Korean Job Discussion Forums

Tommy · Joined: 24 Aug 2005

The Won value is dropping, so now is a good time to buy Won, right?

Before it would cost me CAN $1 to buy 1000 Won. Today it only costs me $.80 to buy the same 1000 Won. So, is it a good idea to start buying things with my Canadian credit card? Maybe not everyday things, but big ticket items.

For example, last month (back when exchange was almost 1:1) I was shopping with a friend of mine for a DSLR camera. The camera cost 800,000 Won in Korea, but also $800 in Canada. If he had put it on his credit card it would have cost him about $800. But now, assuming inflation hasn`t taken into effect, if he put it on his credit card today, it would only cost aroudn $660.

I understand there`s a credit card fee for overseas purchases, but would this make sense?

Trevor · Joined: 16 Nov 2005

You see, no one knows where the bottom of this thing is. I think we're close, but I am not sure. No one else knows for sure, either. It's kind of spooky, especially if you have most of your life savings in Korea.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

Gaber · Joined: 23 Apr 2006

You could make a short term gain if you were to buy won today and then sell them off in a week or two once the results of the governments capital injection kick in. Though if people do so on a large scale it will push the won down again. But hell, if you don't do it, someone else will.

I_Am_The_Kiwi · Joined: 10 Jun 2008

If you have spare money back home in the bank to pay the credit card with then YES.

If you have to use WON to pay the credit card then NO.

go on....buy that new 50" LCD....you know you want to. and your helping the economy for all of us Very Happy

poet13 · Posted: Thu Oct 09, 2008 4:39 pm Post subject:

I hope yesterdays peak of 1300 for CAD isn't the top. It opened this morning at 1212.. Crying or Very sad

If I had sold at 1300 I would have been up a cool 2,200,000 on the 8000CAD I bought in June. That's a very nice return for the time period.

So now I'm carrying a stack of pretty brown CAD 100's and watching the monitor. If it hits 1300 today, I think I'm going to make an excuse and run to the bank...

4K1 · Joined: 09 Oct 2008

Watch out you don't trip... Very Happy

Beej · Joined: 05 Mar 2005 Location: Eungam Loop

jbpatlanta · Joined: 02 Jun 2007 Location: Daejeon

I sold a lot of dollars today at 1391. I bought dollars last year at a little under 950. I also am intended to stay in Korea for a while longer, so I can wait until it increases again.