Where to go to convert US $ into foreign currency?

I am trying to avoid the rediculious commission fees at the airports and yes when we get to our hotel in Korea they will convert our travelers cheques.

I need to have a few hundred U.S. dollars changed into foreign currency (mainly for taxi and other street expenses upon arrival).

Our bank is out of state (b/c we bank with USAA) and I am wondering if anyone knows where I can convert USD at a reasonable rate?

Time is of the essence, we got "the call" and plan to leave in the next few days - still waiting for seats on the next available KAL flight to Seoul.

Thanks for your help.

 

Check with your bank and see what the rates are if you use an ATM to draw cash in Korea.

If the rate is ok, then no need to exchange any $$$.

 

If you're a member of AAA, you can exchange currency with them: http://www.aaamidatlantic.com/financial/foreign_currency.asp

Good luck with your trip. I hope everything goes smoothly.

 

YAY!!!!

Try the bank across the street from us, they are very nice and accomodating and might do it for non-customers.

 

We always just pull the local currency out at the ATM when we arrive in the airport. We find it to be the cheapest and easiest way to take care of the exchange. Some people worry that the ATM might be out of order, can't find it, no time, etc. If you'd rather have cash in your pocket when you leave - AAA is a great option as mentioned. Also, it's a drive but to get foreign currency on short notice (for a pretty cheap price) you can go to BB&T to get them. Unfortunately, you can't go to any of the local branches - I've found it usually takes 5-7 days for the foreign money to arrive. It has to be the main one - I don't know the exact address but you can't miss it - It's the two real tall buildings right at Seven Corners - take the Toll Rd. to Rt. 50 and drive East. The two buildings are right on your left when you get to Seven Corners. Now - that being said, you would probably spend more on time and gas than exchanging at the airport....but I thought I'd mention it in case you know anyone that works near there or will be in the area. It's is quick, easy and cheap.........just far unfortunately. They used to exchange for non-customers but I'd call first just to make sure they still do so.

Congratulations - how exciting and safe travels!

 

I think you can exchange at the Korean Embassy also.

2450 Massachusetts Avenue, NW (202) 939-5600

 

Last time I checked with AAA they only sell "packs" of currency and I think they only have euros and pounds and maybe a few others.

I travel internationally at least twice per year and always take money out of the ATM when I get to the airport. You get a much better exchange rate this way.

Just make sure you notify your bank (and credit cards) that you will be using it overseas. Also you can easily find a US bank in most countries (CitiBank, Bank of America, etc).

You can so a quick search for types of banks/ATMs in Korea. You should be able to find which ATM will work with your card. (A lot of overseas ATMs require six digit pin numbers.) And of course, only use ATMs that list your card type -cirrus, maestro, etc.

From my experience, the only bank that was a no-no was Bank of China and some other small Chinese banks. (Which I don't think you'll find in Korea anyways.)

I didn't have any issues with ATMs when I was in Korea in 06.

Have fun!

 

Thank you for all your suggestions, especially about the ATM and calling our credit card cos.

I called our bank USAA and they told me it is only a 1% conversion fee for both Credit Card and ATM... SWEET! (membership really does have it's perks!)

Thanks again for everyone's help and with any luck we will be in Korea in the next few days picking up our new baby!

 

These days all major credit card companies charge 'foreign exchange fee' when you use US credit card outside of US.....

 

really - when I called they told me it is any where from 3-7% depending on the type of purchase. Yikes

My Korean Air Visa Signature is 3%

...so the winner for us is my USAA M/C @ 1% & USAA debt @ 1%