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Is it better to change yen to won in Japan or Korea? We are about to move from Japan to Korea and just want to get the best rate.

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On my last two trips I took the ferry between Japan and South Korea several times so found myself having to change money between JPY and KRW fairly often.

In my experience, everything in Korea is cheaper than in Japan, and this includes currency exchange so I learned to always exchange in Korea if possible.

But the difference is not very large. I don't have any rates at hand any more to provide details.

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    +1. As a rule of thumb, it's best to buy currency in the country that actually uses that currency. – jpatokal Apr 3 '12 at 4:38
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    @jpatokal Why's that the case? – Andrew Grimm Apr 4 '12 at 8:00
  • Economics 101: it's where the supply is highest and therefore cheapest. As long as there's matching demand for your currency (and there always is for world currencies like dollars, euros, yen etc), you're best off changing there. – jpatokal Apr 4 '12 at 22:09
  • I'm pretty sure this wasn't the case in they Korea/Japan ferry terminals. – hippietrail Apr 5 '12 at 6:36

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