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Dutchtouch
Joined: 19 Apr 2010
Location: Seoul
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 Posted: Sun Jan 16, 2011 9:30 pm Post subject: Different options to manage your money |
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There may well be a thread on this, I'm having issues with the search again as well as the eslgoogle search so apologies if this has been brought up several times before.
I'm leaving Korea in the near future and I've got some money saved up in my checking account, enough that if I transfer it all home in a lump sum I'll lose over 1,500$ CAD. I don't need all of this money as soon as I get home so I was thinking of leaving it in my KEB account and hope the currency levels out over the next year or so. Are there better options than this? Savings accounts? Foreign currency accounts in Canadian or Home country Banks?
What have others done to try and soften the crap exchange blow?
I didn't have this problem my first 2 years because I had no chance to save anything because of loans etc but the thought of losing half the cost of a car in simple exchange makes me sad 
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methdxman
Joined: 14 Sep 2010
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| Posted: Sun Jan 16, 2011 9:33 pm Post subject: Re: Different options to manage your money |
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| Dutchtouch wrote: |
There may well be a thread on this, I'm having issues with the search again as well as the eslgoogle search so apologies if this has been brought up several times before.
I'm leaving Korea in the near future and I've got some money saved up in my checking account, enough that if I transfer it all home in a lump sum I'll lose over 1,500$ CAD. I don't need all of this money as soon as I get home so I was thinking of leaving it in my KEB account and hope the currency levels out over the next year or so. Are there better options than this? Savings accounts? Foreign currency accounts in Canadian or Home country Banks?
What have others done to try and soften the crap exchange blow?
I didn't have this problem my first 2 years because I had no chance to save anything because of loans etc but the thought of losing half the cost of a car in simple exchange makes me sad
Thanks |
You can go to your bank (here in Korea or in Canada) and buy currency hedging options/futures/forwards. That way you can eliminate your exposure to currency fluctuations by paying a fee. |
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