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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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 Posted: Tue Oct 18, 2011 6:14 pm Post subject: |
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I'm not going to say the number...because I can't confidently remember it, but I do know that there are certain limits that banks will send without getting the tax office involved.
Often, when people are emigrating overseas and send larger sums, they must first get approval from the tax office. For the most part, they just want to see that these monies are obtained legally.
Another note, Koreans who are emigrating overseas are allowed certain remittance allowances, but they are then limited in their ability to bank in Korea. I was told that they are designated as "Koreans living abroad" and have their ID numbers changed/restricted. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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jamesd
Joined: 15 Aug 2011
Location: Korea
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| Posted: Tue Oct 18, 2011 8:00 pm Post subject: |
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| What's up with these wild swings? The won's been swinging +or- 1% against USD for past few days. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Tue Oct 18, 2011 9:16 pm Post subject: |
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Yup, heard its possible to buy. Was told it's much tougher to sell.
Anyone with experienc buying AND selling silver in Korea? |
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itistime
Joined: 23 Jul 2010
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| Posted: Tue Oct 18, 2011 11:49 pm Post subject: |
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| madowlspeaks wrote: |
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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? |
I suppose 5 is long-term enough.
Really, mean never leaving like some of the lifers here. |
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itistime
Joined: 23 Jul 2010
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| Posted: Tue Oct 18, 2011 11:53 pm Post subject: |
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| T-J wrote: |
| 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...
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I suppose it could get close, but I was
thinking 'quite some time' for at least a year.
I do feel the dollar will correct itself almost completely after
the New Year. Remember, the SK won is very dependent
on the US dollar. |
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rainism
Joined: 13 Apr 2011
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| Posted: Wed Oct 19, 2011 6:46 pm Post subject: |
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| itistime wrote: |
| T-J wrote: |
| 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...
|
I suppose it could get close, but I was
thinking 'quite some time' for at least a year.
I do feel the dollar will correct itself almost completely after
the New Year. Remember, the SK won is very dependent
on the US dollar. |
you mean inversely so... as the dollar strengthens the won will weaken, but it will weaken more than other currencies.
and as the dollar weakens the won will strengthen but not as much as many other currencies.
essentially the won is possibly the most "risk averse" currency in the world. A hint of risk or instability or problems, local or global send the currency plummeting.
which is why you always sell won first at any hint of trouble and ask questions later. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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rainism
Joined: 13 Apr 2011
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| Posted: Thu Oct 20, 2011 1:40 am Post subject: |
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I'd probably take that bet, despite the fact that the euro logically SHOULD be the most susceptible to debt defaults in Europe.
what idiots did they poll?
you may remember the latest equity selloff was sparked by the most recent European debt fears, that started in early September.
http://www.xe.com/currencycharts/?from=EUR&to=KRW&view=1Y
you will note that the won to euro rate went from 1470 to slightly above 1600, currently sitting at 1578.
which means even in the heart of a uniquely European problem, the won lost almost 10% v the euro.
when it comes to "downside" volatility, nothing touches the won.
at the first hint of trouble, you sell won first, ask questions later. |
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T-J
Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yeonsinnae
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| Posted: Thu Oct 20, 2011 1:45 am Post subject: |
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There is no such thing as a uniquely (insert country / region) problem when discussing economics these days. The butterfly effect is evident daily.
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tran.huongthu
Joined: 23 May 2011
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| Posted: Thu Oct 20, 2011 3:10 am Post subject: |
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| T-J wrote: |
There is no such thing as a uniquely (insert country / region) problem when discussing economics these days. The butterfly effect is evident daily.
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So true.
Also I keep reading about how no asset class is safe these days (AAPL disappointed, gold has tanked recently, bond bubble, etc.) and that high volatility is the new norm. Anyone trading VIX these days? |
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rainism
Joined: 13 Apr 2011
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| Posted: Thu Oct 20, 2011 3:35 am Post subject: |
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| tran.huongthu wrote: |
| T-J wrote: |
There is no such thing as a uniquely (insert country / region) problem when discussing economics these days. The butterfly effect is evident daily.
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So true.
Also I keep reading about how no asset class is safe these days (AAPL disappointed, gold has tanked recently, bond bubble, etc.) and that high volatility is the new norm. Anyone trading VIX these days? |
I think gold may be on the verge of starting another big downleg.
Which suggests stocks will be sold/weak.
which suggests the won will be back at 1200 in the blink of an eye.
then we'll see if they can defend it.
I doubt it. |
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rainism
Joined: 13 Apr 2011
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| Posted: Thu Oct 20, 2011 3:40 am Post subject: |
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| T-J wrote: |
There is no such thing as a uniquely (insert country / region) problem when discussing economics these days. The butterfly effect is evident daily.
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true..
YET.. you would think major problems in EUROPE would affect EUROPE or the EUROPEAN currency the most.
but that's not the case when one has the Korean won to crap all over  |
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T-J
Joined: 10 Oct 2008
Location: Seoul EunpyungGu Yeonsinnae
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| Posted: Thu Oct 20, 2011 4:16 am Post subject: |
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| rainism wrote: |
| T-J wrote: |
There is no such thing as a uniquely (insert country / region) problem when discussing economics these days. The butterfly effect is evident daily.
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true..
YET.. you would think major problems in EUROPE would affect EUROPE or the EUROPEAN currency the most.
but that's not the case when one has the Korean won to crap all over |
I dunno... Let's look at the three biggest importers of Korean goods... 1) China 2) EU 3) U.S.
I'm stumped.
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rainism
Joined: 13 Apr 2011
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| Posted: Thu Oct 20, 2011 5:12 am Post subject: |
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| T-J wrote: |
| rainism wrote: |
| T-J wrote: |
There is no such thing as a uniquely (insert country / region) problem when discussing economics these days. The butterfly effect is evident daily.
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true..
YET.. you would think major problems in EUROPE would affect EUROPE or the EUROPEAN currency the most.
but that's not the case when one has the Korean won to crap all over |
I dunno... Let's look at the three biggest importers of Korean goods... 1) China 2) EU 3) U.S.
I'm stumped.
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the answer is actually fairly easy.
it has to do with the Korean stock market and so called "hot money" or invested money. The KRX is outside of Tokyo the largest and the most liquid stock market in Asia. It is also free of many govt regulations and restrictions which restrict capital flow and outflow in many other Asian countries.
Ergo, at sign of any trouble, if people want to to get out or simply raise liquidity, they will crap all over the Korean stock market, which puts big selling pressure on the value of the won.
you could make an argument that in 2005 and 2006 all the hot money inflow made the won OVERVALUED and it really had no business being at 900 to 1. It probably should've been closer to 1000 all along.
that said.. in 2010, the Korean govt's efforts to resist the won bouncing back really made it one the world's biggest developed country (if not the biggest) currency underperfomers.
That blew up in their face bigtime as inflation skyrocketed. They they declared their "all out war on inflation" (which has been a laughable and pathetic failure almost a year into it) and now are much more leery of letting the won get too crappy.
but if selling and uncertainty grips the world, they won't be able to do anything about it.
sell won first, ask questions later. |
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