Korean Job Discussion Forums

[minnesota]

Hey everyone. I have a question here that maybe you could help me out with. I'll be starting a job in Ilsan for 2.7M. I'm pretty happy with that, BUT with the way things are looking its only worth about $2100 US. I do have the options to be paid in US dollars....though the offer is $2000/month. If the dollar/won continues this downward spiral, I would want to take payment in USD. BUT if it gets better, I could be making a decent amount. What would you do? Any idea what our salaries will be looking like in the next year?

As a side note, I have a hefty loan payment I'll have to be making in USD.

Thanks!

[winterfall]

I'd say take the Won. Korea's an export economy. It'll bounce back faster than the US dollar. The US economy has a lot of inflation in it at the moment. It'll be that way for at least another 2 yrs. Either way don't expect the markets to get substantially better within 1 year. Even with the added costs of wire transfers and conversion fees. It'd be better to stick with the Won.

[ChinaBoy]

Do not listen to anyone's financial "advice" on Dave's.

Do you want to exchange (and pay for it) USD for won each month to pay for your living expenses?

[AgentM]

[minnesota]

Thanks for the replies! I think as of now I'll go with the Won. It's just scary waking up every morning and seeing my future salary go down lower...and lower...

But on the flip side, I'll really only be losing money when I have to exchange for USD.

[billietea]

If anything happens between NK and SK the won won't be worth anything.

[oldfatfarang]

[waseige1]

You could hedge the payment by asking for half in won and half in dollars. If they will do that, it should roughly lock in the amount you are starting at.

PS. I have an economics degree with a background in finance.

[Chambertin]

General advice is get paid in the currency of your bills.

In your case go with the larger of the two options: living expenses - School loans.
Be wary of the fees the bank you deposit your money in charges for currency conversion or international transfers.

If anyone tells you to believe them because of work, or education in finance or economics then stop listening. Those systems are much more akin to a religion over science. I should know I was baptized in both. It was very tough listening to the things sputtered in class after having my own shop in the Marines and being lead purchaser for a company.

Sure some foundation is there in principal, but they go way off into la la land when they explain international transactions and the core reasons for a successful economy.

Bottom line it is a tough decision.
Best way to decide is to see what additional expenses you face constantly converting currency every month and go with the option that has fewer service fees. Try to have the employer or the recipient of student loan payment face the brunt of the fees then live a happy life no matter what the currency ratio may be.

[Straphanger]

Can we consolidate these threads? There are now five active threads on this topic.

[Clockout]

Hi Taylor

Take the 2.7 million won

2.7 million = $2100 at the moment (1USD to 1285W). I think you only stand to gain if you get paid in won.

[minnesota]

Wow, I'm so impressed with all this feedback! Thank you all very much. I apologize that this thread seems redundant, but my contract gave me the option and I didn't know what to do with the sinking won. But I'm now confident that going with the won is the best decision for me.

Again, I'm so impressed with the quick replies. I feel like this community is really helpful. Keep it up!

[Clockout]

minnesota,

are you not taylor?

i am from minnesota and suspect i know you

[minnesota]

No sorry. I'm Tony. I just graduated from Bethel University.

Where in Minnesota are you from?

[Clockout]

Ah sorry.

I'm from Stillwater

When do you arrive?