December 20, 2014, 05:14:42 PM


Author Topic: Where to buy foreign currency?  (Read 3023 times)

Offline DMZ

  • Super Waygook
  • ***
  • Posts: 408
  • Gender: Female
Where to buy foreign currency?
« on: December 29, 2010, 09:32:29 AM »
I'm going on a trip to Australia soon and I was wondering where the best place to get some Australian dollars is? Does anyone know if I can get some from my local bank or is it better to get at the airport? Or perhaps it's better to buy US dollars and then exchange in Sydney?

Offline Gunpo_Erin

  • Super Waygook
  • ***
  • Posts: 375
  • Gender: Female
Re: Where to buy foreign currency?
« Reply #1 on: December 29, 2010, 09:42:52 AM »
KB and KEB usually have Aussie dollars on hand(from my past experiences).  I've also bought currency at the airport- which is another option depending on when your plane leaves. 

Offline tfuller

  • Super Waygook
  • ***
  • Posts: 381
  • Gender: Male
Re: Where to buy foreign currency?
« Reply #2 on: December 29, 2010, 09:43:10 AM »
Being an Australian, it's best if you try to send a telegraphic transfer (TT) to someones bank account in Australia from your Korean bank account.

If you're not from oz, then would be best to try and get USD from a bank here. Better rates.

Offline katrine

  • Adventurer
  • *
  • Posts: 55
  • Gender: Female
Re: Where to buy foreign currency?
« Reply #3 on: December 29, 2010, 10:21:27 AM »
I've never gotten Australian dollars from KEB, but whenever I have had to exchange money, they've always had what I needed on hand (JPY, USD). They had a fair rate, and only charged me 1,500w as a fee. My co-teachers have also said that if the bank doesn't have a currency they can do a special order...but who knows how easy that would be.

Offline jdniii

  • Veteran
  • **
  • Posts: 86
  • Gender: Male
Re: Where to buy foreign currency?
« Reply #4 on: December 29, 2010, 10:23:02 AM »
I've always exchaged from KRW--> USD --> local currency.  It always is a little better and sometimes a big difference. 

Offline goulash

  • Veteran
  • **
  • Posts: 160
Re: Where to buy foreign currency?
« Reply #5 on: December 29, 2010, 11:24:07 AM »
I don't know if changing to USD first will help you much in this case. Remember, each time you change currency, you're paying a commission, and your rates will be lower every time. As the Australian Dollar is quite strong at the moment (almost on par with the USD right now. US$1 = AU$0.99c) I'd just go with getting AU$.

As was mentioned earlier, if you can transfer money to an Aussie account, that's the best way to go. Otherwise, KEB is probably your best option. If you already have a KEB account, you can order the currency on line, and you'll get a better rate as well.

Offline jcheng461

  • Adventurer
  • *
  • Posts: 33
  • Gender: Male
Re: Where to buy foreign currency?
« Reply #6 on: January 05, 2011, 02:08:53 PM »
Hey goulash, I'm trying to order currency online.. but I can't find the "Cyber FX Service".. so I'm having trouble getting started. Can anybody help?

Offline vitamin-d

  • Featured Contributor
  • Super Waygook
  • ***
  • Posts: 344
  • Gender: Male
Re: Where to buy foreign currency?
« Reply #7 on: January 05, 2011, 02:16:21 PM »
Does anyone know what time the exchange counters close @ Incheon Airport?
Do they stay open all night?
http://waygook.org/index.php/topic,7772.0.html
for all my lesson plans & games...

Offline Gunpo_Erin

  • Super Waygook
  • ***
  • Posts: 375
  • Gender: Female
Re: Where to buy foreign currency?
« Reply #8 on: January 05, 2011, 02:19:06 PM »
I think they close around 8 pm- might be later but I am not 100% sure.

Offline Davey

  • Moderator - LVL 3
  • Hero of Waygookistan
  • *
  • Posts: 1602
  • Gender: Male
Re: Where to buy foreign currency?
« Reply #9 on: January 05, 2011, 02:21:34 PM »
I'm going on a trip to Australia soon and I was wondering where the best place to get some Australian dollars is? Does anyone know if I can get some from my local bank or is it better to get at the airport? Or perhaps it's better to buy US dollars and then exchange in Sydney?

it's better to exchange money IN the country you're going to, although you should avoid airports, hotels, and small kiosks. go to big banks. withdraw cash in korea and bring it over (although some people are uncomfortable with this obviously).

ATM and credit cards will give you the best exchange rate. however, korean debit cards obviously don't work; use your home debit card if you have $ in there. if you're gonna use your home credit card, keep in mind that if you're gonna use $ you make in Korea to pay off your home credit card, you'll getting dinged twice--the exchange rate on the card plus the exchange rate to send $ home to pay off the home credit card.

------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html

mteacher

  • Guest
Re: Where to buy foreign currency?
« Reply #10 on: January 05, 2011, 02:25:54 PM »
ATM and credit cards will give you the best exchange rate. however, korean debit cards obviously don't work;

If you really feel uncomfortable with the cash you could get a KEB Global check card.  It works at ATMs overseas too. :)  You also get a good discount if you have a KEB account and get FX from them then

Offline Davey

  • Moderator - LVL 3
  • Hero of Waygookistan
  • *
  • Posts: 1602
  • Gender: Male
Re: Where to buy foreign currency?
« Reply #11 on: January 05, 2011, 02:43:13 PM »
ATM and credit cards will give you the best exchange rate. however, korean debit cards obviously don't work;

If you really feel uncomfortable with the cash you could get a KEB Global check card.  It works at ATMs overseas too. :)  You also get a good discount if you have a KEB account and get FX from them then

wow, that's great to know. i heard no korean debit cards work overseas for foreigners.
------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html

Offline Koradian

  • Fanatical Supporter!
  • Super Waygook
  • ***
  • Posts: 443
  • Gender: Male
Re: Where to buy foreign currency?
« Reply #12 on: January 05, 2011, 02:44:07 PM »
USD and/or travellers checks in USD are always the best bet no matter where you go.

mteacher

  • Guest
Re: Where to buy foreign currency?
« Reply #13 on: January 05, 2011, 02:57:12 PM »
ATM and credit cards will give you the best exchange rate. however, korean debit cards obviously don't work;

If you really feel uncomfortable with the cash you could get a KEB Global check card.  It works at ATMs overseas too. :)  You also get a good discount if you have a KEB account and get FX from them then

wow, that's great to know. i heard no korean debit cards work overseas for foreigners.

I think it's because KEB caters for expats in particular.  They told me I won't be able to swipe my global check card in shops outside of korea but i will be able to withdraw money (it's also Visa).  Can withdraw and swipe anywhere in korea too. (some check cards cant be swiped in korea)

Offline karnaz

  • Adventurer
  • *
  • Posts: 26
  • Gender: Male
Re: Where to buy foreign currency?
« Reply #14 on: January 05, 2011, 03:37:43 PM »
it's better to exchange money IN the country you're going to, although you should avoid airports, hotels, and small kiosks. go to big banks. withdraw cash in korea and bring it over

This is not always true. I brought a large amount of Korean Won to exchange/sell for Japanese Yen in Japan only to find out they offered a much (54 JPY to 1000 KRW in Japan vs. 75 JPY to 1000 KRW in Korea) worse exchange rate. The best place to change/sell the Korean Won for another currency turned out to be in Korea for me.

Offline more porko

  • Adventurer
  • *
  • Posts: 39
  • Gender: Female
Re: Where to buy foreign currency?
« Reply #15 on: January 05, 2011, 03:46:43 PM »
Does anyone no if i can change Won for Indonesian Rupiah at Denpasar airport in Bali and if the rate is better than in Korea?

Offline Davey

  • Moderator - LVL 3
  • Hero of Waygookistan
  • *
  • Posts: 1602
  • Gender: Male
Re: Where to buy foreign currency?
« Reply #16 on: January 05, 2011, 04:23:41 PM »
it's better to exchange money IN the country you're going to, although you should avoid airports, hotels, and small kiosks. go to big banks. withdraw cash in korea and bring it over

This is not always true. I brought a large amount of Korean Won to exchange/sell for Japanese Yen in Japan only to find out they offered a much (54 JPY to 1000 KRW in Japan vs. 75 JPY to 1000 KRW in Korea) worse exchange rate. The best place to change/sell the Korean Won for another currency turned out to be in Korea for me.

yes, i shouldve wrote "generally better." but i still stand by that banks (ATM) and credit cards will give you the best rate, even after fees.
------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html

Offline m1zk0

  • Explorer
  • *
  • Posts: 24
  • Gender: Female
Re: Where to buy foreign currency?
« Reply #17 on: January 05, 2011, 04:29:51 PM »
does anyone know whether KB debit cards work in Thailand?

Offline Davey

  • Moderator - LVL 3
  • Hero of Waygookistan
  • *
  • Posts: 1602
  • Gender: Male
Re: Where to buy foreign currency?
« Reply #18 on: January 05, 2011, 04:32:24 PM »
does anyone know whether KB debit cards work in Thailand?

i think that no Korean debit cards issued to foreigners work overseas, except for the KEB (not KB) global bank card mentioned above.

to get confirmation, call your bank, but it's safe to say it won't work.
------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html

Offline vitamin-d

  • Featured Contributor
  • Super Waygook
  • ***
  • Posts: 344
  • Gender: Male
Re: Where to buy foreign currency?
« Reply #19 on: January 05, 2011, 05:56:13 PM »
USD and/or travellers checks in USD are always the best bet no matter where you go.

I think traveller's cheques are the worst idea.
There's never anywhere to cash them, especially in Asia.
Not at all convenient and redundant now there's ATMs basically everywhere.
A good credit/debit card and some common sense will do. 
http://waygook.org/index.php/topic,7772.0.html
for all my lesson plans & games...

 

Recent Lesson Plans

Making 3D snowflakes by Thomas Mc
[Today at 02:23:00 PM]


How the grinch stole christmas 1966 by kitster1
[Today at 10:50:32 AM]


What Was Your Worst Class of the Year Like? by Gekokujou
[Yesterday at 06:00:45 PM]


Absent/apathetic co-teacher for camp by Artisis
[Yesterday at 05:14:09 PM]


Hollywood Squares- Music Videos by lauragrace
[Yesterday at 04:59:57 PM]

Buy/Sell/Trade

Employment