cwerdna

I'm heading to South Korea next week (for the first time) and am wondering which is the best/better in terms of exchange rates and lower fees?

Cash would be obviously the least safe in case I lost it.

US traveler's checks: Do they fetch a better exchange rate than straight US dollars? Are they inconvenient to cash at a bank or the airport?

ATM: Would I be better off looking for an ATM that takes foreign ATM cards? Are they hard to find in Seoul and/or will they yield a poor exchange rate or have such high fees that it's not worth my while?

Credit card cash advance: I don't think I want to do that due to the fees and interest rate. I normally pay off all my credit card balances in full every month.

BearX220

Some (but not all) ATMs in the ICN landside arrivals hall will take a US ATM card and give you won. Best bet, I think. They're poorly signed, but there's a series of information desks and tourist kiosks and ATMs, etc. that run the length of the terminal, tucked between the exit doors that lead out to the vehicle set-down area, and the US-friendly ATMs are roughly every other one. The interface is kind of a struggle if you're English-only, but there IS an "ENGLISH" button to touch if you look hard enough.

poohhead80

How much are you going to exchange?

I recommend to exchange some US cash at the airport for your immediate use (taxi bus) and exchange your traveler's check at local bank.

http://www.keb.co.kr/IBS/nebanking/e...18020200000000

http://www.keb.co.kr/IBS/nebanking/e...8020202000000&

Exchanging USD into KRW at local bank in Seoul is very easy. I believe most banks in Seoul carry US dollar. (I was assuming the same in US when I crossed the border in Buffalo, NY. No local bank of america carries Canadien dollar!!!)

fumanku

I always exchange a small amount at arrival, then take out what I need from my ATM card. Exchange rates are significantly better than cash exchange.

splatnz

Agreed use an ATM when you get there. You have to find an international one but they are around especially in the business and tourist areas they have an English option and the rates are good.

SirJman

Sometimes the big banks have a 'Global ATM', normal korean ATMs wont take overseas cards.

Look for a KEB or Hana Bank, they are the most likely to have one.

atLAS, aLAS

If you are cheap like me, I'd bring US $100 notes. Make sure they are undamaged. The best rates for cash are at moneychangers that you see sitting on the stools in places like Namdaemun market in Seoul. USD/KRW spreads are around 0.5%.

You will soon see anecdotal evidence that the rate of theft in Korea is significantly lower than what you may be used to. The moneychanging ladies carry $30K-$50K in their overstuffed bags and sit out in the open with no security guards. In the evening, you will see obviously drunk men whip out their inch thick roll of bills in order to pay for a pack of cigarettes.

tigerkore

I tried three methods when I was last in Seoul in 2006.

1) Converting US $100 bills at the Inchon Airport.
(Result) The rate I got was not the best. Note: I found that the currency exchange desks in the baggage claim area were not quite as good as the desks outside in the main airport 'lounge'. Don't hit up the first exchange you find. While still in the airport, the area where the limo buses into Seoul had the best rates.

2) Traveler's Checks
(Result) I had a 'foreigner's' account set up at Oori Bank. For some reason they took my checks on the first try but further attempts at multiple branches left me with a 30 day wait for the checks to 'clear'. I think most representatives think that traveler's checks = bank checks... (I was there for 12 months and spaced out my traveler's checks at the beginning and then stopped using them).

3) US (WAMU Bank) ATM / Debit Card
(Result) This was the easiest method even if the exchange rate was barely off from what would have been the true rate. (It was comparable to any bank). I took my debit card to any Family Mart (7 Eleven style place and very easy to find in Seoul), swiped, and took out all the money I wanted from my WAMU account. The only fee was a .1% charge from my bank. It was just a couple pennies! I probably did this 20 or 30 times over 8 months...just taking out enough to last a week or so.

I definitely plan on taking cash and traveler's checks on my upcoming trip, but don't leave without your ATM card as well! Speak with your bank about charges and let them know that you'll be using it out of country. Hopefully there's a bank unlike the big stingy ones that you can use. Some of my coworkers who travel extensively (not Korea though) have mentioned PNC as a good alternative for out of the country ATM usage... I've never used them as I am in CA and PNC is on the east coast but I am looking for something good to replace my formerly superb yet now nonexistent WAMU checking account.

skchin

On average, airport exchange is pretty good. I wouldn't waste time trying to find the best bargain elsewhere. It's waste of time to save few hundred wons.

Dave Kersting

I am in Sangju south korea on business.
I stopped at the E-Mart and well as the HD bank to try to get money out of my US bank account with my visa debit card.

The machines at the back have a "english" button. The machines at E-Mart are only in Korean.

I keep getting a error code reciept when I try to withdrawl money. I have money in my account in the US so I am unsure why it wont give me money. Any idea????

8dimsum

"stumped"--had you informed your bank that you would be out of country and would be using your card?--- I ran into a similar problem on our Australia/NZ trip: I have a First Republic ATM card--I rarely use it and had not been by my local branch before the trip to be sure the card was activated. And I had not called in about my trip. Card flashed back ERROR upon my attempts to use it. Luckily, we have another card to use and I do carry cash.

---I contacted the bank upon my return: the card had been cancelled! because the bank noticed NO activity for several months. It had ignored the fact that I had deposited money to the account to exceed a minimal bal to avoid fees. Their point was that the card was inactive. If I had tried the card before the trip and discovered the problem...the local bank would have been able to issue a new card on the spot. This card would not have a VISA logo on its face. --- I kept a cool head and have a new replacement card in hand.

Does this scenario fit?

8dimsum

Is your card symbol for usage match the machines eg PLUS -CIRRUS-?

My other thought is, maybe the local ATMs are not set up to take foreign cards. Try the post office machines?

Another strategy that I would consider: I have a AMEX card and would go to a local office to cash a check. -

JJeffrey

I've been to Seoul twice in the past 2 months and have learned South Korean ATM's can be somewhat tricky.

As mentioned above, some are only in Korean and/or work only with Korean bank accounts.

I stopped at one ATM inside a bank, it accepted my card, but when using English the only withdrawal option was some ridiculous amount, IIRC 2,000,000 won. No thanks.

Also, it sounds silly, but make sure the card is inserted the right way. More times than once I've found the diagram on the ATM of how to insert your card with regards to the magnetic stripe to be completely backwards.

I've had good success using the ATM's in the Family Marts and other convenience stores, they're usually in English and have worked with my US & Swedish accounts.

pfifoltra

I have made the experience that the certain number of ATMs that indicate that they are global ATMS do not work with international cards, even if they have the sign of your card (Plus/cirrus or maestro) displayed. This is especially true if the ATM is not located within a bank. Sometimes they work, sometimes they dont - and two days after one of them worked it might not work any longer. It might be different in more touristy areas of Seoul.

I usually try to find a KEB ATM and so far I haven't had any problems with them. According to a friend of mine ATMs in post offices tend to work as well for international cards.

Dave Kersting

I found one in Sangju finally....After days of searching at all the places you recommended,,,, and after setting up a Korean acct and wiring money to it (cost me $60 to wire).......I found a global ATM that takes overseas visa Debit (Cirrus, Interlink).

It is......the CS bank near the center of town. The bank door has "money exchange" on it. There is only one global machine inside. And there is no CS charge for drawing money, but my US bank charges $1.50.

Thanks to all of you for your replies. Hopefully this will help a few other Americans in Sangju that are still in search for that illusive ATM.

Hopefully it doesnt break any time soon.