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jack_b57
Joined: 02 Sep 2010
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 Posted: Mon Jul 04, 2011 1:03 pm Post subject: Money question: Best way to exchange Korean money to dollars |
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In terms of convenience, exchange rate, etc - what would you say this is the best way to exchange my money? I'm going to the US, anyway, so I can exchange my dough here, or in the US.
I gots an ATM bank card (from KEB bank) with a "PLUS" icon in the back, so I'm guessing I can just use a regular ATM back in the States and withdraw my Korean won savings directly into US dollars. Will this work out OK? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Jul 04, 2011 3:59 pm Post subject: Re: Money question: Best way to exchange Korean money to dol |
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| jack_b57 wrote: |
In terms of convenience, exchange rate, etc - what would you say this is the best way to exchange my money? I'm going to the US, anyway, so I can exchange my dough here, or in the US.
I gots an ATM bank card (from KEB bank) with a "PLUS" icon in the back, so I'm guessing I can just use a regular ATM back in the States and withdraw my Korean won savings directly into US dollars. Will this work out OK? |
BEST way (assuming more than $2000 or so) is to wire it home to your bank there.
Next best way is to covert to cash HERE. Do it at your local bank or at the airport (the difference, unless you are talking $10k is negligible).
Using your ATM at home is an expensive way to do it (the ATM service fees (from both ends) add up in a big way) and will cost you more than the difference between the cash and wire prices.
DO NOT TAKE WON OUT OF KOREA. Get your dollars here.
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Ralphie
Joined: 24 Mar 2010
Location: Beijing, PRC
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| Posted: Mon Jul 04, 2011 6:03 pm Post subject: |
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| Similar question that OP posted...can I purchase a money order or bank draft in USD at a Korean bank? I would like to re-pay someone back in the US, but his bank account information is not readily available. Also, if someone could please type the Hangul translation for "money order or bank draft in USD." Thanks! |
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isisaredead
Joined: 18 May 2010
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| Posted: Mon Jul 04, 2011 6:27 pm Post subject: |
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yes, you can. usually in pretty much any currency.
i don't know the hangeul, but i can tell you that you don't really need to know. KEB and indeed most banks ALWAYS have someone who can speak enough english to guarantee you get what you want. |
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CasperTheFriendlyGhost
Joined: 28 Feb 2007
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| Posted: Mon Jul 04, 2011 9:18 pm Post subject: |
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| I got a much better rate at a booth in Namdaemun than at the local banks, not sure why. Maybe they truck in black-market dollars. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jul 05, 2011 3:38 am Post subject: |
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| Ralphie wrote: |
| Similar question that OP posted...can I purchase a money order or bank draft in USD at a Korean bank? I would like to re-pay someone back in the US, but his bank account information is not readily available. Also, if someone could please type the Hangul translation for "money order or bank draft in USD." Thanks! |
Yes, any bank that has a foreign exchange counter will be able to issue a bank draft/money order/cashiers check drawn on a US bank and payable in USD.
Just ask for a money order.
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jack_b57
Joined: 02 Sep 2010
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| Posted: Fri Jul 08, 2011 12:21 am Post subject: Re: Money question: Best way to exchange Korean money to dol |
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Thanks. One more question about this - does anyone know if it's possible to transfer money from a Korean account to a US (or out of Korea) account while you are in the US (or out of Korea)?
I don't get paid until a few weeks after I leave Korea and arrive in the US, and I am trying to figure out how to get that money in dollars while I'm in the States.
| ttompatz wrote: |
| jack_b57 wrote: |
In terms of convenience, exchange rate, etc - what would you say this is the best way to exchange my money? I'm going to the US, anyway, so I can exchange my dough here, or in the US.
I gots an ATM bank card (from KEB bank) with a "PLUS" icon in the back, so I'm guessing I can just use a regular ATM back in the States and withdraw my Korean won savings directly into US dollars. Will this work out OK? |
BEST way (assuming more than $2000 or so) is to wire it home to your bank there.
Next best way is to covert to cash HERE. Do it at your local bank or at the airport (the difference, unless you are talking $10k is negligible).
Using your ATM at home is an expensive way to do it (the ATM service fees (from both ends) add up in a big way) and will cost you more than the difference between the cash and wire prices.
DO NOT TAKE WON OUT OF KOREA. Get your dollars here.
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Ramen
Joined: 15 Apr 2008
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| Posted: Fri Jul 08, 2011 12:34 am Post subject: |
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if you need to exchange in excess of 50 million won to $, go to the airport arrival gate with a small sign. offer better exchange rate than the bank booths.  |
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SCAshley
Joined: 15 Nov 2010
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| Posted: Sun Jul 10, 2011 10:13 pm Post subject: |
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| Does anyone know if there is a money exchange place at Incheon airport open on the weekends? I leave for the US next Saturday and am deciding whether or not to just to buy US dollars from my bank (KEB) or wait to do it at the airport. Is there much of a difference in the exchange rate? |
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chrisinkorea2011
Joined: 16 Jan 2011
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| Posted: Sun Jul 10, 2011 10:42 pm Post subject: |
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| Ralphie wrote: |
| Similar question that OP posted...can I purchase a money order or bank draft in USD at a Korean bank? I would like to re-pay someone back in the US, but his bank account information is not readily available. Also, if someone could please type the Hangul translation for "money order or bank draft in USD." Thanks! |
money order = 우편환 (oo pyuhn hwahn)
bank draft = 은행어음 (eun hehng uh eum) |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Jul 10, 2011 11:14 pm Post subject: |
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| SCAshley wrote: |
| Does anyone know if there is a money exchange place at Incheon airport open on the weekends? I leave for the US next Saturday and am deciding whether or not to just to buy US dollars from my bank (KEB) or wait to do it at the airport. Is there much of a difference in the exchange rate? |
The banks in the airport are open 0900-1600 M-F.
All of the exchange booths are open from 06:00-21:00, 7 days-a-week.
(hana bank from 05:30-23:00).
There is a small difference between the airport and the forex rate in town but unless you are talking about LARGE sums it won't make any real difference. Do your exchange where it is most convenient for you.
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