|
Korean Job Discussion Forums
"The Internet's Meeting Place for ESL/EFL Teachers from Around the World!"
|
| View previous topic :: View next topic |
| Author |
Message |
Evanzinho
Joined: 10 Apr 2008
Location: California
|
 Posted: Thu Oct 13, 2011 5:14 am Post subject: |
 |
|
| Steelrails wrote: |
Please List Modes of Currency/Exchange that are more stable than the Won
|
Confederate dollars? |
|
| Back to top |
|
 |
rainism
Joined: 13 Apr 2011
|
| Posted: Thu Oct 13, 2011 5:45 am Post subject: |
|
|
| Freakstar wrote: |
I need to exchange roughly 70 - 80 million KRW into US dollars and with the won tanking, it's gonna suck balls. My 70 million KRW only amounts to about $60,000 US and 70 million KRW = $69,000 at the moment. 
Yeah, the timing sucks, but I need to send the money by the end of the month - which gives me a 2-week window during which the won may continue to tank or may improve. If the won improves, I could save thousands of dollars. If it tanks, I could lose thousands more. 
What to do, what to do... |
I'd never have such a big number to exchange and be forced to do it is any small time window.
that said.. why do you need to exchange it all now or within 2 weeks. You can keep your Korean bank account and use Internet banking, even from abroad, can't you? |
|
| Back to top |
|
|
tran.huongthu
Joined: 23 May 2011
|
| Posted: Thu Oct 13, 2011 5:59 am Post subject: |
|
|
| Freakstar wrote: |
I need to exchange roughly 70 - 80 million KRW into US dollars and with the won tanking, it's gonna suck balls. My 70 million KRW only amounts to about $60,000 US and 70 million KRW = $69,000 at the moment.
Yeah, the timing sucks, but I need to send the money by the end of the month - which gives me a 2-week window during which the won may continue to tank or may improve. If the won improves, I could save thousands of dollars. If it tanks, I could lose thousands more.
What to do, what to do... |
Get your money in to something other than Won fast! Nice savings by the way...that must have taken ages. |
|
| Back to top |
|
|
Steelrails
Joined: 12 Mar 2009
Location: Earth, Solar System
|
| Posted: Thu Oct 13, 2011 8:24 am Post subject: |
|
|
| Evanzinho wrote: |
| Steelrails wrote: |
Please List Modes of Currency/Exchange that are more stable than the Won
|
Confederate dollars? |
Alcoholic's Anonymous 30 Day tokens? |
|
| Back to top |
|
|
thegadfly
Joined: 01 Feb 2003
|
| Posted: Thu Oct 13, 2011 9:32 am Post subject: |
|
|
| Steelrails wrote: |
Now that I've got the apologist whathaveyou out of the system...
I wouldn't be surprised to see Camel Cash or World of Warcraft gold as a more stable currency... |
Actually, World of Warcraft gold is much more volatile than the won -- a change in the game world can devalue the currency to a quarter or even a tenth of its value in a single day, and it never recovers more than a few percentage points from that devaluation. The won, on the other hand, has never dropped that far that quickly, and has, over time, recovered much of its value (presuming you expect it to hover near 1100 won to the USD -- those folks waiting for 1000:$1 or better may be waiting for the better part of a year, or more).
Oh, wait...er...were you joking?  |
|
| Back to top |
|
|
Freakstar
Joined: 29 Jun 2007
|
| Posted: Thu Oct 13, 2011 12:59 pm Post subject: |
|
|
| rainism wrote: |
| Freakstar wrote: |
I need to exchange roughly 70 - 80 million KRW into US dollars and with the won tanking, it's gonna suck balls. My 70 million KRW only amounts to about $60,000 US and 70 million KRW = $69,000 at the moment.
Yeah, the timing sucks, but I need to send the money by the end of the month - which gives me a 2-week window during which the won may continue to tank or may improve. If the won improves, I could save thousands of dollars. If it tanks, I could lose thousands more.
What to do, what to do... |
I'd never have such a big number to exchange and be forced to do it is any small time window.
that said.. why do you need to exchange it all now or within 2 weeks. You can keep your Korean bank account and use Internet banking, even from abroad, can't you? |
I have no choice. I'm starting up a side business venture in the States and I need the money to invest. Timing sucks but what can I do? In fact, I need more than 70-80 million KRW and even though I have the money at my disposal, I'm going to take a gigantic hit because the won sucks, so my parents have agreed to lend me an additional $30-40k US until the won improves and I can repay them. My in-laws offered to front the entire investment, but after some serious consideration and discussing things with my wife, I'd rather not be indebted to the in-laws who are retired and financially secure but by no means filthy rich. Even if my business died a sudden, tragic death, they wouldn't expect the money back, but there's still my pride. My wife tells me I'm too stubborn and that I have too much Korean pride - she's right.  |
|
| Back to top |
|
|
Freakstar
Joined: 29 Jun 2007
|
| Posted: Thu Oct 13, 2011 1:14 pm Post subject: |
|
|
| tran.huongthu wrote: |
| Freakstar wrote: |
I need to exchange roughly 70 - 80 million KRW into US dollars and with the won tanking, it's gonna suck balls. My 70 million KRW only amounts to about $60,000 US and 70 million KRW = $69,000 at the moment.
Yeah, the timing sucks, but I need to send the money by the end of the month - which gives me a 2-week window during which the won may continue to tank or may improve. If the won improves, I could save thousands of dollars. If it tanks, I could lose thousands more.
What to do, what to do... |
Get your money in to something other than Won fast! Nice savings by the way...that must have taken ages. |
Thanks man. I actually have quite a bit more saved up...in worthless won. It's only 4 years' worth of savings, but I've been making over six figures US for the last two years. Funny thing is, I was able to save a higher percentage of my annual earnings during the first two years...so what changed? I got married and had a son.  |
|
| Back to top |
|
|
madowlspeaks
Joined: 07 Dec 2006
Location: Somewhere in time and space
|
| Posted: Thu Oct 13, 2011 5:08 pm Post subject: |
|
|
| Evanzinho wrote: |
I just sent back 10 million this afternoon. I got 1176 to the USD @ KEB.
It sounds like the world economy will be in the dumper for the rest of this year, so I think I made the right decision. Only time will tell, I guess. |
What did you get in USD? |
|
| Back to top |
|
|
Evanzinho
Joined: 10 Apr 2008
Location: California
|
| Posted: Thu Oct 13, 2011 8:03 pm Post subject: |
|
|
| madowlspeaks wrote: |
| Evanzinho wrote: |
I just sent back 10 million this afternoon. I got 1176 to the USD @ KEB.
It sounds like the world economy will be in the dumper for the rest of this year, so I think I made the right decision. Only time will tell, I guess. |
What did you get in USD? |
It was just under $8,500 USD |
|
| Back to top |
|
|
itistime
Joined: 23 Jul 2010
|
| Posted: Thu Oct 13, 2011 10:21 pm Post subject: |
|
|
| Evanzinho wrote: |
| madowlspeaks wrote: |
| Evanzinho wrote: |
I just sent back 10 million this afternoon. I got 1176 to the USD @ KEB.
It sounds like the world economy will be in the dumper for the rest of this year, so I think I made the right decision. Only time will tell, I guess. |
What did you get in USD? |
It was just under $8,500 USD |
Rest of it right now. now. now.
you won't see the won in the 1000-1099 range
for quite some time.
If you need the liquidity ASAP, now is the time.
I got an 1180 rate the other day.
If you don't need the liquidity, stock up on some
silver bars.
If you don't plan on staying in Korea, long-term.....
you're losing money keeping won. |
|
| Back to top |
|
|
madowlspeaks
Joined: 07 Dec 2006
Location: Somewhere in time and space
|
| Posted: Fri Oct 14, 2011 3:37 am Post subject: |
|
|
| Quote: |
If you don't plan on staying in Korea, long-term.....
you're losing money keeping won |
What do you mean, long term? One year? Two years? Five? |
|
| Back to top |
|
|
T-J
Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yeonsinnae
|
| Posted: Fri Oct 14, 2011 3:47 am Post subject: |
|
|
| itistime wrote: |
| Evanzinho wrote: |
| madowlspeaks wrote: |
| Evanzinho wrote: |
I just sent back 10 million this afternoon. I got 1176 to the USD @ KEB.
It sounds like the world economy will be in the dumper for the rest of this year, so I think I made the right decision. Only time will tell, I guess. |
What did you get in USD? |
It was just under $8,500 USD |
Rest of it right now. now. now.
you won't see the won in the 1000-1099 range
for quite some time.
If you need the liquidity ASAP, now is the time.
I got an 1180 rate the other day.
If you don't need the liquidity, stock up on some
silver bars.
If you don't plan on staying in Korea, long-term.....
you're losing money keeping won. |
Gotta bookmark this one...
|
|
| Back to top |
|
|
madowlspeaks
Joined: 07 Dec 2006
Location: Somewhere in time and space
|
|
| Back to top |
|
|
Captain Corea
Joined: 28 Feb 2005
Location: Seoul
|
| Posted: Tue Oct 18, 2011 2:45 pm Post subject: |
|
|
| rainism wrote: |
| Freakstar wrote: |
I need to exchange roughly 70 - 80 million KRW into US dollars and with the won tanking, it's gonna suck balls. My 70 million KRW only amounts to about $60,000 US and 70 million KRW = $69,000 at the moment.
Yeah, the timing sucks, but I need to send the money by the end of the month - which gives me a 2-week window during which the won may continue to tank or may improve. If the won improves, I could save thousands of dollars. If it tanks, I could lose thousands more.
What to do, what to do... |
I'd never have such a big number to exchange and be forced to do it is any small time window.
that said.. why do you need to exchange it all now or within 2 weeks. You can keep your Korean bank account and use Internet banking, even from abroad, can't you? |
I'm not sure about his case, but doing what you mention here is not always available.
As far as I know, you cannot remit large sums like that without being there in person in the bank. Also, for certain sums, you need the k-tax office to sign off on it.
| itistime wrote: |
If you don't need the liquidity, stock up on some
silver bars. |
Pray tell - where do you buy/sell such things in Korea? |
|
| Back to top |
|
|
madowlspeaks
Joined: 07 Dec 2006
Location: Somewhere in time and space
|
| Posted: Tue Oct 18, 2011 3:37 pm Post subject: |
|
|
| Quote: |
| As far as I know, you cannot remit large sums like that without being there in person in the bank. Also, for certain sums, you need the k-tax office to sign off on it. |
How much are the 'certain sums'? And why does the tax office need to sign it? |
|
| Back to top |
|
|
|
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
