Korean Job Discussion Forums

[the saint]

so... where to change won to pounds...?

[ttompatz]

[tzechuk]

It makes no difference whether you change it at the airport or at your local bank in Korea. They don't charge comission and the exchange rates are exactly the same.

I won't bother changing it back home, though, because I am sure Thomas Cook charges a 3% comission and if you put it in your bank, they will charge you an admin fee, which isn't worth it.

Don't send it either, because you lose money that way, too!

2m is just a little over 1000 quid, I'd say change it at the airport and take it home that way.

[holeinthesky]

I accidentally voted KB bank here, but ABSOLUTELY the best bet is to send it home by transfer. They'll charge a small transfer fee (15 000 won or so) but you get a decent rate and its so easy. Takes about 20 minutes the first time and after that you can just take in your receipt and from then on it will take about 5 mins. THe first time you will need your Alien reg. card or your passport.

The KEB (Korean Exchange Bank) gives a slightly better rate but I find by the time I've found one, taxied there etc, its just as efficient to use my local bank which already has all my details.

This is by far the simplest method. I wouldnt change won at the airport, the rate is shocking (for me into NZ dollars anyway) and definately never take won home, no one wants it (they don't even stock it in most NZ banks).

[huffdaddy]

Current rates:

KB

http://fex.kbstar.com/quics?page=A004032

KEB

http://www.keb.co.kr/IBS/english/fx/rate/rate/index.jsp

Their exchange rates are virtually indentical. Both have a better rate for transferring money (versus cash exchange), which is nearly negated by the transfer fee. So options 2 and 4 are virtually the same, moneywise. Transfer has less risk of loss.

[tzechuk]

I think you guys are not British.

Depending on the saint's bank back home, they will also charge a fee. This is in the region of 25-30 pounds, i.e. 50-60,000 won.

When I asked why they charged this fee, my bank said they didn't charge it, rather, the clearing house did....

I am not aware that things have changed.

[ilovebdt]

[ttompatz]

[the saint]

cheers guys... very useful. I'll be holding onto the cash while the wife wends her way homeward and then sending it home somehow. My bank doesn't charge much and I can actually max out by sending much more home later than right now.