pre-departure & important tips
Here is everything that I think is useful for a student studying abroad, both pre-departure and during your stay in Korea.
I luckily had leftover money from the last time my family came to Korea, which was enough for my quarantine. For the most part, I have been able to use my Costco Visa. It doesn't have any foreign transaction fees, and I believe it takes the days exchange rate (it has been around 1160 won per dollar). However, there are times when I do need cash, such as for refilling my T-money card, eating at small restaurants, and paying my rent. Here are the different ways to exchange money:
1) At a physical money exchange place with USD: Bring NEW $100 bills with you. Justina and I have been going to Myeongdong to exchange money and have been getting really good rates there (1167 KRW per USD). We usually walk down the street with the Chinese Embassy (it has big red gates) and look for the best rate. There's about five money exchange places on this one street, and the rate usually only varies by 1-5 won. I think the exact location of the money exchange place is 26 Myeongdong 2-gil. If you don't have new $100 bills, the exchange rate will not be as good. In addition, they require a passport when exchanging. 2) ATM w/ Schwab Card: While exchanging at Myeongdong was a great option, I didn't think about bringing much USD with me, nor would I have felt safe carrying that much cash. With my Schwab debit card, I am able to withdraw money from ATMs. It will charge a fee (usually around 4,000 won) at first, but it will be reimbursed to you at the end of the month. I found that ATMs vary in the max amount they let you withdraw. At one of the convenience store ATMs, I was only allowed to withdraw a max of 100,000 won. However, at Woori Bank, I was able to withdraw 1,000,000 won. I believe the rate is around the day rate, but I've been exchanging at around 1160 KRW per USD. Also, the ATMs I've been using were able to be switched to English!
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AuthorStudying abroad at Seoul National University! Archives
January 2022
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