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Eglayzer
Joined: 22 Feb 2009
Location: Gimhae-si, near Busan
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 Posted: Tue Dec 13, 2011 7:05 pm Post subject: Traveling to SE Asia soon but the exchange rate sucks.... |
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Hi there,
I am traveling to SE Asia in early January for about six months. Afterwards I am returning to the US to start grad school. I have around 8million in my korean account but the exchange rate blows at the moment. What should I do. I need to send some money home soon to cover the plane flight at least, or I guess I could buy the ticket through a Korean travel agency?
The exchange rate had been steadilly climbing after black friday but recently tanked hard. I heard that it will just keep going down and down until well after Febuary because of all the Korean students going to the US for school this time of year. Should I just send all my money home now before it gets worse or set up some kind of internet banking so I can withdraw what I need as I go and wait for a better exchange rate in the spring? How much money will I really lose if I exchange at $1=860 won instead of 900? |
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loose_ends
Joined: 23 Jul 2007
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| Posted: Tue Dec 13, 2011 7:17 pm Post subject: Re: Traveling to SE Asia soon but the exchange rate sucks... |
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| Eglayzer wrote: |
Hi there,
I am traveling to SE Asia in early January for about six months. Afterwards I am returning to the US to start grad school. I have around 8million in my korean account but the exchange rate blows at the moment. What should I do. I need to send some money home soon to cover the plane flight at least, or I guess I could buy the ticket through a Korean travel agency?
The exchange rate had been steadilly climbing after black friday but recently tanked hard. I heard that it will just keep going down and down until well after Febuary because of all the Korean students going to the US for school this time of year. Should I just send all my money home now before it gets worse or set up some kind of internet banking so I can withdraw what I need as I go and wait for a better exchange rate in the spring? How much money will I really lose if I exchange at $1=860 won instead of 900? |
8-million isn't really enough money to worry about this. Don't leave your money in Korea when you leave.
Plus 6 months in SE Asia will most likely drain your account anyway....lol.
Also, $1=860 won? What????? I checked to date of this post to see if it was 2011...lol. |
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Eglayzer
Joined: 22 Feb 2009
Location: Gimhae-si, near Busan
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| Posted: Tue Dec 13, 2011 7:46 pm Post subject: |
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Indeed, sorry its been a rough morning so my brains not working right. I meant 1,000 won = $0.86 according to XE exchange.
Also, I am not planning for the SE Asia trip to wipe me out. I have some money still in the US and will be traveling by bicycle. Transportation is pretty much the largest expense and one I will be completely avoided. Last year I cycled through China, Tibet, and Nepal and avered about $350 a month for everything. SE Asia might be even cheaper. |
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loose_ends
Joined: 23 Jul 2007
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| Posted: Tue Dec 13, 2011 8:07 pm Post subject: |
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| Eglayzer wrote: |
Indeed, sorry its been a rough morning so my brains not working right. I meant 1,000 won = $0.86 according to XE exchange.
Also, I am not planning for the SE Asia trip to wipe me out. I have some money still in the US and will be traveling by bicycle. Transportation is pretty much the largest expense and one I will be completely avoided. Last year I cycled through China, Tibet, and Nepal and avered about $350 a month for everything. SE Asia might be even cheaper. |
Wow, that's some budget traveling. Nonetheless, 8 million isn't really enough to worry about exchange rates. The difference between the two rates you posted is less than 500 bucks.
Transfer your money when you leave Korea and enjoy your trip!! |
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loose_ends
Joined: 23 Jul 2007
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| Posted: Tue Dec 13, 2011 8:08 pm Post subject: |
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| Eglayzer wrote: |
Indeed, sorry its been a rough morning so my brains not working right. I meant 1,000 won = $0.86 according to XE exchange.
Also, I am not planning for the SE Asia trip to wipe me out. I have some money still in the US and will be traveling by bicycle. Transportation is pretty much the largest expense and one I will be completely avoided. Last year I cycled through China, Tibet, and Nepal and avered about $350 a month for everything. SE Asia might be even cheaper. |
Wow, that's some budget traveling. Nonetheless, 8 million isn't really enough to worry about exchange rates. The difference between the two rates you posted is less than 500 bucks.
Transfer your money when you leave Korea and enjoy your trip!! |
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Eglayzer
Joined: 22 Feb 2009
Location: Gimhae-si, near Busan
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| Posted: Tue Dec 13, 2011 8:12 pm Post subject: |
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I agree is budget traveling. I also agree its not much money but maybe look at it another way. If I generally travel under $400 a month then that $500 loss would be like a month or high living in SE Asia, which is why I am stressing over it. It could also be the deposit on an apartment when I get back to the US  |
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loose_ends
Joined: 23 Jul 2007
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| Posted: Tue Dec 13, 2011 8:21 pm Post subject: |
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| Eglayzer wrote: |
| I agree is budget traveling. I also agree its not much money but maybe look at it another way. If I generally travel under $400 a month then that $500 loss would be like a month or high living in SE Asia, which is why I am stressing over it. It could also be the deposit on an apartment when I get back to the US |
The difference is 320 bucks. Not worth stressing over. Plus if you leave the money in Korea it could get even worse, and cause you even more stress. If it were me I'd transfer the money, call it a day, and enjoy my trip. Otherwise you are going to carry this stress with you your entire trip.
To put things into perspective, this is what happened to me when I left Korea in 2008. I had over a hundred million won saved in Korea. In a year the Korean won lost about 25% of it's value in comparison to the Canadian dollar (falling won/rising dollar). I was losing more money than I was making. I stressed so hard and thought about leaving it in a long term savings deposit so that I could take it out when things got better. Well, that was 2008 and things have not gotten better, they have gotten worse.
Money comes and goes, 320 bucks isn't even worth a second thought these days.
Enjoy your trip! |
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Eglayzer
Joined: 22 Feb 2009
Location: Gimhae-si, near Busan
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| Posted: Tue Dec 13, 2011 8:33 pm Post subject: |
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| Great advice, thank you very much! |
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