Korean Job Discussion Forums

canuck in Ansan · Joined: 27 Jul 2005

Hi!
I'll be finishing up my contract soon, and when I receive my final pay and severence, I assume I'll get it all at once, in cash, like all the other times I've been paid.
If I'm lucky, I'll be able to wire half of it home (I'm "legally allowed to wire home as much as I legally make...blah blah blah")
however, if I'm not lucky, and since I'm going to try to send home more than my pay this month (due to not having sent it other times), I may end up with 4+ million won in cash.
so, should I: take home the 4 mill in won?
Exchange it before I leave? (I imagine it will be easier to convert to US$, then change to cdn when I get home) and carry it on the plane?

Is there an easier solution that I just haven't figured out?
Has anyone else ever been in this situation?
Thanks

Dan The Chainsawman · Joined: 05 May 2005

I would exchange it just to reduce the sheer size of the amount of money you will have on you. Also I seem to remember it still being about 950 or so won to the the dollar so definitely exchange it.

prairieboy · Joined: 14 Sep 2003 Location: The batcave.

Why exchange it to USD then to CAD when you get home? Exchanging it twice will end up costing you more money.

If you are transiting through the US then exchange some of it into USD to cover your costs but put the rest into CAD so you don't get screwed on the exchange and service charges back in Canada.

Cheers.

poker player · Joined: 27 Sep 2004 Location: On the river

Convert won here. The rate in Canada is brutal compared to here. Also, why bother buying US and then converting to Cdn? Every time you convert you give up a couple of points. KEB has Canadian dollars.

canuck in Ansan · Joined: 27 Jul 2005

Thanks guys!
The reason I was saying US first was because someone told me that it might be harder for me to get that much in CDN....
But you're right. I'd much rather only change it once.

prairieboy · Joined: 14 Sep 2003 Location: The batcave.

If you are worried about the bank having enough CAD on hand then phone a few days in advance and tell them that you'll be changing 4 million won (or more into CAD). They'll order the necessary amount from the main branch.

The currency exchange counters in Incheon Airport will likely have enough to cover you since they've got lots of people heading out of country. I changed 2 million one time with no problem.

Cheers

Big Mac · Joined: 17 Sep 2005

I had my money changed from Korean Won into Canadian Dollars at KEB. I got a money order in my own name for the full amount. It made it easy to take on the plane with me. It wasn't a problem at all to get it cashed in Canada and deposited into my account.

I wouldn't change it into USD and then into Canadian. You'll lose money.

And whatever you do, don't go to a currency changer at the airport. The exchange rates suck.

Wiring it home is probably the best option, if you have an account to send it to. But then, there are bank fees on either end.

canuck in Ansan · Joined: 27 Jul 2005

a money order!! I never thought of that! (here's where I smack myself in the forehead). That saves me the worry of carrying that much cash!

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

Novernae · Joined: 02 Mar 2005

lilla_fjaril · Joined: 28 Aug 2005

I tried to get a cashier's check for $4000.00 US when I went home for Christmas and the people at KB Bank didn't understand what I wanted. I ended up getting 4000.00 in traveler's checks. That was okay but the rate seemed a little low. Does anyone know the hangeul for money order or cashier's check so I can try again?