Korean Job Discussion Forums

[PeteJB]

I'm one of of those few people who actually send a fair bit of cash INTO Korea and not the other way around - I usually do this by direct bank transfer from HSBC to Woori. HSBC charge about 15 pound for the one way, and Woori probably charge the same (though I've never checked nor seen any transaction fee in my statements) - I have a few questions about what would be the best methods to get my money into WON without large fees or shabby exchange rates.

I usually forward cash in GBP as opposed to USD, because HSBC's exchange rate into dollars is pretty poor. A few days later the money appears in my Woori account as Korean WON. I never see a transaction fee, so I just assume it's taken out of the value before being put in (?).

So, what is the best way to get my money into WON? Should I keep sending money with HSBC, losing somewhere in the region of 100,000 won on their exchange rate + transaction fee, or should I be doing something else? Should I get cash directly in the UK first, or withdraw from an ATM in Korea?

I met a friend from Sweden once who said he simply uses an ATM and get's a better deal, so I was little taken back by it. Am I missing something here? Do ATM transactions give better rates?

[madoka]

Whenever I go to Korea, I bring the maximum I can. If I run out, I have Western Union send more directly in the form of US dollars. Then I can shop it around the Namdaemun ajummas to get the best rate.

[LL Moonmanhead]

I am also interested to know this. I need to send 25,000 pounds over here before the end of the year... just waiting for the x-rate to creep up a little bit more.

[Murakano]

through Foreign exchange (FX) brokers is the best way for sending large amounts.....

Like

http://www.hifx.co.uk/Personal/Online-Transfers/Features-and-benefits.aspx?

You can read up a bit about it by following links on

http://www.moneysavingexpert.com/banking/foreign-currency-exchange#step4