Buying Foreign Currency
 

I need to buy a modest amount of South Korean Won in Washington, D.C. I just went to a Travelex Office and was quoted 842.2 won to the dollar. The current rate per yahoo finance is 949.2 to the $. I expect to take a larger hit than if I were to buy it in country, but is this seems like a large variance? Since I never buy foreign currency in the US, I have no idea if such a difference is normal. Any experinces you've had would be helpful. Thanks

I never buy foreign currency from an exchange house. I have found that an ATM card will usually give you the best rate. I have never had a problem finding a machine in the arrivals area of major airports.

Yes I agree. However, in this case it cannot be helped.

Consider it a convenience fee, like a minibar.

go to a korean grocery store & ask them how to buy modest quantities.

Are you planning on buying some KRW to add them to your currency collection in the US? Or are you set to travel to KR? In the latter case, don't worry, there will be plenty of ATMs right at the airport, and there will also be several banks that offer far better rates than what you were quoted in the US.

That's good thinking. What do you think the chances are that they have KRW on hand from someone who paid with it. It wouldn't surprise me, Koreans are funny like that. A Korean store in the US might take Won if they thought it was in their interest.

Long story short. We want to send some cash to my wife's grandmother who is very old and quite poor. Sending a check will be very difficult for her. Other than going to church, she rarely leaves her tiny apartment that she shares with another elderly lady. We don't know if she even has a bank account, so wiring is out of the question. We are only talking 200,000 Won (~$200) so I'm not real worried about mailing it.

Again, I understand how easy it is to get cash in country, I've done it all over the world. However, it just doesn't make sense to travel to Korea to save $30-$50. MRers might disagree. ;)

I think you are right. $30 is neither the end of the world nor worth the time and energy I am putting into not paying it.

Thanks for the perspective.

I understand your situation much better. $200 is not much to deal with but the $30 is probably going to be your price. Sorry I can't help you more but I have no experience buying SK Won.

I have occasionally used the Bank of America foreign currency service when I needed cash before a trip. I checked and it looks like they are giving 858 KW per $ right now. You can order on-line and pick up at the nearest branch. I don't think you are going to get anything close to the 940+ you are seeing as the official exchange rate.

JR

I'm sorry to have to say this... (let me put on my Tony Soprano voice) What's wrong with you guys? :mad: I'm sure your old grandmother did not just become poor overnight, did she? Why haven't you guys sent more money to her in the past? If you have kids, they'll probably treat you the same way once you're old... Even the Guatemalan guy who just repaved my driveway said he sends money back to his eldery parents EVERY single week.(and they live in a remote little village that's not even on a map, according to him)

By the way, I second the suggestion about going to your local Korean grocery store.

You should be sorry. You have no idea about the situation yet feel it is your duty to preach. Shame on you.

I'm commenting based on what you wrote. How can someone not even know if their parents/grandparents have a bank account or not? I visit my grandparents every other weekend and they live 2500 miles away. I make sure they have everything they need.(from making sure the paperboy get the morning paper to them on-time, to mowing their lawns)

Thank you to all who were helpful and had something relevant to add. The resolution was I walked accross the street and bought it from TravelEx. BofA would have saved me a couple of dollars but the timefactor was more important to me. As an FYI, I went into BofA (it's in my building) to see if on the off chance they had some on hand. They did not, and the CSA told me that it is actually faster to order it online (3-5 days) rather than going into the branch and ordering it from them (5-7 days).

No you're not. You are commenting on what you think I left unwritten and filling in the blanks with your own conclusions. The fact that I didn't write my family history in this thread, let alone my newly wedded wife's family history doesn't give you the right to pass judgement. Feel free to add your unhelpful and unsolicited comments. I'm not coming back to this thread and all you are doing is muddying the record for someone who might later search on this topic and otherwise find the other posters' responses helpful.

Welcome to FlyerTalk DebbieS, I'm sure you'll make lots of friends here.