Well, I’m not going, but a friend is.
She is wondering what to do about exchanging money - use banks? exchange stores? Should she bring her credit card?
What would you recommend for travellers cheques? AE?
You can exchange money right in the airport when you get to Korea. Or she could go to a bank, either way.
Just tell her to go to her local bank at least a week before her trip. She can order the currency there. It usually takes a couple of days. Aiports also have exchange bureaus and she could look online to see where they’re located in Korea.
Edited to add that if she wants to use her credit card in Korea she should call the credit card company before hand and let them know the dates she will be gone. Sometimes when you try to use a card in a foreign country your card company will freeze the account thinking it us being used fraudulently.
Korea is a big place, where exactly is she going? If she’s going to be sticking around Seoul then she can probably use her credit card or atm card to get Won when she needs it. If she’s going to be at other smaller cities, then I’d suggest pulling money out at the airport and keeping it on her. As I recall, I don’t remember any ATM machines in Osan that weren’t on base.
There are ATM’s off post, and usually the best exchange rate is through them. The rate will change a couple of times during the day. Also, as advised earlier in this thread, have her call the credit card companies and inform them so the cards will be useful in Korea.
Sgt Schwartz
No need to exchange money. Just use the ATM. Make sure to let the bank know that the card will be used in Korea, so they can remove any Out of Country security measures that might be protecting the card.
Once the bank says you’re good to go with foreign ATMs, you need to keep an eye out for the good ones. Not all of them will accept foreign cards. So, if the first one doesn’t work, go to the next.
Look for the ones I call NICE MONEY. Sometimes it will say NICE in Korean-- 나 이 스. (Look Close at the pic) When you’re lucky, it will have a logo with a 4-pointed star in the center and an N, I, C, E going clockwise around the star. These ATMs seem to work 100% of the time with foreign ATM cards.
If, for some reason your friend finds herself with a shit load of euro or dollar or whatever is local to her, and she is needed to exchange it in Korea… stop by the nicest, richest hotel you can find. I recommed any of the Paradise Casino ones. Anyway, go up to the Customer Service desk at a really really nice hotel and they will exchange your foreign currency to won at the prime rate. They’re not making profit off of the transaction like those “Exchange your Money Here!!” places. Avoid those places. Use hotels.
Okay, I’ve given out enough secrets…
Also should add that I use my Bank of America Visa Check Card over there with no problems at all. The exchange rate is always the best I could get, and there is a nominal (most always less than 40 cents) “foreign currency” charge added to my statement for the transactions. I think I was charged 80 cents once for a 500 dollar purchase or something. So if I could, I just used it like a VISA. Other times I just used it in a NICE MONEY ATM and bought things with cash.
Oh… Traveler’s Checks?? I couldn’t possibly imagine a benefit of using traveler’s checks. Dont bother. Bring an ATM Card and any Credit Cards.
Keep one Credit Card in a suitcase just in case some emergency like losing her wallet occurs.
Insurance / backup money? In case she loses her cards, I mean.
An emergency card in the suitcase solves that one. So not convinced there is any benefit of traveler’s checks anymore. Maybe years ago… before Check Cards. But no longer.
I’m open minded and willing to be shown a reason. But unless a person doesn’t have a bank account or something, what is the point of traveler’s checks in 2007?