All about South Korea > Life in Korea
South Africa - Sending Money Home
ranteab:
I am going back home to South Africa.
I would appreciate it if someone could tell me where the best place would be to exchange Won.
I would also like to know whether it would be cheaper to wire the money home or to exchange the money here. I am thinking that if I were to exchange the money here, it would have to be for USD, which would incur a fee, I would then have to exchange it again in South Africa to ZAR and this would also involve costs.
DMZ:
If you would like to exchange some won for cash there are quite a few agents in Incheon Airport that carry ZAR, so you can cut out the whole dollar issue there.
As far as wiring your cash home, fees differ from bank to bank. I pay about R100 to send money into my Standard Bank account regardless of the amount I deposit.
murakano121:
--- Quote from: DMZ on March 25, 2011, 03:14:21 pm ---If you would like to exchange some won for cash there are quite a few agents in Incheon Airport that carry ZAR, so you can cut out the whole dollar issue there.
As far as wiring your cash home, fees differ from bank to bank. I pay about R100 to send money into my Standard Bank account regardless of the amount I deposit.
--- End quote ---
Incheon Airport is probably the worst place to exchange cash.....check out the exhange rates on the various banking websites first, particularly KEB (as they are more likely to hold ZAR) then make your way to one of the bigger branches.
If you want to exchange to USD first, then the money exchangers in Namdaemum will give you the best rates (possibly Itaewon or Myongdong might not be bad too, still better than the bank rates).
Castielle:
I sent money over to SA last week and I paid banking costs around 40dollars. It's really alot. But when you want to withdraw from SA then there's costs involved. I wouldn't feel comfortable exchanging so much money and walking around with it, that can be risky. Certain banks do charge more and I wouldn't go the - dollar and then Rand route. I'm at NH Bank so it may be that the costs are only expensive there.
murakano121:
--- Quote from: morne on March 28, 2011, 09:04:21 am ---I sent money over to SA last week and I paid banking costs around 40dollars. It's really alot.
--- End quote ---
Get a KEB bank account, 8,000 won charge to send money home and you can do it from internet banking.
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