“We could have bought six more packs of Honey Butter Almond, ” my father said sadly ๐ when I told him, after doing the math, that we would have been better off exchanging our Philippine pesos to Korean won elsewhere.
We were just too eager to have all our ducks in a row and, soon after learning our Korean visa applications were approved, went to our
Money changer in Ayala to have our pocket money converted to South Korean won. We realized soon after that we had paid much more than we’d thought we would. (I didn’t seem to have learned my lesson from when I also changed my Philippine pesos to New Taiwan dollars at the same place.) Anyway, that’s the reason I made sure to take note of the exchange rates I saw during our trip, to figure out where we could have gotten more
Full Frame Image South Korean Currency Stock Photo 608358026
Money changer because I usually buy euros — for which they have okay exchange rates — from them. That said, I really regret turning to them this year for Korean won.
To make it easier to compare with the exchange rate at other places, let’s imagine I have ₱10, 000 I needed changed to Korean won.
After we discouraged them from having their pesos changed to won where we did, the rest of our travel group — my two godmothers, my cousin, and my two nieces — decided to just bring pesos to Korea and have them exchanged upon arrival.
Philippine Peso: Lisanslanabilir En Az 2.001 Telifsiz Stok Fotoฤraf
That turned out to be a good decision. We basically just went to the first money changer we saw coming out of the arrival area — before the lobby — and their exchange rate was 1 PHP = 20.8 KRW.
Well, it’s not that surprising when you consider that old bit of travel wisdom that your currency is always worth more in your own country. But I certainly didn’t expect it this time and it was a pleasant surprise.
In this case, I’m talking about the money changer in the Arrivals area of Mactan Cebu International Airport. It was the end of a long day and I wasn’t able to take a pic, but I did note that their exchange rate was 1 KRW = 0.0476 PHP.
South Korean Won (krw) Exchange Rate
How about if you change your PHP to USD first, then have your USD changed to KRW when you get to Korea?
This was the advice given to my cousin by one of her friends who had been to Korea. I didn’t get the chance to personally try this out because my sister already had US dollars on hand — she gets paid in USD — and that’s what she got changed to KRW at Incheon Airport.
Doing the calculations, 10, 000 PHP would have bought 182.74 USD when exchanged at the Cebu airport, which in turn would have netted 208, 516 KRW at Incheon airport. This is only 516 KRW higher (₱22 or $0.44) than if you exchange pesos to won directly at Incheon.
Million Krw To Php
We wanted to try withdrawing money from an ATM machine in Seoul and see what the exchange rate would have been, just for comparison, but we never got around to it. ๐ Too bad because withdrawing money from the ATM turned out to give me the best exchange rate during my Bali trip and it would have been nice to see if it was the same for Korea. A mission for next time, then?
Another thing that some people do is buy foreign currency at a Philippine bank, whether it’s the actual currency of the place they’re going to, or US dollars which they intend to exchange at their country of destination. If the latter, 10, 000 PHP would have bought roughly 196 USD at BPI , which would then have bought 223, 636 KRW at Incheon Airport — better than any of the methods described above. If you’re going to the bank anyway, you should definitely give this a shot, especially if you’re exchanging a huge amount of money where the difference between what you get at the bank and at the airport would be quite significant. The days leading up to our trip were so busy that I didn’t even think of allotting precious time for a trip to the bank…but perhaps I should have.
I’ve also been told that money changers at Myeongdong give better exchange rates than others. I didn’t see money changers while I was walking around there but maybe I just didn’t look hard enough or it was just because I wasn’t really looking out for them. What I don’t like about this is having to spend the time to look for a money changer — and then if you realize that the money changer at the airport gave better rates, you won’t be able to go back. ๐ But this is actually worth a try in the future.
The Strong Phl Peso
There you have it, then: a comparison of some of the best places to exchange your Philippine pesos (PHP) to Korean won (KRW). For future trips to Korea, I would definitely consider going to my bank and buying US dollars, which I would then exchange to Korean won at Incheon airport. If I don’t get the opportunity to do that, what I would do instead would be to have my Philippine pesos changed at either Cebu or Incheon airport, or maybe even at Myeongdong. What I would not do —This article is about the official currcy of South Korea. For the official currcy of North Korea (ISO 4217 code KPW), see North Korean won.
The South Korean won (Symbol: ₩; Code: KRW; Korean: ๋ํ๋ฏผ๊ตญ ์) is the official currcy of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and it appears only in foreign exchange rates. The currcy is issued by the Bank of Korea, based in the capital city of Seoul.
The old won was a cognate of the Chinese yuan and Japanese y, which were both derived from the Spanish-American silver dollar. It is derived from the hanja ๅ (์ , won), meaning round, which describes the shape of the silver dollar.
Sรผd Korean Won (2 X 10,000 In Umlauf Gebracht Bank Hinweise)
The won was subdivided into 100 jeon (Korean: ์ ; Hanja: ้ข ; RR: jeon; MR: chลn), itself a cognate of the Chinese unit of weight mace and synonymous with money in geral. The currt won (1962 to prest) is writt in hangul only and does not officially have any hanja associated with it.
The Korean won, Chinese yuan and Japanese y were all derived from the Spanish-American silver dollar, a coin widely used for international trade betwe Asia and the Americas from the 16th to 19th cturies.
During the colonial era under the Japanese (1910–45), the won was replaced by the Korean y which was at par with the Japanese Y.
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After World War II ded in 1945, Korea was divided, resulting in two separate currcies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the y at par. The first South Korean won was subdivided into 100 jeon.
The South Korean won initially had a fixed exchange rate to the U.S. dollar at a rate of 15 won to 1 dollar. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53). The pegs were:
The first South Korean won was replaced by the hwan on February 15, 1953, at a rate of 1 hwan = 100 won.
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In 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1, 000 won notes.
And assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in dominations of 5, 10 and 50 jeon, and 100 and 1, 000 won. The 500 won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the dominations in glish in won, were, in fact, the first issues of the hwan.
The won was reintroduced on June 10, 1962, at a rate of 1 won = 10 hwan. It became the sole legal tder on March 22, 1975, with the withdrawal of the last circulating hwan coins. Its ISO 4217 code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = US$1. The following pegs operated betwe 1962 and 1980:
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On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997, wh an agreemt was signed with the International Monetary Fund.
Until 1966, 10 and 50 hwan coins, revalued as 1 and 5 won, were the only coins in circulation. New coins, dominated in won, were introduced by the Bank of Korea on August 16, 1966, in dominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the common era, earlier coins having used the Korean caldar. The 10 and 50 hwan coins were
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