Korean Job Discussion Forums

[acrane86]

I fly to Korea tomorrow. CLT-JFK then JFK-ICN. Can anyone give me advice on exchanging dollars to won. Where should I do it. I have 1300 dollars to exchange. Should I exchange 1/2 at CLT or JFK and the other half at ICN? Also, the Won is 1135 to one on the dollar currently. What is an acceptable fee to pay a company/bank that converts the currency. Any ideas/advice would be helpful.

What is the largest denomination of the won?

Thanks in advance....

[SMOE NSET]

I would exchange a few hundred dollars to Korean Won at Incheon Airport when you arrive. There are banks when you are leaving the baggage terminal that exchange currencies. They are right before the doors to exit the baggage claim.

Then, go to a bank when you get settled in and exchange the rest.

Korean Won (W) bill denominations:
1,000W
5,000W
10,000W
50,000W

[acrane86]

Thanks SMOE,

Why just a few hundred? Do the banks give better rates than then ones at the airport? Just curious.

Thanks,
Adam

[SMOE NSET]

Yes, banks give better rates outside of airports. That $300 should last you a couple weeks easily. By then, you should have a bank account that you can deposit the money in at the better rate.

Depending on your situation, your apartment might come with everything you need. Some schools will also give you a settlement bonus (I believe it is 250,000W at a public school).

[ajuma]

I agree with SMOE except for the depositing the money in your bank account. Think of those dollars as your emergency money and keep it in dollars and only exchange it on an as-needed basis. Things might not work out and you'll need those $ when you go home...or the exchange rate (God forbid!) might get even higher and you'll get a better deal.

[viciousdinosaur]

But your money back into your bank account and ask for a credit card. Credit card companies give the best exchange rate. I only wished it worked from Korea to Canada. You can use your credit card anywhere here.

[JustinC]

Apparently money changers in Itaewon have better rates but I've not used them (they're easy to find, though)