chlak5 Posted May 29, 2015 Share Posted May 29, 2015 Hi Guys, I have Bank of America (Visa) Debit and Credit Card. I'm going to pay in cash because it makes much more sense to save that 5% extra for food. But what is the best way to do it? Should I open up a bank in Korea? I heard something about Citibank and how they don't charge you extra for transaction. And also HSBC not charging fees. What is the best way for my scenario. I'm going to have around $7000 USD Link to comment Share on other sites More sharing options...
hj88 Posted May 29, 2015 Share Posted May 29, 2015 I think the best option is to take the cash in full with you and exchange it at the money lenders in Myeong dong. You get better rates there then at the airport with no commission. I wouldn't bother with the bank account if you're having surgery straight away as there is a limit how much you can withdraw each day from the bank. The most I've ever been able to get out is 1 million won per day. Most clinics require payment in full up front before they will do your surgery. And you won't be able to open a Korean bank account without either a Korean passport or an Alien Registration Card Link to comment Share on other sites More sharing options...
bifrost Posted June 14, 2015 Share Posted June 14, 2015 I have read in a blog that Myeong dong seem to give the best rate too and that its better to exchange for krw in Korea rather than in your home country. Is there a limit to how much I can exchange at the money lenders place in Myeong dong? The rate here in the UK for 1.00 GBP ~ 1600.00 KRW based on HSBC conversion rate but the XE Currency Converter website rate is 1.00 GBP ~ 1732.00 KRW. Is that the going rate at the airports in Korea/Myeong dong? My bank, Hsbc's debit card have a 2.75% transaction fee: "Non-Sterling transaction fee of 2.75% of the exchange rate will apply on conversion, plus an ATM transaction fee – currently 2% (minimum £1.75, maximum £5.00)." Is the exchange rate usually made using local or the home bank account? I don't want to lose 850,000 krw for a £8500 transaction + 2.75% (£234) for using my debit card. Sorry if this is confusing, I'm trying to gather my thoughts and make as much sense of it as I can. Link to comment Share on other sites More sharing options...
hj88 Posted June 14, 2015 Share Posted June 14, 2015 I'm not sure what the exchange rate is for pounds. You never get the XE Rate anywhere though, it's always a little less. However my BF exchanged at Myeondong a month ago and the rate there compared to the airport was really as close to XE as I've ever seen. The airport was like 828W to $1 and Myeongdong was more like 850W to $1. And you don't change with a card you change cash for cash. Withdraw the money in your home country and then change all of it in Korea. That way you avoid all bank fees. And there's no limit on how much you can change at Myeongdong except if that particular exchanger runs out of cash. I changed $8k there once. They did comment "wow why so much" but they didn't care. Link to comment Share on other sites More sharing options...
bifrost Posted June 14, 2015 Share Posted June 14, 2015 Cheers HJ88, You put my mind at ease regarding this matter. Now I'm worried about the security at the airports asking about the large amount of cash. As long as they pull me aside and ask me and not around other passengers queuing up then I'm fine with saying I'm using it for surgery. Link to comment Share on other sites More sharing options...
hj88 Posted June 14, 2015 Share Posted June 14, 2015 Just make sure you declare it IF you are travelling with a declarable amount of currency (usually $10k or over). Otherwise you'll be fine. And even if you declare over $10k you can still take it all with you without any problem Link to comment Share on other sites More sharing options...
msnaive Posted June 18, 2015 Share Posted June 18, 2015 I withdrew cash with citi bank card free cash withdrawal fees. Of course the bank is not as good if you bring cash an exhange to Korean Won. But still acceptable. I lost about 24USD for exchange rate for 1mil Korean Won I withdrew. Still not that bad. I know a place at myedong that offers very good price. Th USD rate was 1112 compared to 1074 at the airport. Link to comment Share on other sites More sharing options...
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