Korean Job Discussion Forums

cedarseoul · Joined: 16 Feb 2008 Location: nowon-gu

I keep a little spreadsheet with reports from major market players, analysts, etc. I've done this for a few years now; I find that it gives me a reasonably holistic perspective on currency movement. Of course, there are surprises in this industry--but I think the extreme volatility we encountered back when Lehman crashed is over and done with.

General feeling seems to be--won typically drops a little during the summer, and may drop a bit more due to regional insecurity or economic quagmire in Europe. At the same time, won is fundamentally oversold while the Korean economy is fundamentally "okay." Actually, K-economy is posting pretty solid growth, and has impressive FOREX reserves.

I remember in fall of '08 and early last spring, when folks were panicking about the won dropping sub2000/$1USD. Lots of ridiculous "projections" and unwarranted "predictions." While I doubt the won will soon reattain the 950-1000/$1USD rate it maintained when I first moved to Korea, I'm fairly confident that the median projection for YE (around 1100 per Bloomberg survey of 22) is on target.

I have yet to encounter one credible report that projects a significant DECREASE by YE. Maybe I've overlooked something, but I think 1300-1350 is probably the bottom. Actually, this is a great time to buy won if you have some dollars lying around; I'm bringing a nice chunk of change back to Seoul to convert while the won is on the weak end.

PatrickGHBusan · Posted: Wed Jun 16, 2010 6:25 am Post subject:

NYC Gal,

That was deeply disturbing..... Laughing

NYC_Gal · Joined: 08 Dec 2009

Steelrails · Joined: 12 Mar 2009 Location: Earth, Solar System

Blaming the won is the ultimate externalization of one's own problems.

I for one find both Pat AND NYCGal rather good reads. I get a vaguely satirical edge to a few of her posts that may on the surface seem blunt.

NYC_Gal · Joined: 08 Dec 2009

Dude, I get so much stress relief blathering on this site that I don't sweat the small stuff offline*.

*For the most part.

Krokodil · Joined: 02 Aug 2009 Location: Daegu, S. Korea

When this school opened three years ago, American teachers wanted to be paid in US dollars, and the school obliged. Very early on in this arrangement, the dollar tanked against the won, so they switched to won. It will take much more catastrophe than this to make them want to switch back to dollars.

World Traveler · Joined: 29 May 2009

Peter258 · Joined: 18 Dec 2009

I sure won't be sending any money home for awhile..

cedarseoul · Joined: 16 Feb 2008 Location: nowon-gu

mc_jc · Joined: 13 Aug 2009 Location: C4B- Cp Red Cloud, Area-I

I have an off-topic that I would to ask since we're on the subject of money.
Is ING any good for transferring money between accounts?

wads · Joined: 26 May 2010 Location: Yongin

ING is fantastic! I use it for pretty much everything back home. You can send money for free with EFT and send checks for free as well. They even pay the postage and mail it for you at no cost! If you get a routing / account number, you can send money to anybody for free as well.

Highly recommended!

hagwonnewbie · Joined: 09 Feb 2007 Location: Asia

I've got a year's salary to send home before I bail in a couple months.

Let's cross our fingers.

Technically it looks like the won will go sour after the current Wall Street rally fades in a month or two. That Cheonan incident and the Korean intervention aren't helping it either.

Wish I'd sent home a chunk a month ago.

PatrickGHBusan · Posted: Sat Jul 24, 2010 5:48 am Post subject:

Why wait a whole year to send money?

Hope you earned significant interest on that money at least!

Weigookin74 · Joined: 26 Oct 2009

When you have student loans or other debts you don't have a choice but to send it home. But the exchange rate is ridiculous. For most of the 2000's and for my first several months, 2 Million Won was $2200 Canadian or higher. Nowadays, its $1700. Really obsurd. I've gotten raises quite a bit since 2007 but my income works out to the same now as it was then because of the bad exchange rate.