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refikaM
Joined: 06 May 2006
Location: Gangwondo
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 Posted: Tue Oct 28, 2008 6:00 pm Post subject: Who's leaving won here? How safe/feasible? |
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| OK so contract's up next August, and I'll definitely be done with Korea after 3 years... A lot can happen between now and then to the won's value, but I seriously doubt it'll regain the strength that I had anticipated when calculating my projected savings at that time when I re-signed 3 months ago.. So, I'm thinking about leaving my won here.. until it "gets better" (inshallah).. But, how safe is that? Anyone done that before? Anyone planning to do that? If so, would putting your won in an international bank be the safest in this case? And, if so, how easily would withdrawing it from abroad be? (who knows where I'll be, but it won't be Korea!)... If you've had experience doing this and/or have knowledge/feedback in this situation..Please share! |
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xingyiman
Joined: 12 Jan 2006
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| Posted: Tue Oct 28, 2008 6:23 pm Post subject: Re: Who's leaving won here? How safe/feasible? |
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| refikaM wrote: |
| OK so contract's up next August, and I'll definitely be done with Korea after 3 years... A lot can happen between now and then to the won's value, but I seriously doubt it'll regain the strength that I had anticipated when calculating my projected savings at that time when I re-signed 3 months ago.. So, I'm thinking about leaving my won here.. until it "gets better" (inshallah).. But, how safe is that? Anyone done that before? Anyone planning to do that? If so, would putting your won in an international bank be the safest in this case? And, if so, how easily would withdrawing it from abroad be? (who knows where I'll be, but it won't be Korea!)... If you've had experience doing this and/or have knowledge/feedback in this situation..Please share! |
I'm one of those people who doesn't care how far the won falls. I am not going back to the west for anything. That is unless land in Montana falls to $10.00 an acre. Even in the best case scenarios I can;t have anything I want there. I can live here as an upper middle class person whereas back home I was one of the working poor. |
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sarbonn
Joined: 14 Oct 2008
Location: Michigan
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| Posted: Tue Oct 28, 2008 6:42 pm Post subject: Re: Who's leaving won here? How safe/feasible? |
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| xingyiman wrote: |
| refikaM wrote: |
| OK so contract's up next August, and I'll definitely be done with Korea after 3 years... A lot can happen between now and then to the won's value, but I seriously doubt it'll regain the strength that I had anticipated when calculating my projected savings at that time when I re-signed 3 months ago.. So, I'm thinking about leaving my won here.. until it "gets better" (inshallah).. But, how safe is that? Anyone done that before? Anyone planning to do that? If so, would putting your won in an international bank be the safest in this case? And, if so, how easily would withdrawing it from abroad be? (who knows where I'll be, but it won't be Korea!)... If you've had experience doing this and/or have knowledge/feedback in this situation..Please share! |
I'm one of those people who doesn't care how far the won falls. I am not going back to the west for anything. That is unless land in Montana falls to $10.00 an acre. Even in the best case scenarios I can;t have anything I want there. I can live here as an upper middle class person whereas back home I was one of the working poor. |
It's true sad that that's your case, but I truly understand and wish things really weren't that way for so many people. I'm starting to feel a lot like I am in a similar boat. |
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refikaM
Joined: 06 May 2006
Location: Gangwondo
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| Posted: Tue Oct 28, 2008 6:47 pm Post subject: keeping won here... |
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| Sorry for everyone but.... back to the topic... Anyone leaving won here? |
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xingyiman
Joined: 12 Jan 2006
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| Posted: Tue Oct 28, 2008 6:48 pm Post subject: Re: keeping won here... |
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| refikaM wrote: |
| Sorry for everyone but.... back to the topic... Anyone leaving won here? |
Uh, me. |
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Evanzinho
Joined: 10 Apr 2008
Location: California
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| Posted: Tue Oct 28, 2008 7:16 pm Post subject: Re: Who's leaving won here? How safe/feasible? |
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| xingyiman wrote: |
| refikaM wrote: |
| OK so contract's up next August, and I'll definitely be done with Korea after 3 years... A lot can happen between now and then to the won's value, but I seriously doubt it'll regain the strength that I had anticipated when calculating my projected savings at that time when I re-signed 3 months ago.. So, I'm thinking about leaving my won here.. until it "gets better" (inshallah).. But, how safe is that? Anyone done that before? Anyone planning to do that? If so, would putting your won in an international bank be the safest in this case? And, if so, how easily would withdrawing it from abroad be? (who knows where I'll be, but it won't be Korea!)... If you've had experience doing this and/or have knowledge/feedback in this situation..Please share! |
I'm one of those people who doesn't care how far the won falls. I am not going back to the west for anything. That is unless land in Montana falls to $10.00 an acre. Even in the best case scenarios I can;t have anything I want there. I can live here as an upper middle class person whereas back home I was one of the working poor. |
There are more places in this world than just Korea and the West. What if you teach in another country, would you be able to access your won from, say Taiwan, if you decided to teach there? This is what I'd like to know. Like you, I don't plan on going back to the West for a long time, but I'm not staying here either! |
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JFuller317
Joined: 10 Oct 2008
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| Posted: Tue Oct 28, 2008 7:46 pm Post subject: |
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What I'm thinking of doing is just leaving all my won with a trusted friend who renews his/her contract and giving that friend instructions on how to transfer the money to my U.S. account.
The downside is that if the won doesn't dramatically improve within one year, I'd have to just take my losses unless the friend stays for two years or more. |
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xingyiman
Joined: 12 Jan 2006
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| Posted: Tue Oct 28, 2008 7:53 pm Post subject: Re: Who's leaving won here? How safe/feasible? |
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| Evanzinho wrote: |
| xingyiman wrote: |
| refikaM wrote: |
| OK so contract's up next August, and I'll definitely be done with Korea after 3 years... A lot can happen between now and then to the won's value, but I seriously doubt it'll regain the strength that I had anticipated when calculating my projected savings at that time when I re-signed 3 months ago.. So, I'm thinking about leaving my won here.. until it "gets better" (inshallah).. But, how safe is that? Anyone done that before? Anyone planning to do that? If so, would putting your won in an international bank be the safest in this case? And, if so, how easily would withdrawing it from abroad be? (who knows where I'll be, but it won't be Korea!)... If you've had experience doing this and/or have knowledge/feedback in this situation..Please share! |
I'm one of those people who doesn't care how far the won falls. I am not going back to the west for anything. That is unless land in Montana falls to $10.00 an acre. Even in the best case scenarios I can;t have anything I want there. I can live here as an upper middle class person whereas back home I was one of the working poor. |
There are more places in this world than just Korea and the West. What if you teach in another country, would you be able to access your won from, say Taiwan, if you decided to teach there? This is what I'd like to know. Like you, I don't plan on going back to the West for a long time, but I'm not staying here either! |
I've taught in other countries and have bank accounts there. I'd just transfer my cash to those accounts and get it later. |
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refikaM
Joined: 06 May 2006
Location: Gangwondo
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| Posted: Tue Oct 28, 2008 7:58 pm Post subject: keeping won |
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| Thanks for the comments so far... But maybe I wasn't clear enough.. I meant how feasible would it be to keep your won in a bank account here and being able to access it from abroad later. I'd thought of keeping it with a friend as well, but unless your friend is someone you've known for a long time and 100% trustworthy, it seems risky. What if something should happen to your friend? How could you get your money unless you had joint bank accounts and/or some kind of legal documents giving you legal right to access your money?...Seems it would be a bit worrisome.. for me anyway.. |
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Tommy
Joined: 24 Aug 2005
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| Posted: Tue Oct 28, 2008 8:06 pm Post subject: |
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To answer your question, yes and yes. Find a bank that has Internet banking in English. Set this up and I'm pretty sure you can transfer money that way.
Anyone know what kind of limits there are in Korea for transferring money through internet banking?
. |
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poet13
Joined: 22 Jan 2006
Location: Just over there....throwing lemons.
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| Posted: Tue Oct 28, 2008 8:26 pm Post subject: |
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| My bank, KB, won't let me do it. Fuckers. |
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DCJames
Joined: 27 Jul 2006
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| Posted: Tue Oct 28, 2008 8:37 pm Post subject: |
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| Tommy wrote: |
To answer your question, yes and yes. Find a bank that has Internet banking in English. Set this up and I'm pretty sure you can transfer money that way.
Anyone know what kind of limits there are in Korea for transferring money through internet banking?
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Many banks don't allow transfer of funds to international banks via Internet Banking.
I know my bank Kookmin only allows internet transfer to HSBC, Citibank, and Deutche Bank.
You better confirm with your bank if transfers to your home bank are allowed. |
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Jeff's Cigarettes
Joined: 27 Mar 2007
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| Posted: Tue Oct 28, 2008 8:43 pm Post subject: |
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| poet13 wrote: |
| My bank, KB, won't let me do it. Fuckers. |
I can do it w/ me KEB internet banking. Just go online anywhere in the world and transfer money to me remittance acct and out it goes automatically. Of course it can only go to the bank specified in my remittance acct. |
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Underwaterbob
Joined: 08 Jan 2005
Location: In Cognito
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| Posted: Tue Oct 28, 2008 9:20 pm Post subject: |
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| I left the country for six months, came back and my bank account at KB* was still there, even though there was less than 10'000won in it since I transferred/withdrew everything when I left. |
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thrylos
Joined: 10 Jun 2008
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| Posted: Tue Oct 28, 2008 10:05 pm Post subject: Re: keeping won here... |
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[quote="xingyiman"]
| refikaM wrote: |
| Sorry for everyone but.... back to the topic... Anyone leaving won here? |
Not only am I leaving won here, I'm having most of my money that I sent to the States re-sent to me back here...
I bought $$ at 1020 or so, getting it sent back at 1440, I make a few million won right off the bat. It beats the 4% CD rate in the States, which is what I'm getting now....I'll wait 'till the dollar drops, send it out again, make even more money...Hell, ain't that what currency traders do anyway? I believe in the long term, the won will gain again...I hope  |
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