Korean Job Discussion Forums

Toby · Joined: 15 Jan 2003 Location: Wedded Bliss

For those can help - is it better to change won into dollar and then into pounds?

The exchange rate is terrible at the moment - 2200 to the pound.

I am not talking very much, just about 500/600,000 won every month or so.

dominic · Joined: 10 Mar 2003 Location: Seoul

makes no difference, you're still gonna end up with the same amount

dogbert · Joined: 29 Jan 2003 Location: Killbox 90210

Toby · Joined: 15 Jan 2003 Location: Wedded Bliss

Yes. But that doesn't answer the question

Because the exchange rate is so bad, do i still lose out even with two comission charges?

busan_boy2000 · Joined: 11 Nov 2003

OP. What was your major at university? You are so not ever going to be my financial advisor. Laughing

You bring up an interesting theoretical question in one way - a very abstract way at that - but an interesting one. The short answer, and acurate one, is NO - just like the first response to your question pointed out.

busan_boy2000 · Joined: 11 Nov 2003

Sorry, I have to post again. That question is so retarded - I just read it again. Nothing personal man, sorry, Laughing

You would be the wealthiest guy on the planet and be getting nobel prizes in ecomonics for the rest of your life if what you said was in the ball park at all.

Monty_ · Joined: 16 Aug 2003

If you go to a currency conversion website like:

www.xe.com/ucc

....and then change your amount of won into dollars; then take that amount of dollars and change it into pounds - You will see that the amount of pounds you get is almost identical to the amount you would have if you went straight from won to pounds in the first place.

And added to that you would have to pay commission twice. Crying or Very sad

So the answer is no. It's a kick in balls to have the rate shift by 20% or so in the last 5 months, but there isnt't much us Brits can do about it other than hold onto our won and hope for a miracle (this is not advised).

J.B. Clamence · Joined: 15 Jan 2003

Usually the comission is factored into the exchange rate, so the more times the money gets changed, the more you lose. So if you don't want to lose money, you'd better only change it once. The reason why the exchange rate is bad is because pounds are really expensive right now. It doesn't matter whether you buy pounds with won or dollars, they are still going to be expensive.

sadsac · Joined: 22 Dec 2003 Location: Gwangwang

Monty is spot on. The amount won't change, so change it straight into pounds. If you can hold out, wait a bit and see if the exchange rate improves. Smile

Toby · Joined: 15 Jan 2003 Location: Wedded Bliss

busan boy - I am the first to admit that I am shite with figures, but, with the pound going down against the won but going up against the dollar, it does bear the question about 2 lots of commission. I am losing about 40 pounds for 500,000 won in comparison to three years ago. My bank charges 17,000 won to send from here, and my bank at home charges a little more than that.

I suppose I am just resentful about losing so much every time I send home.

peppergirl · Joined: 07 Dec 2003

Dunno about Korea, but in Japan it was very expensive to send money from a Japanese bank to a foreign bank. However, sending money from a Japanese postal account to a foreign postal account was a LOT cheaper. Does anyone know about postal banking services in Korea?

ryleeys · Joined: 22 Dec 2003 Location: Columbia, MD

I would recommend holding off on sending major amounts of money until summer... historically, that is when the won is at its strongest and so you'll be able to buy more pounds or dollars in the summer with the same amount of won as you can now. It can be as much as a $5 per $100. That may not seem like much, buy multiply it by $10,000 (which is what I'll be doing) and it'll add up.

peppergirl · Joined: 07 Dec 2003

ryleeys · Joined: 22 Dec 2003 Location: Columbia, MD

Okay, so I'm the last person in the world that should be teaching English... I get it already!

Listen to what I mean and not what I say...

Rhoddri · Joined: 26 Jan 2003 Location: Seoul

Of course it won't be cheaper to change currency twice. My economic speculation maybe really terrible here but I've thought about your question. The won is unstable and who knows what's going to happen there. The dollar has been falling badly also, and of course this influences most of the other world's currencies exchange rates. Although Bush goes on about wanting a "stronger dollar" it's really not in USA's interest because of exports etc.. The euro and the pound are at record highs against the dollar( or is it the dollar is at a record low).

Do you know what?....Jesus I hate economics...i'm babbling. Anyway it would be plausable that the dollar will strengthen in time. So if you bought dollars with won now maybe next year you could change those same dollars into pounds for a better rate than you would if you changed won straight into pounds now.

A word of advice though. I really don't know much about figures. So Basically all I've said maybe a complete farce...sorry Embarassed