Korean Job Discussion Forums

[World Traveler]

How do you feel about this?

Do you think the exchange rate is going to get better or worse short term?

I am praying that it gets better fast.

[curiousaboutkorea]

Yea bummer. What this? 10%, 12% drop in the past week. Not cool.

[coralreefer_1]

Don't really care as my won is not paying off debt back home or in an otherwise rushed situation to exchange.

The rate today is largely due to N.K. rhetoric and will be back to the typical 1$/1,100-1,150KRW soon enough. The chances of getting any measurable difference plus or minus that rate is a deal that typically must be done within a few days, as the K. government buys and sells USD to prop up what it considers an optimal exchange rate for exports (a good portion of which are not destined for the US but are transactions conducted in USD)

Don't worry, unless something more drastic happens(with the north I mean), it will be back to normal soon.

[Chambertin]

I tell ya what I'm cursing the piss outa myself for saying "Its close enough, lets wait till the end of the month to send back a huge chunk."
Live and learn, then repeat.

[Globutron]

It's not exactly going wonderfully for Europe either.

http://news.bbc.co.uk/2/hi/business/10151772.stm

Or Asia as a whole:

Earlier in Asia, Japanese stocks fell by 3.1%, and shares in South Korea fell by 2.7%.

Australian shares fell by 3%, Taiwanese stocks dropped 3.23% and the wider MSCI measure of Asia-Pacific shares outside of Japan fell by 3.6%.

Shares in Hong Kong, Singapore, Indonesia, China, India, Thailand and Malaysia all fell.

[kiknkorea]

[Chucky]

Just hold onto your won and wait for it to hit 1100 again. Hopefully within the next 6 months if not sooner. Lucky for me I went a big chunk home when it was still around 1150.

[crossmr]

The won and Canadian dollar have mostly been keeping pace. its up about 2% from what it was a month or two ago. Not a big change..

[JFuller317]

I feel really glad that I sent home money to pay off all of my credit cards and took a 6 month deferment on my student loans back when the won was at 1117 to the dollar.

I also feel that currency speculators are some of the lowest scum out there, since they're basically trading in people's livelihoods. No single one can make a huge difference, but when they all act together they can easily ruin people's lives for awhile.

[eljuero]

I just started working in Korea a few months ago and have had some "sticker shock" with the drop in the Won - it seems like a 15-20% hit just on the currency rate which does affect how much I'm saving when you think about cashing out.

I'm holding onto the idea that historically the Won takes pretty big ups and downs over the course of a year. I've been reading (I think in the NYTimes) that the dollar has sky rocketed in the past month due to people fleeing the Euro, problems with Greece etc..

I'm hoping that after a few months of macho bs between N&S Korea, the settling of the election, and the return of the dollar to more typical levels, the Won will re-settle.

Another positive sign was the recent jump in Moody's ratings for for Korea.

Not a prediction but what I'm hoping for.

[SCE2AUX]

[World Traveler]

[cannontk]

Currency exchange is one of the most volatile markets globally and you will see massive fluctuation, especially with the current political environment. If you are worried about how much money you will ultimately bring home your best bet is to send a little bit home each month - over the course of the year it will average out to the best possible exchange rate with the least risk. Market timing is risky and very rarely the best option.

[World Traveler]

[Globutron]