Today’s interbank rate: W100,000 = P4,299
Today’s KEB rate: W100,000 = P3,897

(4,299 - 3,897) divided by 4,299 = 0.0935

That’s a 9.35% exchange commision. Am I figuring and expressing that correctly?

Assuming I got that right, my second question is this: What is a reasonable exchange commision? 3% to 4%? What are the exchange commissions at, say, Incheon airport?

My experience in the past: I exchanged money at KEB before my Phils trip, thinking I would get the best deal there. I was wrong. I found that I could get a better rate at the airport here and the local exchange places in the Phils.

How does one research this online in advance to get the best deal, I wonder. The interbank rate is the currency exchange rate on any of the common currency converter sites. I looked at the KEB English site (www.keb.co.kr) and couldn’t make sense of their commission on the dollar (that could be me), or on the Philippine peso, which was listed as zero. I wasn’t able to find the Incheon Airport currency exchange rates online. Are they available?

That’s at least three questions, by my count. I’ll add one more: How do you say “exchange commission” in Korean?

Feel free to answer, anyone.

P.S. I didn’t slag anyone off on this comment. Hope that’s okay. I want to fit in here.

As for me getting her fired, I think I’d have as much chance of achieving that as I would of getting caught in the middle of a Lee Hyo-ri - Jun Ji-hyun sandwich on the front lawn of Cheong Wa Dae. Not too likely unfortunately.

Today’s interbank rate: W100,000 = P4,299
Today’s KEB rate: W100,000 = P3,897

I have vast experience getting screwed by KEB when buying Philippine currency and at least where I live, they are the only bank around who carry the currency.

Screw you, KEB!

I feel his pain: Having to ensure a waygook doesn’t sneak more than the dreaded $10K out between trips when he has no idea what transactions may have taken place at other banks (hell, maybe his own bank, too). He’s forcing the government to come up with a workable solution. Kudos.

I condescended to help poor whitey, but even though I led them to water I couldn’t make them drink.

If you called them ‘whitey’ in your post they might have just ignored you, like I will from now on.

Just wanted to clear up one point, for what it’s worth. In fact, not ALL foreigners at the KDI School get free or subsidized tuition. Full time foreign students (day time) do receive free tuition in addition to a monthly stipend in many cases.

However, foreign students enrolled in the evening MBA program receive neither free tuition nor a tuition subsidy, while those enrolled in the (evening) MFDI program receive a 50% tuition subsidy from the Ministry of Commerce, Industry and Energy. It should be noted, though, that this subsidy (approx. KRW3 million/semester X 4 semesters) is also given to Korean nationals enrolled in the same major.