Korean Won Overview: Buy or Sell South Korean Won(KRW) at Best Rates

Overview:

Korean Won is official currency of South Korea issued and regulated by Central Bank of Korea. The won is free floating currency its value changes based on the demand and supply in global markets.

History of Korean Won:

Before 1900, Korea used metal coins made of bronze or iron. In August 1945, Korean won was introduced replacing Japanese yen at par, and then pegged to US Dollar at 15 won= 1 USD.

Hyperinflation during Korean War led to devaluation of won to 6000 won = 1 USD prompting replacement by Hawn= 100 won.

Hwan circulated until 1962 amid on-going inflation, modern won was re-introduced at 1 won= 100 Hawn. Floating currency exchange was adopted after Asian financial crisis.

Why Indians need Korean Won?

Having Korean won KRW is a life saver right from landing at the airport to someone who is looking to stay for a while as it would mean you can directly pay for transport, food etc making it hassle free.

Carrying foreign currency in hand not only simplifies business transactions also makes transactions smoother, reliable and builds trust with local partners and helps in having an advantage in every business deal made.

How to get Korean won at best exchange rates in India?

Banks- However banks can often charge high percentage mark-up fees with longer wait time and no dedicated support staff to get any issues resolved making the whole process tiresome.

RBI licensed Money Changers - Authorized by RBI money changers often play a crucial role in providing competitive Korean Won exchange rate better than traditional banks and are safer since they are regulated by rules set by RBI.

Without Valid license one cannot operate as Money Changer. RBI can even revoke license of Money changer for any violations of guidelines of set by RBI.

Despite having several players in market Orient Exchange continuous to remain notable Category 2 dealer which can help you get the very best Korean Won exchange rates in India.