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TeacherinDeajeon
Joined: 09 Sep 2010
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 Posted: Thu Dec 23, 2010 5:35 pm Post subject: Moving to China...What do do with the Won ? |
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I am about to make my move to China after spending a few years here.
Did anyone here ever move to China with, say upwards of 25 million in their Korean account ?
What did you do with it ?
My home account is in Canada, but I cannot overcome the psychological trauma of knowing that
when i came the rate was 740 won to the dollar.
Someone has suggested that I put it all into RMB. I have no debt, so i could leave a large chunk
in a fund of sorts, but I could also leave it in Korea.
However, i am skeptical of the access i will have to my money being out of Korea with no
visa status. Not to mention the expiry dates of my ATM card and banking certificates.
Has anyone here lived outside of Korea, with no visa status and successfully continued to
access their money?
Your experiences, if similar, would be appreciated. |
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hellofaniceguy
Joined: 10 Jan 2003
Location: On your computer screen!
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TeacherinDeajeon
Joined: 09 Sep 2010
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| Posted: Thu Dec 23, 2010 6:02 pm Post subject: |
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I saw the thread, but I didn�t want to hijack his thread, despite a few similarities.
My situation, as far as I can see, is different. |
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chellovek
Joined: 29 Feb 2008
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| Posted: Thu Dec 23, 2010 6:11 pm Post subject: |
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| I suspect the trick, one you may have missed it seems, is to not be so anally-retentive about exchange rates. I send money home regularly come hell or high water and note down exchange rate fluctuations as being but the slings and arrows of outrageous fortune. Sometimes I gain a little, sometimes I lose a little. |
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TeacherinDeajeon
Joined: 09 Sep 2010
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| Posted: Thu Dec 23, 2010 6:29 pm Post subject: |
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I think the hyperbole is obvious. I listed several concerns all of which are unrelated
to the exchange rate. The situation is more nuanced than a simple
calculation of what i may stand to gain or lose in one or a several
exchanges. |
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chellovek
Joined: 29 Feb 2008
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| Posted: Thu Dec 23, 2010 6:33 pm Post subject: |
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| TeacherinDeajeon wrote: |
I think the hyperbole is obvious. I listed several concerns all of which are unrelated
to the exchange rate. The situation is more nuanced than a simple
calculation of what i may stand to gain or lose in one or a several
exchanges. |
Aye I understand, man, I was just being facetious. Have you thought about investing the money in something? Maybe you could some in C$, some in RMB, and invest in something else with the rest. |
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TeacherinDeajeon
Joined: 09 Sep 2010
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| Posted: Thu Dec 23, 2010 7:03 pm Post subject: |
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No worries. Yeah, I�m thinking about splitting it, but then again, the
question still remains - in which banks and in through which country to invest ?�
Banking in China is a huge unknown to me. I am thinking about letting it sit in a term deposit
in Korea, for awhile, but living in China and banking overseas with Korea leaves me nervous
for the aforementioned reasons.
BTW, I like your avatar. I find that show inexplicably alluring
and creepy at the same time. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Thu Dec 23, 2010 8:46 pm Post subject: |
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| Find a major bank in Hong Kong and park a big chunk of your money in RMB. Don't ask me for advice though, but remember Hong Kong is very money friendly. |
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hellofaniceguy
Joined: 10 Jan 2003
Location: On your computer screen!
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| Posted: Thu Dec 23, 2010 9:51 pm Post subject: |
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| jvalmer wrote: |
| Find a major bank in Hong Kong and park a big chunk of your money in RMB. Don't ask me for advice though, but remember Hong Kong is very money friendly. |
It's six of one and half a dozen of the other....if we could all make money by exchanging it....we would.
in the end, it all balances out. |
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Vagabundo
Joined: 26 Aug 2010
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| Posted: Thu Dec 23, 2010 10:35 pm Post subject: |
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| jvalmer wrote: |
| Find a major bank in Hong Kong and park a big chunk of your money in RMB. Don't ask me for advice though, but remember Hong Kong is very money friendly. |
yes, yes and yes.
I remarked on the wisdom of banking in HK in the "other" thread.
With you going to China, it's a no brainer.
and if you can convert it and keep it in RMB (and you have a lot of patience to wait to reconvert the money) .. it's pretty much a no lose proposition.
Some day.. the Chinese will allow the RMB to climb.
I'm not sure however that they will allow you to open up and keep your money in a RMB account. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Fri Dec 24, 2010 12:54 am Post subject: |
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| Vagabundo wrote: |
| I'm not sure however that they will allow you to open up and keep your money in a RMB account. |
http://www.hsbc.com.hk/1/2/hk/banking/rmb
It might be possible, not sure though since I've never done it. But if I were going to work in China, Honk Kong based banks like HSBC and SC are good and stable places to park your money. Those two are British banks, but their core business is Asia and China. Maybe even try the Bank of China (Beijing based) if you're willing.
http://www.bochk.com/web/home/home.xml?lang=en |
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