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Best place to exchange for Korean Won?

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  • Oct 9th, 2018 5:17 pm
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Deal Guru
Oct 3, 2006
10493 posts
793 upvotes
Toronto

Best place to exchange for Korean Won?

Hi, I'm going to South Korea in less than two weeks and I need to exchange for some Korean currency. Which place will give me the best rate? Thanks.
32 replies
Newbie
Oct 14, 2014
13 posts
5 upvotes
Toronto, ON
You can try the Korean exchange bank at north York. (Beside moxies) yonge and sheppard. Or Shinhan bank ( korean) on yonge and sheppard.

Happy travels
Sr. Member
Jun 15, 2008
629 posts
87 upvotes
When I went in March, my local currency exchange dealer wasn't giving me a good rate. KEB was better. Check them out if you live near one.
Member
Dec 29, 2007
487 posts
289 upvotes
PMed you. I went 3 weeks ago and got a better exchange rate in Korea. Don't exchange at a bank here. The exchange for cash at a bank in Canada will be more than if you charge things to credit card.

I exchanged CAD to USD (I work at a bank so I get preferred rates). Then took USD to Korea and with the Lotte Duty Free VIP Membership benefit, I got 30% off the exchange rate/fee when exchanging at the airport outside of baggage claims area.

My friends exchanged CAD to KRW at the airport.
Deal Fanatic
User avatar
Feb 20, 2006
7575 posts
396 upvotes
Canada
When I was in Seoul, there were plenty of ATM's
Your best bet would be to inform your bank and withdraw from a machine there.

Or...get a Chase mastercard, overpay, and then do a cash advance for 1% if above $500CAD withdrawn.

I did method 2 and it saved me a bunch of money.

A lot of people are suggesting to do an exchange from CAD --> USD --> Korean Won, You'd be losing a lot of forex fees that way.
He died for me, I live for him
Member
Dec 29, 2007
487 posts
289 upvotes
shannn wrote: When I was in Seoul, there were plenty of ATM's
Your best bet would be to inform your bank and withdraw from a machine there.

Or...get a Chase mastercard, overpay, and then do a cash advance for 1% if above $500CAD withdrawn.

I did method 2 and it saved me a bunch of money.

A lot of people are suggesting to do an exchange from CAD --> USD --> Korean Won, You'd be losing a lot of forex fees that way.
Are you sure that interest won't be charged if you use your method of obtaining a cash advance although you overpaid?

Converting to USD worked out for me because I'm an employee at a bank and get a discounted rate. And Korea prefers USD over CAD, meaning the rate is better than CAD.

Also, timing could be a factor as well. After we exchanged, the KRW depreciated like crazy.
Deal Fanatic
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Feb 20, 2006
7575 posts
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Canada
noproblem wrote: Are you sure that interest won't be charged if you use your method of obtaining a cash advance although you overpaid?

Converting to USD worked out for me because I'm an employee at a bank and get a discounted rate. And Korea prefers USD over CAD, meaning the rate is better than CAD.

Also, timing could be a factor as well. After we exchanged, the KRW depreciated like crazy.
Nope, huge thread about the amazon.ca visa with no forex fees in the personal finance section. I've done this on multiple trips and my forex fee has always just been 1% when withdrawing with my method.

Must have saved me hundreds of dollars with all my travels for the past couple of years.

My mother works at a bank and gets a preferential forex rate, but, the card still ends up being better (1.9% for her vs. the 1% for the card)
He died for me, I live for him
Deal Addict
Dec 13, 2004
3495 posts
189 upvotes
Toronto
I used local ATM's when I was there 2 years ago. As others have suggested get the Amazon.ca Chase VISA.
Deal Guru
Oct 3, 2006
10493 posts
793 upvotes
Toronto
I ended up going to KEB at Yonge/Sheppard for the exchange. Paid $429.xx for 400,000 won.
Deal Fanatic
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Feb 20, 2006
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Canada
Aznsilvrboy wrote: I ended up going to KEB at Yonge/Sheppard for the exchange. Paid $429.xx for 400,000 won.
You just got ripped off by $17 by not going the chase visa method...it adds up
He died for me, I live for him
Deal Guru
Oct 3, 2006
10493 posts
793 upvotes
Toronto
shannn wrote: You just got ripped off by $17 by not going the chase visa method...it adds up
I would have went that route but I only have 1 week until my trip. I doubt the Visa would come in time by then even if I got approved. I'll go with the Chase Visa method next time.
Deal Addict
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Oct 16, 2008
4725 posts
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Exchanging for Won is always best done in Korea, and airport locations tend to have worse rates than inner city.

If you have spare USD, JPY, RMB or EUR lying around it's best take those because those are the prime international currencies and you will get the most bang for your buck in Korea.

Hope this helps any traveler planning to go to Korea.
Deal Addict
Jan 30, 2013
1431 posts
413 upvotes
RICHMOND HILL
[quote="ilove" post_id="20793621" time="1417845212" user_id="187813"]Exchanging for Won is always best done in Korea, and airport locations tend to have worse rates than inner city.

+1 even outside Gyeonbokgong by the ticket office you get better exchange rate than the airport.

In Seoul itself, the best exchange rate we got was near Chinatown in Myengdong.

The Lotte discount coupon is not much use
Newbie
Jul 1, 2015
4 posts
Kamloops, BC
[QUOTE]Exchanging for Won is always best done in Korea, and airport locations tend to have worse rates than inner city.

If you have spare USD, JPY, RMB or EUR lying around it's best take those because those are the prime international currencies and you will get the most bang for your buck in Korea.

Hope this helps any traveler planning to go to Korea.[/QUOTE]


Does this still apply in 2016? Just wondering because the Canadian Dollar is..you know. Would it still be ideal to exchange my CAD for USD and then exchange again in Korea?

Thanks
Deal Addict
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Oct 16, 2008
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FalseCreek wrote: Does this still apply in 2016? Just wondering because the Canadian Dollar is..you know. Would it still be ideal to exchange my CAD for USD and then exchange again in Korea?

Thanks
It is never ideal to exchange twice, you're going to be bending over twice. What I said (one year ago) was "if you had those 5 main currencies lying around"
Sr. Member
User avatar
Jun 15, 2008
839 posts
222 upvotes
Markham
Hate to bring this old thread up but will be going in April 2017.. what's the best way to convert to KRW? Should i stick to amazon chase card?
Deal Addict
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Mar 6, 2002
1359 posts
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Vancouver
shannn wrote: Nope, huge thread about the amazon.ca visa with no forex fees in the personal finance section. I've done this on multiple trips and my forex fee has always just been 1% when withdrawing with my method.

Must have saved me hundreds of dollars with all my travels for the past couple of years.

My mother works at a bank and gets a preferential forex rate, but, the card still ends up being better (1.9% for her vs. the 1% for the card)

If possible, can you share the steps for using the Amazon card to take out money? Just got the Amazon card recently and would like to know how to do this so that I can maximize savings.
For example, my next trip I would be withdrawing euro so I'm planning to put $1000 CAD into Amazon card. I won't be putting any charges on the card before the trip and will only use the card for purchasing once I've withdrawn most of the $1000 overpayment.
Deal Guru
Oct 3, 2006
10493 posts
793 upvotes
Toronto
onefive wrote: Hate to bring this old thread up but will be going in April 2017.. what's the best way to convert to KRW? Should i stick to amazon chase card?
I would say stick to the Chase card. The exchange rates here aren't that great, even at KEB.

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