |
Do NOT take KRW out of Korea. they lose about 25% when you do.
Yes, you can get GBP at ICN. The rates ARE comparable to those in Seoul (cash rate not remittance rate - cash rate is about 1% worse).
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Michael_75
Joined: 13 Oct 2008
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| Posted: Thu Jun 16, 2011 7:21 pm Post subject: |
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Excellent, thanks.
Whilst you are being so helpful, where would you recommend changing cash? Do you have a preferred Bureau de Change, or is it better to use one of the high street banks with branches at the airport?
I appreciate the advice. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Jun 16, 2011 9:05 pm Post subject: |
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| Michael_75 wrote: |
Excellent, thanks.
Whilst you are being so helpful, where would you recommend changing cash? Do you have a preferred Bureau de Change, or is it better to use one of the high street banks with branches at the airport?
I appreciate the advice. |
All the exchange counters at ICN ARE the banks. They are all operated by the main banks in the city (KEB, WOORI, KB*, etc).
The rates do vary slightly from one to the other (as they do at the banks in the city). Pick the one that offers the best rate for you to buy GBP. At least you can walk around and compare with relative ease at the airport.
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socialjeebus
Joined: 30 Jun 2011
Location: Yeoksam-dong
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| Posted: Tue Jul 05, 2011 1:50 am Post subject: |
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| Itaewon isn't bad for changing money. There are quite a few money changers and you'll probably get a better rate and they're open a weekends. I did the reverse a few weeks ago and got a better rate than I would have at KB. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jul 05, 2011 3:20 am Post subject: |
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| socialjeebus wrote: |
| Itaewon isn't bad for changing money. There are quite a few money changers and you'll probably get a better rate and they're open a weekends. I did the reverse a few weeks ago and got a better rate than I would have at KB. |
You exchanged GBP on the street in Itaewon? Usually they only handle USD.
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rainism
Joined: 13 Apr 2011
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| Posted: Wed Jul 06, 2011 4:20 am Post subject: |
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I defer to the sage ttompatz on all things, but in my experience, the USD/KRW exchange rate at ICN is about 2% worse than the cash exchange rate you'd get at your bank, which is almost another 2% worse than what you'd pay via remittance rate.
I'd exchange it at your local bank,, but with small sums, no one really gives a crap about 1-2%.
definitely exchange it in Korea, because outside of it, it's not useful for much more than emergency toilet paper. |
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