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wylde
Joined: 14 Apr 2003
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 Posted: Wed Dec 31, 2003 9:22 pm Post subject: |
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| last year (well, 2 years ago) the aud was worth 700 won and last week i saw it at 890.. it kinda makes saving money for when you return home a little more difficult |
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IconsFanatic
Joined: 19 Jan 2003
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| Posted: Wed Dec 31, 2003 10:14 pm Post subject: |
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The exchange rate between the Canadian dollar and the Korea won is currently in the crapper due to the current strength of the Canuck buck... the last time the exchange rate was worse was.... back during the Asian economic crisis!
http://finance.yahoo.com/m5?s=KRW&t=CAD&a=1900000&c=3 |
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wormholes101
Joined: 11 Mar 2003
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| Posted: Fri Jan 02, 2004 11:12 pm Post subject: Re: Thanks for the advice |
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| Craig75 wrote: |
| Thanks for the advice about the US dollar bank account - i am really considering trying it out.... |
I don't think that will help you too much. Historically, the won is highly correlated with the US dollar. Look back ten years, and you can see this (except the IMF when everything changed dramatically) Therefore, holding won or $US doesn't really make any difference (against the $AUS).
Both the Australian dollar and the New Zealand Dollar follow almost identical patterns when compared to the US dollar (and thus, also the won). If you graph out the percentage change against the $US over the past ten years, you can see this plain as day.
(see this site for 10 year data and graph)
http://www.economist.com/markets/currency/graphs.cfm
The NZ and AUS follow about an 8 year cyclical pattern. We're 3 years into the rise with one year to the top. That will be followed by a 4 year drop.
If you believe trends, the AUS will gain another 5-10% in value (likewise with the NZ$) before retreating. The AUS will gain this 5-10% over the next 12 months and then will fall consistently for 4 years, losing 50-60% of it's value.
So, if you have 5 years to wait, buy some AUS now then convert it in US or Won in 12 months and buy AUS 4 years after that.
If I'm right (excluding interest that you would make while it's in the bank), $10,000 will turn into $22,000.
Got 5 years? |
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Snatch
Joined: 01 Jan 2004
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| Posted: Sat Jan 10, 2004 11:01 am Post subject: |
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The Korean central bank intervenes heavily to keep the won at about 1200 to the dollar. They eye all the other important Asian currencies (China, Japan).
Australia's economy is going at such a clip that they've had to raise interest rates, making the currency even more attractive. So you Aussies around here are out of luck for a while.
I've to exchange into US dollars and then to South African rand and that's been even worse. I'm basically earning around |
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Snatch
Joined: 01 Jan 2004
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| Posted: Sat Jan 10, 2004 11:19 am Post subject: |
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Sh*t, something went wrong with posting!!!
The Korean central bank intervenes heavily to keep the won at about 1200 to the dollar. They eye all the other important Asian currencies (China, Japan).
Australia's economy is going at such a clip that they've had to raise interest rates, making the currency even more attractive. So you Aussies around here are out of luck for a while.
I've to exchange into US dollars and then to South African rand and that's been even worse. When I came here I was was earning around R15000, now it's down to R11500!!! |
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sadsac
Joined: 22 Dec 2003
Location: Gwangwang
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| Posted: Sat Jan 10, 2004 1:52 pm Post subject: |
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One year ago - I sent $1500 back to my Australian bank - it cost me 1 million won.
According to todays exchange rate at the above site - if i wanted to send $1500 back to my bank account it will cost me 2.5 million won??
If you go to www.xe.com, you will get a very accurate rate of exchange. A million won will get you about AUD$1300.00. The rate of exchange in 2001 was 686 to $1.00, now it is around 900 to $1.00. The exchange rate across the board, won to other currencies sucks. There is no reasonable explanation. |
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