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brucebruce
Joined: 10 Dec 2012
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 Posted: Sun Jan 06, 2013 1:57 pm Post subject: How do I get US currency in Seoul? |
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I am wondering how to get US currency for Korean won in Seoul. Will my Korean bank give me US currency if I ask when I withdraw? Or will currency exchanges in the airport do this? Are there better ways than a currency exchange?
Thanks |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Jan 06, 2013 2:28 pm Post subject: Re: How do I get US currency in Seoul? |
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| brucebruce wrote: |
I am wondering how to get US currency for Korean won in Seoul. Will my Korean bank give me US currency if I ask when I withdraw? Or will currency exchanges in the airport do this? Are there better ways than a currency exchange?
Thanks |
Any bank with a foreign exchange desk can sell you US$.
You will need your passport to be allowed to exchange currency (no, your ARC will not suffice).
You can exchange won to dollars at ICN as you depart as well. The rates are comparable to the similarly branded bank branches in the city. There are money changers on both the arrivals and departures levels of the airport as well as 2 more inside the secure zone (after you go through security). At the airport there are NO ATM machines inside the secure zone. There ARE ATM machines in the departures hall (along the back of the public areas)..
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sethzor
Joined: 03 Feb 2012
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| Posted: Sun Jan 06, 2013 2:33 pm Post subject: |
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| Depends on the bank. I know for a fact Hana bank and Shinhan bank do currency exchanges, but some other banks don't. You can exchange Won into whatever at Incheon airport, but you need to have some sort of a proof that you got the money legally if it's above a million (or maybe it was two million, I don't remember for sure...) won. Bank receipts should work for that. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Jan 06, 2013 2:41 pm Post subject: |
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| sethzor wrote: |
| Depends on the bank. I know for a fact Hana bank and Shinhan bank do currency exchanges, but some other banks don't. You can exchange Won into whatever at Incheon airport, but you need to have some sort of a proof that you got the money legally if it's above a million (or maybe it was two million, I don't remember for sure...) won. Bank receipts should work for that. |
You can exchange up to 10 million won to other currencies with no questions asked or proof required at the exchange counters at ICN.
True, not all bank branches have a forex desk but most do and all forex desks can exchange won to other currencies.
Most forex desks carry: USD, YEN, EUR, GBP, and many will carry CAD and AUD as well.
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lemak
Joined: 02 Jan 2011
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| Posted: Sun Jan 06, 2013 7:56 pm Post subject: |
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The best rate I ever found for buying U.S dollars was in the moneychangers in Songtan outside the Osan Airbase gate.
Say for example KEB, Shinhan etc. were selling USD cash at a rate of 1100 per $, the moneychangers sold them at a rate of 1080. Buy a thousand dollars you've just saved yourself 20 bucks. Nice.
Added advantage of being in and out in the time it takes you to count the money. None of this take a number, sit around while books are consulted, arguing over passports being stamped, taking one hour business.
My knowledge is just based on the Songtan moneychangers, maybe someone else could confirm about the ones up on the 'hill if they're the same. |
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seoulsucker
Joined: 05 Mar 2006
Location: The Land of the Hesitant Cutoff
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| Posted: Mon Jan 07, 2013 5:32 am Post subject: |
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| lemak wrote: |
The best rate I ever found for buying U.S dollars was in the moneychangers in Songtan outside the Osan Airbase gate.
Say for example KEB, Shinhan etc. were selling USD cash at a rate of 1100 per $, the moneychangers sold them at a rate of 1080. Buy a thousand dollars you've just saved yourself 20 bucks. Nice.
Added advantage of being in and out in the time it takes you to count the money. None of this take a number, sit around while books are consulted, arguing over passports being stamped, taking one hour business.
My knowledge is just based on the Songtan moneychangers, maybe someone else could confirm about the ones up on the 'hill if they're the same. |
Save $20 for what's likely to be a 2 hour round trip to Songtan for just about anyone living in Seoul? |
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young_clinton
Joined: 09 Sep 2009
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| Posted: Mon Jan 07, 2013 6:26 am Post subject: |
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| When you need sizable amounts of US currency in a foriegn country, the banks at the airport are the places to go to. In Thailand almost any bank exchanges thier currency to US dollars, but they never have enough of it except at the airport. |
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lemak
Joined: 02 Jan 2011
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| Posted: Mon Jan 07, 2013 7:02 am Post subject: |
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| seoulsucker wrote: |
| lemak wrote: |
The best rate I ever found for buying U.S dollars was in the moneychangers in Songtan outside the Osan Airbase gate.
Say for example KEB, Shinhan etc. were selling USD cash at a rate of 1100 per $, the moneychangers sold them at a rate of 1080. Buy a thousand dollars you've just saved yourself 20 bucks. Nice.
Added advantage of being in and out in the time it takes you to count the money. None of this take a number, sit around while books are consulted, arguing over passports being stamped, taking one hour business.
My knowledge is just based on the Songtan moneychangers, maybe someone else could confirm about the ones up on the 'hill if they're the same. |
Save $20 for what's likely to be a 2 hour round trip to Songtan for just about anyone living in Seoul? |
Thanks for the reply.
That's why I said maybe someone can check the moneychangers around H Hill if it's the same deal.
I have no idea where he's located. Do you? For all we know he's in Suwon or some shit and it's actually closer for him to head there than Seoul.
Also I mentioned that's based on changing 1,000 anyway. change 5 or 6,000 dollars and the trip becomes *well* worth it - getting to visit one of the coolest little necks of the wood in Korea in the process.
Anyway. I probably changed up 100,000 bucks or so in my time in Korea and as I said between exchange rates and ease of crap this place was by far the best. |
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Porksta
Joined: 05 May 2011
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| Posted: Mon Jan 07, 2013 7:40 am Post subject: |
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| Try going to your bank (Shinhan for me) and see if they have a coupon you can use for exchanges at the airport. I only got an extra $7, but hey, it is better than nothing. |
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jhsieh
Joined: 20 Dec 2012
Location: Southern California, USA
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| Posted: Thu Jan 10, 2013 3:01 pm Post subject: |
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| I believe Korea Exchange Bank located next to Gangnam station (I think exit #6) can exchange won for U.S. currency. |
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Los Angeloser
Joined: 26 Aug 2010
Location: Korea
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| Posted: Sun Jan 13, 2013 3:44 pm Post subject: |
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I go to Namdaemun, there are old ladies who exchange money on the sidewalks at a better rate than banks. They all pretty much buy/sell at the same rate but ask a couple of them to see and then choose one to deal with. These days are as good as they've been for a few years to get U.S. dollars.
US Dollar equals
1056.49 South Korean Won
Let's hope it gets even better. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Sun Jan 13, 2013 10:09 pm Post subject: |
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| Los Angeloser wrote: |
I go to Namdaemun, there are old ladies who exchange money on the sidewalks at a better rate than banks. They all pretty much buy/sell at the same rate but ask a couple of them to see and then choose one to deal with. These days are as good as they've been for a few years to get U.S. dollars.
US Dollar equals
1056.49 South Korean Won
Let's hope it gets even better. |
I second the moneychangers around Namdaemun. I used to think I got a good deal at Korea Exchange until I found that the Namdaemun people gave me close to the basic rate.
Make sure you get newer bills, though. I had a 100-dollar bill dated 1996 that most moneychangers in the Phils would not take. |
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