Buying Foreign Currency
#16




Join Date: Jun 2006
Location: California
Programs: various
Posts: 4,240
If you need to do this on a more frequent basis, you may want to find out if the recipient passes by an ATM whenever she goes outside her residence, and if she is willing and able to use an ATM to get currency.
If so, consider the following:
Find a bank is no service charge to maintain an account, and the lowest possible fee to use an ATM not owned by the bank (or is within the same banking company as the recipient's convenient ATM and does not charge a fee). Get an ATM card with a 4 digit password (verify with the bank that it will be usable to get currency in Korea). Mail the ATM card to the recipient, then phone the recipient to give the password. If you need to send money, just deposit it in the account, then phone the recipient that she can pick it up at the ATM.
If so, consider the following:
Find a bank is no service charge to maintain an account, and the lowest possible fee to use an ATM not owned by the bank (or is within the same banking company as the recipient's convenient ATM and does not charge a fee). Get an ATM card with a 4 digit password (verify with the bank that it will be usable to get currency in Korea). Mail the ATM card to the recipient, then phone the recipient to give the password. If you need to send money, just deposit it in the account, then phone the recipient that she can pick it up at the ATM.
#17




Join Date: Jul 2005
Location: SFO/SEA
Programs: Amex Biz Cent, Marriott LTP, Avis PC, Hilton Owners Diamond, AS MVP
Posts: 3,405
Another option in the future is American Express Foreign Currency. They had fairly competitive rates for Malaysian Ringgits (and not to mention they actually carried that currency-nobody else did). If you have a Plat/Cent card with amex the convenience fee of $15 is waived.
I checked and they do offer Korean Won, they dont quote the exact rate but they are selling a thousand won note for $1.13. Seems like a better rate than the travelex place because if you do the algebra, AMEX price works out to be roughly 952 won to the dollar. If you can get out of the convenience fee and get the cheapest shipping of $5.95 AND order in bulk (and send to Korea as needed) so you don't have to pay 5.95 shipping each time, you are getting a far better deal.
edit- Link to AMEX
I checked and they do offer Korean Won, they dont quote the exact rate but they are selling a thousand won note for $1.13. Seems like a better rate than the travelex place because if you do the algebra, AMEX price works out to be roughly 952 won to the dollar. If you can get out of the convenience fee and get the cheapest shipping of $5.95 AND order in bulk (and send to Korea as needed) so you don't have to pay 5.95 shipping each time, you are getting a far better deal.
edit- Link to AMEX

