Using US Dollars in Seoul, Korea?
May 13, 2008, 3:10 pm
#1
Original Poster
Join Date: Jan 2002
Location: Mpls. Minnesota USA
Posts: 157
Using US Dollars in Seoul, Korea?
Having been in most other areas in SE Asia, always found the local people were happy to get U S Dollars ...shops etc. Have not visited Seoul but would appreciate anyone who has been there recently to supply some insight?? Maybe since the value having tumbled, they are not apt to want USD???? REB
May 14, 2008, 4:02 am
#2
Join Date: Dec 2007
Location: Melbourne, Australia
Programs: CX Silver, QFF Bronze, Mabuhay Miles
Posts: 571
Having been in most other areas in SE Asia, always found the local people were happy to get U S Dollars ...shops etc. Have not visited Seoul but would appreciate anyone who has been there recently to supply some insight?? Maybe since the value having tumbled, they are not apt to want USD???? REB
May 14, 2008, 10:54 am
#4
Suspended
Join Date: Sep 2006
Location: MSP
Programs: DL MM (thanks PMNW!), DL PM, UA PLT, just about every darn hotel program-generally GOLD type level
Posts: 783
Welcome to the 21st Century
The dollar is so 20th Century, people want Euros now. Plan to change your currency.
You may be able to use $ in Itaewon and other super-touristy areas but as noted above you probably won't get a good rate.
Korea is a great country, I'm on my way there right now. Have a good time on your trip!
You may be able to use $ in Itaewon and other super-touristy areas but as noted above you probably won't get a good rate.
Korea is a great country, I'm on my way there right now. Have a good time on your trip!
May 14, 2008, 11:01 am
#5
Join Date: Dec 2003
Location: Jersey City, NJ USA
Posts: 975
Having been in most other areas in SE Asia, always found the local people were happy to get U S Dollars ...shops etc. Have not visited Seoul but would appreciate anyone who has been there recently to supply some insight?? Maybe since the value having tumbled, they are not apt to want USD???? REB
FYI, Korea's not in SE Asia.
May 14, 2008, 11:09 am
#6
FlyerTalk Evangelist
Join Date: Nov 1999
Programs: FB Silver going for Gold
Posts: 21,794
Even places like H.K. where the HKD has been tightly pegged to the USD for around 2 decades, the USD isn't accepted at the exchange rate.
One place where the USD was accepted at par was Argentina when the currency ('90s Peso) was pegged at parity to the USD, and it was also accepted during the inflationary Real era before that.
One place where the USD was accepted at par was Argentina when the currency ('90s Peso) was pegged at parity to the USD, and it was also accepted during the inflationary Real era before that.
May 16, 2008, 1:26 pm
#8
Join Date: Apr 2003
Location: Rochester Hills, MI
Programs: NW, MR SE,
Posts: 385
Currency exchange
You should be able to exchange the USD to KRW in most major hotels if you need some KRW in a rush. Otherwise, get some at the airport. From my few trips there, I think it makes more sense to have the KRW than the USD. You'll have better luck doing this even if you have to get it back to USD than trying to get a good exchange rate some place in town, if you can find it.
HJ
HJ
May 20, 2008, 11:19 am
#9
Join Date: Feb 2007
Location: Georgia and Manila, PH
Programs: NW Gold Elite, DL, HH, Victoria Court Select Member
Posts: 637
I think a lot of shopkeepers in SE Asia accept any hard currency as the minor inconvenience of converting it later is outweighed by the prospect of losing a sale to someone else who is more amenable. Of course in places like Cambodia the USD is the de facto currency. But I seriously doubt greenbacks will be well received in an advanced country like South Korea.
FYI, Korea's not in SE Asia.
FYI, Korea's not in SE Asia.
Why waste time trying to spend dollars when you can easily exchange your green cash for Korean Won??? Can you imagine if a "foreigner" came to you and wanted to buy something using Yen or Won? Would you be offended? I would. It is only fair to use the currency of the country you are visiting, regardless of how strong you think the currency of your home country is. Agreed? Good. Please don't make all of us look bad by demanding that foreigners accept USD.
Aug 8, 2012, 7:51 am
#10
Join Date: Jan 2006
Programs: Skyteam
Posts: 5,759
Back in June, I was able to persuade 2 vendors outside of Seoul to accept US dollar, however they wanted 1:1 exchange. Since US dollar is pegged higher, I wouldn't recommend it unless you were desperately out of Korean money.
Aug 10, 2012, 3:31 am
#11
Join Date: Mar 2006
Posts: 1,638
while merchants accepting USD in cash appears to be uncommon, be on the watch for merchants who take credit cards and process the purchase in USD instead of won.
dynamic currency conversion adds a 3% fee on top of any foreign exchange fee, and the exchange rate it uses is often considered a poor rate. the merchant is supposed to ask if you'd like to make the purchase in USD (really, in your home currency, so this would apply to euros, yen, etc). but the reality is that the DCC fee is free money to them, so they might not be so scrupulous.
dynamic currency conversion adds a 3% fee on top of any foreign exchange fee, and the exchange rate it uses is often considered a poor rate. the merchant is supposed to ask if you'd like to make the purchase in USD (really, in your home currency, so this would apply to euros, yen, etc). but the reality is that the DCC fee is free money to them, so they might not be so scrupulous.
Aug 11, 2012, 10:41 am
#12
Join Date: Jul 2002
Location: San Francisco
Posts: 55
There is really no advantage to carrying USD in Korea. Most local banks will exchange USD to Korean Won. All banks except Standard Chartered and Post Office open from 9 AM to 4 PM, Monday ~ Friday. Standard Chartered and Post Office open until 4:30 PM. No banks open on weekends, except the airport locations.
Credit cards are widely used in Korea including taxis. Not all ATMs in Korea can accept foreign credit cards, but global ATMs can be found at limited locations. Citibank Korea has globalized all of its ATMs in Korea.
Credit cards are widely used in Korea including taxis. Not all ATMs in Korea can accept foreign credit cards, but global ATMs can be found at limited locations. Citibank Korea has globalized all of its ATMs in Korea.
Aug 11, 2012, 2:25 pm
#13
Join Date: Dec 2006
Location: BKK/SEL/YQG
Posts: 2,543
There is really no advantage to carrying USD in Korea. Most local banks will exchange USD to Korean Won. All banks except Standard Chartered and Post Office open from 9 AM to 4 PM, Monday ~ Friday. Standard Chartered and Post Office open until 4:30 PM. No banks open on weekends, except the airport locations.
Credit cards are widely used in Korea including taxis. Not all ATMs in Korea can accept foreign credit cards, but global ATMs can be found at limited locations. Citibank Korea has globalized all of its ATMs in Korea.
Credit cards are widely used in Korea including taxis. Not all ATMs in Korea can accept foreign credit cards, but global ATMs can be found at limited locations. Citibank Korea has globalized all of its ATMs in Korea.
Aug 14, 2012, 10:58 am
#14
Join Date: Sep 2011
Location: Dallas, TX
Programs: UA 1K, AA EXP, Marriott LtP, Hilton Diamond, Hertz PC
Posts: 43
I was there in May and I highly recommend you exchange to won. In the 80's and 90's dollars were more easily accepted but now forget about it. Do yourself a favor and save yourself the hassle of trying to convince them in taking USD.
Aug 14, 2012, 9:26 pm
#15
Join Date: May 2005
Location: ICN
Programs: DL Gold, UA
Posts: 7
I have lived here for over two years now, and the only places that regularly accepts USD are some of the foreign restaurants (McDonald's, Starbucks, etc) in Itaewon. The exchange rate is below market. Some vendors may do it but they will do the 1 USD = 1000 KRW. Considering the ease of using the money changers at ICN, you are much better off converting dollars.