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Korean Job Discussion Forums "The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
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greyhound
Joined: 10 Jun 2016
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Posted: Sun Jul 17, 2016 2:50 pm Post subject: currency exchange rate |
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Hi
I just checked the exchange rate of won to pounds and 2.3m won is coming out at £1532. I am sure a few weeks ago is was £1400 and something. So that's good then. |
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Zyzyfer
Joined: 29 Jan 2003 Location: who, what, where, when, why, how?
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Posted: Sun Jul 17, 2016 5:49 pm Post subject: |
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You really need to make a blog. |
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PRagic
Joined: 24 Feb 2006
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Posted: Sun Jul 17, 2016 7:56 pm Post subject: |
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If you need to be sending money back to the UK, then, yes, that is good. The pound weakened after Brexit, and may even weaken further. This means that you get more GBP for your SKW. If you can send a lot back to GB now, before the GBP strengthens again, you'll have made out fairly well. You'll be doing this incrementally, though, as you won't have a huge lump sum to exchange to bein with.
If you won't be sending money back to the UK, the exchange rate really won't impact you at all unless you plan on traveling as your money will be kept in Korea, and you'll be spending on the economy here. When traveling, compared to a few years ago, for example, Indonesia's rupiah has remained weak, making that a bit more of an affordable of a trip. By now, however, they may have priced in weakness there. Haven't been in a few years.
We try to move our money back to the US to invest when the Won strengthens. Pretty sure everyone does this in terms of their home currency if they're investing there or have bills to pay there. I'm comfortable exchanging any time the USD gets to under 1,100. At one point, about half way through 2014, it got to under 1010, but that was fairly short lived.
Once you've lived abroad for a while, gotten used to the fluctuations, and have a better grip on exactly how much, when, and why you need to send money back to your home country, you'll better be able to guage your risk comfort zone. |
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