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indytrucks
Joined: 09 Apr 2003
Location: The Shelf
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 Posted: Fri Mar 14, 2008 1:25 am Post subject: |
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| Return Jones wrote: |
Not really funny. When I checked the KEB website this morning, the rate was worse than quoted above. In fact as of closing today, KEB is quoting a price of 1025 won for each Canadian dollar if you wire money home.
The rates you get on the internet (yahoo, XE) are crossrates for large amounts of money going between banks. The average teacher never gets such favourable rates when sending money home. |
Okay, fine, the KEB website is quoting higher rates. Whoopedeedoo. I wouldn't start pushing the panic button just yet. |
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Return Jones
Joined: 06 Feb 2004
Location: I will see you in far-off places
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| Posted: Fri Mar 14, 2008 1:54 am Post subject: |
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| indytrucks wrote: |
| Whoopedeedoo. I wouldn't start pushing the panic button just yet. |
Don't think I was.
BTW, what crawled up your arse today? You usually seem quite level-headed. |
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indytrucks
Joined: 09 Apr 2003
Location: The Shelf
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| Posted: Fri Mar 14, 2008 3:13 am Post subject: |
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| Return Jones wrote: |
| BTW, what crawled up your arse today? You usually seem quite level-headed. |
Under some stress at the moment. I guess I should apologise. I'll be better by the end of next week. |
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Saxiif
Joined: 15 May 2003
Location: Seongnam
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| Posted: Fri Mar 14, 2008 3:18 am Post subject: |
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| sadsac wrote: |
The currency situation is affecting all foreigners living and working in Korea. Aussies are copping it just as badly as all others. 2001 exchange rate 640 to 1, 2008 approx 905 to 1. That really bites. The reality is in real terms, I was earning less in 2008 on 2.5, than I was on 1.8 in 2001. Particularly if you throw in the cost of living in Korea which is accelerating. Glad I'm on a long holiday now.  |
Meanwhile for me the won I make is worth about 20% more in dollar terms then when I first came to Korea
USA! USA! |
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esetters21
Joined: 30 Apr 2006
Location: Seoul
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| Posted: Fri Mar 14, 2008 3:32 am Post subject: |
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| Saxiif wrote: |
| sadsac wrote: |
| The currency situation is affecting all foreigners living and working in Korea. Aussies are copping it just as badly as all others. 2001 exchange rate 640 to 1, 2008 approx 905 to 1. That really bites. The reality is in real terms, I was earning less in 2008 on 2.5, than I was on 1.8 in 2001. Particularly if you throw in the cost of living in Korea which is accelerating. Glad I'm on a long holiday now. |
Meanwhile for me the won I make is worth about 20% more in dollar terms then when I first came to Korea
USA! USA! |
Unfortunately, it is right about a complete washout for the exchange on the USD right now too.  |
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RobinR
Joined: 18 Feb 2008
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| Posted: Fri Mar 14, 2008 4:46 am Post subject: |
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| so when I negotiate my contract with my employer, i'll use today's exchange rate? or do you guys think the won will drop even further? |
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ajgeddes
Joined: 28 Apr 2004
Location: Yongsan
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| Posted: Fri Mar 14, 2008 4:48 am Post subject: |
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| RobinR wrote: |
| so when I negotiate my contract with my employer, i'll use today's exchange rate? or do you guys think the won will drop even further? |
Employers aren't going to base their pay for you on the current exchange rate, unless they are REALLY desperate. They aren't pulling any more money in. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Fri Mar 14, 2008 7:24 am Post subject: |
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Yesterday I bought two months salary worth of euros. In one day I have made 85 euros just from the exchange rates!
What is really scary is that the won is dropping relative to the dollar which itself is plummeting  |
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justin moffatt
Joined: 29 Aug 2006
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| Posted: Fri Mar 14, 2008 9:44 am Post subject: |
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I was planning on sending a large sum home as well. Not sure if I should wait it out and hope it stabilizes or risk the won dropping more . . .
Based on a conversation with a client from the FSC, the newly appointed Finance Minister has intentions to further depreciate the won, to continue increased needs for exporting goods (similiar to the same strategy the USA is currently implementing). |
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Lekker
Joined: 09 Feb 2008
Location: Seoul
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| Posted: Fri Mar 14, 2008 12:07 pm Post subject: |
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Couldn't find a picture of Canadian Dollars in the garbage. Sorry. |
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RobinR
Joined: 18 Feb 2008
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| Posted: Fri Mar 14, 2008 5:28 pm Post subject: |
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| ajgeddes wrote: |
| RobinR wrote: |
| so when I negotiate my contract with my employer, i'll use today's exchange rate? or do you guys think the won will drop even further? |
Employers aren't going to base their pay for you on the current exchange rate, unless they are REALLY desperate. They aren't pulling any more money in. |
well we already agreed on my salary in C$, so at some point we've got to decide what that translates into WON so they can pay me here when I come back. |
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shaunew
Joined: 17 Apr 2007
Location: Calgary
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| Posted: Fri Mar 14, 2008 5:35 pm Post subject: |
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| My parents transferred $15,000 Canadian to my account in Korea. I received 15,750,000 won. One week ago i would have lost about $800. |
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Darkness
Joined: 12 Oct 2006
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| Posted: Fri Mar 14, 2008 6:03 pm Post subject: |
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This is such a piss off. I have debts at home I want to pay off! So do I hold out, or send money home? Will I lose more money from interest or the current rates?
Either way this sucks Indytrucks mom's giant hairy balls.... |
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politicorific
Joined: 11 Nov 2007
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| Posted: Fri Mar 14, 2008 10:01 pm Post subject: |
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it's not just the Canadian dollar. The US financial problems are now effecting Korea too.
http://www.exchange-rates.org/history/KRW/USD/G/180
I'm sending as much as I can back home to the US today. I had considered buying Euros, but I think that gamble is just as good as putting it all into gold |
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Hollywoodaction
Joined: 02 Jul 2004
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| Posted: Sat Mar 15, 2008 12:32 am Post subject: |
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| No_hite_pls wrote: |
Canadian�s have lost 30% of the value of the won against the CND in two years. This is big
deal to anyone trying to save money to buy a house in Canada. I 'm sorry if you call this a "knee jerk calamatous uproar". I think this is an important topic.
I believe the word is calamitous not calamatous (calamatous is not a word) that you were looking for.  |
It's worse for those of us who have invested a lot of money here. 6000$ less a year in salary, as one person wrote, is nothing compared how much my investments have devalued. |
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