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JoshuaAdams
Joined: 26 Jun 2011
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 Posted: Wed Oct 05, 2011 6:11 am Post subject: Advice regarding leaving Korea during a poor exchange rate |
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Hello,
I hope that my question has not be answered before, but I have done a bit of searching and I feel rather naive on the topic so I'm looking for advice or experience.
I leave Korea in about 2 weeks and as many surely know, the Won's value against the Dollar has dropped significantly in past weeks. I have about 10 million saved, and am trying to decide what I should do with it.
I am taking a 4 month tour of Asia beginning on October 21st, so I will need at least part of that money to pay for my travels.
For the remainder, I have heard people suggest a few things:
1. Getting a KEB account, and using the international debit card when necessary and transferring any remaining funds to U.S. currency later via online banking when the exchange rate goes back up.
2. Exchanging the Korean money temporarily to another stronger currency.
3. Bite the bullet and transfer it all now.
Option 1 seems like the best choice to me, but I don't really understand how I would use online banking to convert my money to Dollars at a later date, or how I should proceed with option 2.
Anyway, I'm not looking to complain. Things are what they are, though rather disappointing. But I'm looking to make the best of things within reasonable means. Please help as best you know how! |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Wed Oct 05, 2011 4:22 pm Post subject: Re: Advice regarding leaving Korea during a poor exchange ra |
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| JoshuaAdams wrote: |
Hello,
I hope that my question has not be answered before, but I have done a bit of searching and I feel rather naive on the topic so I'm looking for advice or experience.
I leave Korea in about 2 weeks and as many surely know, the Won's value against the Dollar has dropped significantly in past weeks. I have about 10 million saved, and am trying to decide what I should do with it.
I am taking a 4 month tour of Asia beginning on October 21st, so I will need at least part of that money to pay for my travels.
For the remainder, I have heard people suggest a few things:
1. Getting a KEB account, and using the international debit card when necessary and transferring any remaining funds to U.S. currency later via online banking when the exchange rate goes back up.
2. Exchanging the Korean money temporarily to another stronger currency.
3. Bite the bullet and transfer it all now.
Option 1 seems like the best choice to me, but I don't really understand how I would use online banking to convert my money to Dollars at a later date, or how I should proceed with option 2.
Anyway, I'm not looking to complain. Things are what they are, though rather disappointing. But I'm looking to make the best of things within reasonable means. Please help as best you know how! |
So I take it you are NOT returning to Korea?
If that is the case I would take option 3. Let me explain why.
Option 1 does sound appealing...but when you move back Stateside...you are going to need money (rent, food, clothes, job hunting). And there's no guarantee that it will go up in the near future. Plus when you transfer there will be a fee anyway. And to add to all that, you may find yourself in a situation where you need that money...but the exchange rate has gone even lower in the meantime.
Option 2 means you are still going to take a hit. Once when you exchange it temporarily and once when you change it permanently.
Option 3 is the safest and less expensive than option 2. |
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sadguy
Joined: 13 Feb 2011
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| Posted: Wed Oct 05, 2011 6:29 pm Post subject: Re: Advice regarding leaving Korea during a poor exchange ra |
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| JoshuaAdams wrote: |
Hello,
I hope that my question has not be answered before, but I have done a bit of searching and I feel rather naive on the topic so I'm looking for advice or experience.
I leave Korea in about 2 weeks and as many surely know, the Won's value against the Dollar has dropped significantly in past weeks. I have about 10 million saved, and am trying to decide what I should do with it.
I am taking a 4 month tour of Asia beginning on October 21st, so I will need at least part of that money to pay for my travels.
For the remainder, I have heard people suggest a few things:
1. Getting a KEB account, and using the international debit card when necessary and transferring any remaining funds to U.S. currency later via online banking when the exchange rate goes back up.
2. Exchanging the Korean money temporarily to another stronger currency.
3. Bite the bullet and transfer it all now.
Option 1 seems like the best choice to me, but I don't really understand how I would use online banking to convert my money to Dollars at a later date, or how I should proceed with option 2.
Anyway, I'm not looking to complain. Things are what they are, though rather disappointing. But I'm looking to make the best of things within reasonable means. Please help as best you know how! |
what do you mean you don't really understand how to use online banking to convert money? you just click a button and it wires money from your korean account to your home account. it exchanges it automatically.
option 1 is best if you don't need money now.
option 3 is worse, exchanging it now, you will lose about a grand. that's a lot. the 10 mil you have will only be 9,000 USD or even less. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Thu Oct 06, 2011 4:44 pm Post subject: Re: Advice regarding leaving Korea during a poor exchange ra |
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| sadguy wrote: |
| JoshuaAdams wrote: |
Hello,
I hope that my question has not be answered before, but I have done a bit of searching and I feel rather naive on the topic so I'm looking for advice or experience.
I leave Korea in about 2 weeks and as many surely know, the Won's value against the Dollar has dropped significantly in past weeks. I have about 10 million saved, and am trying to decide what I should do with it.
I am taking a 4 month tour of Asia beginning on October 21st, so I will need at least part of that money to pay for my travels.
For the remainder, I have heard people suggest a few things:
1. Getting a KEB account, and using the international debit card when necessary and transferring any remaining funds to U.S. currency later via online banking when the exchange rate goes back up.
2. Exchanging the Korean money temporarily to another stronger currency.
3. Bite the bullet and transfer it all now.
Option 1 seems like the best choice to me, but I don't really understand how I would use online banking to convert my money to Dollars at a later date, or how I should proceed with option 2.
Anyway, I'm not looking to complain. Things are what they are, though rather disappointing. But I'm looking to make the best of things within reasonable means. Please help as best you know how! |
what do you mean you don't really understand how to use online banking to convert money? you just click a button and it wires money from your korean account to your home account. it exchanges it automatically.
option 1 is best if you don't need money now.
option 3 is worse, exchanging it now, you will lose about a grand. that's a lot. the 10 mil you have will only be 9,000 USD or even less. |
There is NO guarantee that it is going to go up in the near future or thereafter.
As an export-oriented country Korea has an interest in keeping the won low.
It could go quite a bit lower and it could do so at a time when the OP finds himself needing money. The States is not a cheap place to live overall. Then he loses even more. If the U.S gets back on its feet this means the dollar will get stronger against the won not weaker. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Thu Oct 06, 2011 5:19 pm Post subject: |
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TUM is mostly right.
Nevertheless, if you're adamant in thinking that you can gain money by holding out, set aside 5 million won and convert that immediately, and convert the other 5 million into a third currency to engage in arbitrage.
Remember, you're not a currency investor, and you don't have the billions of dollars it takes to play the game. So if you're going to do it, only risk half or less of your money. |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Sat Oct 08, 2011 6:04 pm Post subject: |
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| It's hard to bet on currencies. If you can wire transfer while you're abroad, why not do that? Can one maintain one's account even if one is no longer a resident of Korea? |
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Wildbore
Joined: 17 Jun 2009
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| Posted: Sun Oct 09, 2011 1:38 am Post subject: |
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Why on earth didn't you transfer it gradually, in say 4 chunks, over the course of the year?
That way you can TIME you transfers with peaks in the market, and not be stuck with a large sum during the end.
Thirdly, all your options are bad. Open an online account with Nyonghup and remit the cash when the market returns to normal. |
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