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If you’re making plans to travel to South Korea in the near future, you may need to exchange some of your cash for South Korean won, the country’s official currency. The foreign currency symbol is KRW.
Unlike the U. S. dollar, the South Korean won does not retain its full price if it breaks, and traders would likely refuse to accept broken invoices. However, credit cards are settled in most places.
This article has everything you want to know about converting USD to KRW, plus where to locate the most productive exchange rates and how to pay the highest fees for your conversion.
Calculating a conversion from U. S. dollars to South Korean won is straightforward. You can do the conversion using a calculator or do it by hand.
Using a currency conversion calculator is the simplest way to get an estimate when converting a currency. Since exchange rates vary on a daily basis, using a calculator can ensure that your calculations are accurate.
Keep in mind that currency exchange comes with additional payments that a conversion calculator probably wouldn’t be able to predict. For example, credit card companies and ATM networks typically charge a 1% conversion payment on all foreign transactions. Individual merchants may also apply additional fees if you ask them to convert the value of an item to their country’s currency at checkout.
The other option is to do the calculation manually, an undeniable mathematical formula. However, in order to do this, it is necessary to know the existing exchange rate. At the time of writing, 1 USD is worth ₩1,425 KRW.
Once you know this information, multiply the amount you have in USD by the existing exchange rate. The resulting number will show you the amount of won you want to spend on your trip.
Let’s say you have 500 USD and you need to know how much you can earn for South Korea. Using the existing exchange rate, the formula for your conversion would look like this:
500 US dollars x 1425 = ₩ 712,500 won
When you’re in a position to buy KRW, it’s a good idea to plan ahead to ensure you pay as few fees as possible. Here are three tactics to get the currency you want and minimize the fees you’ll be charged:
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