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Lazio
Joined: 15 Dec 2010
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 Posted: Wed Sep 16, 2015 5:34 am Post subject: |
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| sligo wrote: |
| jackson7 wrote: |
1178 KRW to 1 USD
Anyone who's been here for a period of time knows that the exchange rate is volatile, and whether it's the government propping up the chaebols, or the market moving with the ebbs and flows of foreign investing, it moves. A lot. Take a peek at the 5- and 10-year rates and you'll see this isn't awful, and if you feel it is, hang on to your cash and put them in the 7.5% CDs that can be found across the country (for F-visa holders).
If you're not on an F-visa and you're hurting when you send money home (and you have to, for loans or other reasons), you're likely young enough to get more education (grad or trade school) and start a new career (neither hagwons nor Korean public school gigs are likely to allow you the growing room to be careers).
J7 |
Do you have information about these high interest accounts for F visa holders? I tried to find some info, but most are only for Foreign women married to Korean men. |
They are pretty much gone. The post office offered the highest rates but they don't have these accounts any longer.
These were around a few months ago:
Woori: 7.5% 300k/month 1 year only the foreign husband or wife
KEB: 5% for 3 years or 4.8% for 1 year. foreign husband or wife and their Korean spouse and even their children can open. 300k/month/account
Shinhan: 6% 3 years, 200k/month only for the foreign husband or wife.
This could be outdated by now. Maybe they don't even have these accounts any more or even if they do, the interest is most likely lower. |
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wooden nickels
Joined: 23 May 2010
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| Posted: Wed Sep 16, 2015 5:29 pm Post subject: |
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10% interest rate for 2 year CD of $5000 or more. It's no longer available. Now the rate is closer to .2%
New BMW for $17000. It's no longer available. Now it's $48000.
Hamburger for $.65. No longer available. Now $2.39.
What's the point? |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Wed Sep 16, 2015 9:16 pm Post subject: |
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| sligo wrote: |
| jackson7 wrote: |
1178 KRW to 1 USD
Anyone who's been here for a period of time knows that the exchange rate is volatile, and whether it's the government propping up the chaebols, or the market moving with the ebbs and flows of foreign investing, it moves. A lot. Take a peek at the 5- and 10-year rates and you'll see this isn't awful, and if you feel it is, hang on to your cash and put them in the 7.5% CDs that can be found across the country (for F-visa holders).
If you're not on an F-visa and you're hurting when you send money home (and you have to, for loans or other reasons), you're likely young enough to get more education (grad or trade school) and start a new career (neither hagwons nor Korean public school gigs are likely to allow you the growing room to be careers).
J7 |
Do you have information about these high interest accounts for F visa holders? I tried to find some info, but most are only for Foreign women married to Korean men. |
They only let foreign women invest and not men? Kind of sexist isn't it? |
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GENO123
Joined: 28 Jan 2010
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| Posted: Thu Sep 17, 2015 7:53 am Post subject: |
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| jackson7 wrote: |
1178 KRW to 1 USD
Anyone who's been here for a period of time knows that the exchange rate is volatile, and whether it's the government propping up the chaebols, or the market moving with the ebbs and flows of foreign investing, it moves. A lot. Take a peek at the 5- and 10-year rates and you'll see this isn't awful, and if you feel it is, hang on to your cash and put them in the 7.5% CDs that can be found across the country (for F-visa holders).
If you're not on an F-visa and you're hurting when you send money home (and you have to, for loans or other reasons), you're likely young enough to get more education (grad or trade school) and start a new career (neither hagwons nor Korean public school gigs are likely to allow you the growing room to be careers).
J7 |
it is only going to get worse. |
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jackson7
Joined: 01 Aug 2006
Location: Kim Jong Il's Future Fireball
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| Posted: Thu Sep 17, 2015 2:28 pm Post subject: |
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| GENO123 wrote: |
| jackson7 wrote: |
1178 KRW to 1 USD
Anyone who's been here for a period of time knows that the exchange rate is volatile, and whether it's the government propping up the chaebols, or the market moving with the ebbs and flows of foreign investing, it moves. A lot. Take a peek at the 5- and 10-year rates and you'll see this isn't awful, and if you feel it is, hang on to your cash and put them in the 7.5% CDs that can be found across the country (for F-visa holders).
If you're not on an F-visa and you're hurting when you send money home (and you have to, for loans or other reasons), you're likely young enough to get more education (grad or trade school) and start a new career (neither hagwons nor Korean public school gigs are likely to allow you the growing room to be careers).
J7 |
it is only going to get worse. |
Unless it gets better (1166 KRW to 1 USD)  |
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GENO123
Joined: 28 Jan 2010
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jackson7
Joined: 01 Aug 2006
Location: Kim Jong Il's Future Fireball
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| Posted: Thu Sep 17, 2015 3:41 pm Post subject: |
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Cough two-week old article. You can keep beating that drum while cherry picking articles, but the market is much stronger than anything the Korean government tries to do to devalue its currency. We saw it years ago when the BOK tried to affect currency rates through a combination of rhetoric and currency sales, but the market forces overcame every effort they made. Every. Time. I'd be more concerned about the public debt and consumer habits of Koreans than the chicken little currency war.
J7 |
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GENO123
Joined: 28 Jan 2010
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| Posted: Thu Sep 17, 2015 5:33 pm Post subject: |
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| I wonder how much the happy the Korean government will be if a Lexus is less expensive than a KIA. But by all means make a big bet on the Korean Won versus the dollar. |
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jackson7
Joined: 01 Aug 2006
Location: Kim Jong Il's Future Fireball
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| Posted: Fri Sep 18, 2015 12:19 am Post subject: |
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| C'mon GENO, we've been down this path before. You say the sky is falling, I say it isn't, and then I place my bet against your prediction, which has turned out very well for me in the past. Your hyperbole is mildly entertaining, but painfully redundant, too. |
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GENO123
Joined: 28 Jan 2010
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| Posted: Fri Sep 18, 2015 3:15 am Post subject: |
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| jackson7 wrote: |
| C'mon GENO, we've been down this path before. You say the sky is falling, I say it isn't, and then I place my bet against your prediction, which has turned out very well for me in the past. Your hyperbole is mildly entertaining, but painfully redundant, too. |
Since last we had a discussion on this topic Nov 19 2014 the won has gotten weaker. I dont know when you made a bet against anything i wrote.
At any ratet the weakening trend willl resume again continue when Japan devalues again in 2 or 3 months from now. |
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Fallacy
Joined: 29 Jun 2015
Location: ex-ROK
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| Posted: Fri Sep 18, 2015 6:51 pm Post subject: |
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EDIT: Based upon a re-reading of the contrarian commentary on this thread, I am now convinced that hoarding KRW is the best move, at least for the next 6 months.
Last edited by Fallacy on Fri Sep 18, 2015 10:59 pm; edited 1 time in total |
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chellovek
Joined: 29 Feb 2008
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| Posted: Fri Sep 18, 2015 9:35 pm Post subject: |
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| Fallacy wrote: |
| GENO123 wrote: |
| when Japan devalues again in 2 or 3 months from now. |
Do you have inside knowledge on this? Please share. |
Of course he doesn't know. However, being a dull blow-hard is de rigeur on this forum.
Same as those bores who hang on every little change in the FX market. If the won weakening by 0.2% is some big deal for you, then *beep* off back to whatever sheltered port you came from. |
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GENO123
Joined: 28 Jan 2010
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| Posted: Fri Sep 18, 2015 10:26 pm Post subject: |
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| chellovek wrote: |
| Fallacy wrote: |
| GENO123 wrote: |
| when Japan devalues again in 2 or 3 months from now. |
Do you have inside knowledge on this? Please share. |
Of course he doesn't know. However, being a dull blow-hard is de rigeur on this forum.
Same as those bores who hang on every little change in the FX market. If the won weakening by 0.2% is some big deal for you, then *beep* off back to whatever sheltered port you came from. |
u r going to look really dumb when this is all said and done.
But rest assured there is zero chance of a substantial recovey for the won . It is not going back to 1000 to the dollar not next year nor ever. The won will follow the yen if it dorsnt then korea doesnt sell anything. And where is the yen going?
Why dont you tell eveeyone reasons why the won should get stronger. Look around what are the implications of the following?
https://next.ft.com/59a84973-020d-392b-bd75-a896109407fd
Last edited by GENO123 on Fri Sep 18, 2015 10:32 pm; edited 1 time in total |
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GENO123
Joined: 28 Jan 2010
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| Posted: Thu Sep 24, 2015 6:24 am Post subject: |
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The Won keeps falling. It is worth less and less everyday. Just say "no" to esl Korea.
If you are holding out for a recovery of the won you will disapointed. The Won wont come back. The 1000 to the dollar days are gone for good. |
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chellovek
Joined: 29 Feb 2008
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| Posted: Sun Sep 27, 2015 1:21 am Post subject: |
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| GENO123 wrote: |
| chellovek wrote: |
| Fallacy wrote: |
| GENO123 wrote: |
| when Japan devalues again in 2 or 3 months from now. |
Do you have inside knowledge on this? Please share. |
Of course he doesn't know. However, being a dull blow-hard is de rigeur on this forum.
Same as those bores who hang on every little change in the FX market. If the won weakening by 0.2% is some big deal for you, then *beep* off back to whatever sheltered port you came from. |
u r going to look really dumb when this is all said and done.
But rest assured there is zero chance of a substantial recovey for the won . It is not going back to 1000 to the dollar not next year nor ever. The won will follow the yen if it dorsnt then korea doesnt sell anything. And where is the yen going?
Why dont you tell eveeyone reasons why the won should get stronger. Look around what are the implications of the following?
https://next.ft.com/59a84973-020d-392b-bd75-a896109407fd |
You see, I'm not looking for reasons why the won should go this way or the other, i.e. up or down.
If currency fluctuations really mattered to me I wouldn't live in Korea. Oh, wait, I don't. If I did and the won weakening were such a death knell, I wouldn't be arsing about on the internet warning other chicken littles about it.
This forum isn't an FX ticker-tape. You will not get a single opinion worth taking seriously on this site. If you are serious then I honestly don't know why you bother on here.
My original point stands, I think you lot are blow-hards wanting to sound knowledgeable and sagacious about the vagaries of the currency markets since in this peanut gallery you have an easy audience.
Blow that. You're talking out of you behind. If you know so much, head off to the FX exchange and cash in on your wisdom, and leave this place to other idiots wondering where they can find milk in the local dairy. |
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