Korean Job Discussion Forums

[Meggiebea]

I am Canadian but I am wondering if it is better to bring CAD or US money to exchange in Korea to get me through the first month. I was going to buy WON here but apparently it is way more expensive to buy it out of the country. Any thoughts?

[Young FRANKenstein]

[jeffkim1972]

If you convert all of it at once and spend all the money, it doesn't matter.

I believe the last time i checked, the Canadian dollar was more steady against the WON than the US Dollar.

And since the dollar is always gaining strength, then if you convert US to and later convert back, you will lose money.

Whereas for the Canadian, you will break even, just lose your commision and rate differential.

[mrd]

You'll have no problem walking into any bank in Korea with your foreign money and cashing it in for Won.

When I sold $3000 CDN for Won I was only charged about W30,000 for the service.

[gmat]

Don't exchange your money more than you need to. Therefore if you have Canadian funds, take it with you and convert (or convert it before you go if possible at good rates).

At any point in time, it is impossible for you to arbitrage currencies.

[Ya-ta Boy]

If you have Canadian money now, it wouldn't make sense to trade it for US dollars and pay the fee, then exchange that for Won and pay the fee again.

[Meggiebea]

Ok thanx guys. i was also wondering about how easy it is to exchange Canadian cash, some places I have travelled it is so much easier to exchange US cash. But according to your responses exchanging CAD should not be a problem.
Can you exhange CAD to Won at any bank?