Korean Job Discussion Forums

[boatofcar]

I'm the first to admit that I know nothing about trading currency. Should I be taking won that I earn and transferring it to another currency (other than USD, which I already do to pay bills back home) in case the won nosedives and the USD continues to weaken?

[julesk]

I am having the same issue....

[Cougar]

I believe transfering won to anything right now would be a mistake if you can just get paid and live off the money here. Changing to a stronger currency might be wise but you shouldn't do it when the won is at such a low point. The only way it is worthwhile is to predict that it will dive and do it just before that occurs? Wait and save it for as long as possible until the won gains some strength back before trading it anywhere and you might just save yourself/gain some money (however you choose to look at it).

[Trevor]

There is no easy answer, as currencies are notoriously hard to predict. What's your time frame? If you are going to be in Korea for awhile (more than six months) I would wait. If not, I would keep a close eye on what happens when the government infuses the currency market with money - something they said they will be doing shortly.

On a longer term perspective, the Korean won is highly sensitive to what is happening in the American economy and, as you know, the entire world is biting their nails about that. No one really knows and it is going to be really, really hard to predict.

If the won jumps, you will see it posted all over this forum, as Dave's posters talk about little else besides money.

Another strategy is to break it up. Send a little now and a little later.

Unfortunately, there are many variables, financial, political and otherwise, that make it really hard to say. Experts are often wrong when it comes to currency trading, though if you have a long-term outlook It probably makes sense to hold since we are at historic lows. Personally, I am keeping put for at least a year, and so I am holding my won until I see greener pastures.

And before you get too frustrated, just remember how much the economy sucks at home

[boatofcar]

Cool, thanks for the advice.