Exchanging Korean Won to Euros?

Spazdarn

Exchanging Korean Won to Euros

Does anyone know where or how I can change Korean won to euros, I've went into my Bank of Ireland and they've claimed they couldn't do it... Where else is there?

Spazdarn

Anyone know of a sollution to this?

unclebill98

Your bank should be able to do it. Thats shocking.

You may not get instant exchange for the notes. They may send them on a collection basis to the banks FX HQ and then you will receive
credit for them within a period of time. The funds will be lodged to your account. Ensure you get upfront details on charges for this. If you are looking for instant exchange you will have problems as its not a currency that is stocked by most branches.

coylemj

unclebill98 wrote: »

Your bank should be able to do it. Thats shocking.

What's 'shocking' about it? The banks are commercial entities, if the demand doesn't justify the overhead of stocking notes of a particular currency then they just won't do it and more power to them. Where are you prepared to draw the line.... Benin franc, Falkland Islands Pound?

And before anyone reminds me that 'we' own the banks, the sooner they're back in profit and offloaded the better so that 'we' can get back some of the money we've pumped into them. And they won't be back in profit any time soon if they start dealing in oddball currencies like the Korean Won.

Spazdarn

I understand basic supply and demand, but didn't think Korea was deemed a mickey mouse currency... and even then if it's not readily available, there would be some way of doing it by ordering it elsewhere.

coylemj

ToiletFusion wrote: »

I understand basic supply and demand, but didn't think Korea was deemed a mickey mouse currency... and even then if it's not readily available, there would be some way of doing it by ordering it elsewhere.

It's not a 'mickey mouse' currency, Sth. Korea is a major industrial country with a strong currency. The problem is that from Ireland, it is not a tourist destination so banks here don't deal in the Korean Won simply because there's not enough demand for it.

Anyone going there on business would be able to get cash from an ATM when they arrive and if they didn't forsee another trip back there in the near future, they would be savvy enough to blow any remaining cash in the duty-free shop when leaving - that's why duty-free shops all sell Lindt chocolate and Duracell AA batteries!

Spazdarn

I've about 2 grand to get rid of, that's a lot of batteries!

coylemj

ToiletFusion wrote: »

I've about 2 grand to get rid of, that's a lot of batteries!

There's bound to be banks in London which deal in the Won, that's your best bet.

RBS are quoting the Won on their FX website which suggests that at the very least, their larger branches probably deal in them. However there is a quite a 'spread' between their buy and sell rates which suggests they are no better than the airport bureaux du change when it comes to ripping you off on exotic currencies.

http://www.rbs.co.uk/personal/travel/g1/money/exchange-rates.ashx

This comparator website mentions M&S Bank, they have a branch at their Marble Arch store....

http://www.compareholidaymoney.com/?currency=krw

unclebill98

coylemj wrote: »

What's 'shocking' about it? The banks are commercial entities, if the demand doesn't justify the overhead of stocking notes of a particular currency then they just won't do it and more power to them. Where are you prepared to draw the line.... Benin franc, Falkland Islands Pound?

And before anyone reminds me that 'we' own the banks, the sooner they're back in profit and offloaded the better so that 'we' can get back some of the money we've pumped into them. And they won't be back in profit any time soon if they start dealing in oddball currencies like the Korean Won.

What's shocking about it, thought that its clear as to way. They are the OP's customer. They deal in F/X exchange. They have the means to do what the op was asking and simply did not offer it for what ever reasons they seen fit.

As to where to draw the line, thats clear enough. They would not deal in FX from countries with a non stable banking system. The fact is if you wanted to buy the currency they would have got it for you!

As for the mentioning off "we own the banks". That has nothing to do with. The bank would charge accordingly for the transaction to cover their costs. Hence why I said to the OP to make sure these charges are clear from the outset so there is no nasty "WTF's" at a later stage.

hfallada

BOI would be your best bet. But if BOI wouldnt touch, no one will. Have you tried ringing banks in Belfast? They might buy it from you.