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Join Me
Joined: 14 Jan 2008
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 Posted: Mon Sep 01, 2008 4:37 am Post subject: Question on currency exchange |
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I will admit I am not the most knowledgeable on playing the currency game and I am lazy when it comes to educating myself.
That said, is it a good time to buy Korean won if you have cash in the US? A month or so I sent home a chunk of cash when the won was at 1000 to the dollar. Now the won is at 1116 to the dollar. I am thinking if I send cash back to myself...for instance $1,000...I end up with W1,116.
Prices on goods haven't risen in Korea so it seems like I could use that w116 to buy goods. I am in Korea long term so I have no problem with waiting for the won to go back to 1000 before I send my money back to the US.
Is this one way you profit from the currency market or am I just an idiot? Please be gentle...I obviously was not a economics major.
Last edited by Join Me on Mon Sep 01, 2008 4:42 am; edited 1 time in total |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Sep 01, 2008 4:42 am Post subject: Re: Question on curreny exchange |
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| Join Me wrote: |
I will admit I am not the most knowledgeable on playing the currency game and I am lazy when it comes to educating myself.
That said, is it a good time to buy Korean won if you have cash in the US? A month or so I sent home a chunk of cash when the won was at 1000 to the dollar. Now the won is at 1116 to the dollar. I am thinking if I send cash back to myself...for instance $1,000...I end up with W1,116.
Prices on goods haven't risen in Korea so it seems like I could use that w116 to buy something. I am in Korea long term so I have no problem with waiting for the won to go back to 1000 before I send my money back to the US.
Is this how you profit from the currency market or am I just an idiot. Please be gentle...I obviously was not a economics major. |
The cost of the transactions may well negate the net benefits/profit you may receive. Additionally, if you are not spending the money there is a good chance that the won will continue to fall and you will end up losing money in the deal.
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Join Me
Joined: 14 Jan 2008
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| Posted: Mon Sep 01, 2008 4:44 am Post subject: |
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| Thanks...$1,000 was an example and I was thinking of sending a considerably larger amount back to Korea and purchasing something right away before the currency rate goes the other way. |
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