“We could have bought six more packs of Honey Butter Almond, ” my father said sadly π 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
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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.
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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 Korea Currency Stock Photo. Image Of Southern, Finance
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. π 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. π But this is actually worth a try in the future.
South Korean Won
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 —The South Korean won is the currency in circulation in South Korea since 1945, although it would later be replaced, temporarily, by the Hwan. It is divided into 100 dollars, the amount of which there is no currency. The plural of won is wones.
To talk about the origins of the South Korean won we must go back to the end of World War II. In 1945 Korea was divided into North and South. Each of these territories would have a different currency, although, in both cases, it would be called won and would replace the existing yen.
The South Korean won was initially set against the US dollar at a 15 won equals $1 rate. After this, the currency would suffer a series of devaluations, in part, by the Korean War.
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The first South Korean won was replaced by the hwan on February 15, 1953 at a rate of 1 hwan equal to 100 won.
At that time, it was the Bank of Joseon that minted the coins and issued the notes and it was not until 1950 when the Bank of Korea was created. And with it, new banknote denominations were introduced. A year later a new series of bills denominated in won was introduced, although they were the first emissions of the hwan.
On June 9, 1962, the won was reintroduced with an exchange rate for which 10 hwan equaled 1 KRW and on March 22, 1975 it would become the only legal currency in South Korea. At the time of its introduction, 125 won equaled 1 US dollar.
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On December 24, 1997 an agreement was signed with the International Monetary Fund to allow the free fluctuation of the won in the market. Shortly thereafter it was devalued to almost half its value as many other Asian currencies, due to the Asian financial crisis.
If they can actually get your exotic currency, prepare for a couple of visits to your bank before you can have the money on your hands.
You will have to visit your bank twice: once to order your currency and wait for it to come. The second visit to collect it.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.
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The South Korean won (Symbol: ₩; Code: KRW; Korean: λνλ―Όκ΅ μ) 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 ε (μ , won), meaning round, which describes the shape of the silver dollar.
The won was subdivided into 100 jeon (Korean: μ ; Hanja: ι’ ; MR: chΕn), 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.
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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.
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
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