Currency Exchange back to USD from KRW?
 

20+ years of international business travel -- and I have always managed to spend my foreign currency, or bring some home for the kids, or pay down a hotel bill or buy some duty-free...

I am on a trip now where i have already accumulated way more currency (cash per diem) than I would blow on trinkets, and it needs to change back to USD. Yeah, my name is carpeperdiem (sieze the per diem) and this trip, the per diem has been accumulating, and my client has been paying for just about everything. And this trip is longer than usual -- so we're looking at about 2,000,000 KRW (about US$1900).

I would imagine the spread at ICN kiosks would be at least 4%, right?

Most discussion on FT all suggest paying down your hotel bill, or blowing it at duty-free, or save $20 for the next trip -- all great ideas that I have done in the past -- but once the value of the currency goes beyond pocket change, it's time to find the least costly way to convert this back to USD.

Has anyone tried to deposit KRW at a bank in NYC?

I guess the question is: does anyone know the spread and fees of a NYC bank (I have accts at Chase, Sovereign, TD) vs. the airport Kiosk at ICN vs. the airport Kiosk at JFK ? Who would prefer to sell dollars and buy KRW and give the better rates?

Anyone have first hand info?

Thanks,

cpd

I was told by Korean colleagues that the stand alone currency exchange kiosks in the Seoul shopping district (Myeong Dong) have very good rates, better than the banks located just a few feet away.

In my travel experience a good money changer in Asia generally has some very competitive exchange rates, better than any bank in the US can offer, especially for a minor currency like KRW.

The ICN rates are decent (outside the transit area), the ones inside aren't nearly as good. But Myungdong vendors, or Namdaemun box women are always better.

Thanks for the info -- My hotel is very close to the Myeong-dong area -- I can do my currency transactions there...

Are the currency exchange kiosks in Myeong-dong competitive with each other? I'll check it out and report back for a future reader of this thread.

Thanks for the suggestions!

cpd

Myeong-dong = I am lost

Banks were insanely crowded. And the few banks I tried were not buying KRW (they would buy dollars, but not KRW).
Didn't see any "currency exchange kiosks"
Gave up.
Can try again -- anyone know a specific place (better than airport) ?

Thanks.

PS -- Chase doesn't want KRW -- they said don't even try to bring it home.

They don't just sell currency - they're the little convenience kiosks selling cigarettes, snacks, etc. The ones that do currency exchange have paper money posted on their window, and also the KRW-USD exchange rate.

If all else fails - perhaps try Lotte Dept store? I'm sure they'll have a currency exchange counter though I'm not sure how much better they would be vs. the airport.

When I was in Seoul last year my colleague gave be great directions from Lotte to 2 kiosks (one to avoid, one to go to), sorry to say I didn't keep those instructions. But I recall the one to avoid was right in front of the Zara or Mango, and the one to go to further down that road after the next intersection. I remember it was right in front of a bank. Even the one to 'avoid' was fine, my colleague was just noting that the rates were better at the second kiosk.

Another way to find this might be to ask where to buy discounted Lotte Dept gift vouchers. Apparently these kiosks also sell the gift vouchers at 90% off.

Check the underground markets near the stations I find their rates better than the ones above ground.

If you see a little whiteboard with Y=13X,000 it is the rate from 10,000 Yen to SKW, and you'd be able to change there no problem.

You'll also want to be sure to change it tomorrow, as most of the shops will close over new year.

Ah... didn't realize new years eve was a national holiday until it was too late.

Did my currency exchange at the airport. Spread was exactly interbank -4% as expected. Thanks to all for trying to help!