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John Henry
Joined: 24 Sep 2004
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 Posted: Sun Oct 08, 2006 10:49 pm Post subject: How low will the won go? |
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And how low will it have to fall before you get on a plane to Japan?
Right now, 1000 SKW = 1.0385 USD, as per xe.com
But the markets aren't open in the states now. Did you empty your account today? How low will it go? How low would it have to go before you left the country? |
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crazylemongirl
Joined: 23 Mar 2003
Location: almost there...
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| Posted: Sun Oct 08, 2006 10:52 pm Post subject: |
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| Low enough for people to realize that they've lost a whole lot of money panic selling. |
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formerflautist
Joined: 30 May 2006
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| Posted: Sun Oct 08, 2006 10:55 pm Post subject: |
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| I'm going with a wait and see approach. I'm not going to join any stampede to the bank to take out money. |
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John Henry
Joined: 24 Sep 2004
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| Posted: Sun Oct 08, 2006 10:55 pm Post subject: |
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Yeah, I agree, this is a whole bunch of nothing. And if I die in Korea, so be it really.
Just wondering what people are thinking about this. |
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bobbyhanlon
Joined: 09 Nov 2003
Location: 서울
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| Posted: Sun Oct 08, 2006 11:00 pm Post subject: |
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| selling now is not a good idea. you'll be part of the knee-jerk reaction crowd and most probably end up getting a bad price. like the previous guy said this is not the end of the world and we definitely shouldn't panic just yet. |
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formerflautist
Joined: 30 May 2006
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| Posted: Sun Oct 08, 2006 11:12 pm Post subject: |
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| I actually have to restrain myself from going to the bank. I have a lot of money that should be sent home but I like to wait for the best price. |
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billybrobby
Joined: 09 Dec 2004
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| Posted: Sun Oct 08, 2006 11:51 pm Post subject: |
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| you know what will be fun? after a big chunk of your wealth has been wiped out, you can go back and thread those threads with all the penny pinching tips on how to save money here. Except this time you can read them with bitterness. Deep, roiling bitterness in the pit of your stomach. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Mon Oct 09, 2006 1:15 am Post subject: |
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I'm spitting nails right now because I have the day off tomorrow and was planning on sending a wad of money home.
KJI....I HATE you!!!
I waited NINE freakin' YEARS for it to get this low. And now you have to pull your nuke test??? What was wrong with waiting until Wednesday???
Last edited by Ya-ta Boy on Mon Oct 09, 2006 1:17 am; edited 1 time in total |
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casey's moon
Joined: 14 Sep 2004
Location: Daejeon
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| Posted: Mon Oct 09, 2006 1:16 am Post subject: |
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Don't do anything until a trained professional gets here.
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Mon Oct 09, 2006 3:11 am Post subject: |
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| bobbyhanlon wrote: |
| selling now is not a good idea. you'll be part of the knee-jerk reaction crowd and most probably end up getting a bad price. like the previous guy said this is not the end of the world and we definitely shouldn't panic just yet. |
I agree with you, the people who run to the bank and buy foreign currency now are going to screw everyone. |
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Missile Command Kid
Joined: 17 Jul 2006
Location: Daegu
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| Posted: Mon Oct 09, 2006 4:20 am Post subject: |
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| I'm of two minds on the situation. I arrived here in late August and am planning on sticking it out for the long run, barring a war. If there's a war, then I'm leaving ASAP with my family and thanking God that we made it out okay. If there's no war, then we'll see what the interest rate is in August 2007. |
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jaganath69
Joined: 17 Jul 2003
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| Posted: Mon Oct 09, 2006 4:32 am Post subject: |
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| billybrobby wrote: |
| you know what will be fun? after a big chunk of your wealth has been wiped out, you can go back and thread those threads with all the penny pinching tips on how to save money here. Except this time you can read them with bitterness. Deep, roiling bitterness in the pit of your stomach. |
I concur. Well said. |
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4 months left
Joined: 07 Feb 2003
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| Posted: Mon Oct 09, 2006 4:39 am Post subject: |
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There will probably a temporary slide in the won, so far the North has said the test was successful, there is no proof it was carried out. The KOSPI got hit a little today, down 2.41%, so not that bad. It would be nice to see it get hit another 10% or so which might be a good buying opportunity.
If you are planning to send money back it might be good to wait for a few days to see what happens.
The Chinese have condemned the attacks so that is positive, I think the North is on its last breath and is trying anything and everything, what else does it have to lose? |
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huffdaddy
Joined: 25 Nov 2005
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| Posted: Mon Oct 09, 2006 5:25 am Post subject: |
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| billybrobby wrote: |
| you know what will be fun? after a big chunk of your wealth has been wiped out, you can go back and thread those threads with all the penny pinching tips on how to save money here. Except this time you can read them with bitterness. Deep, roiling bitterness in the pit of your stomach. |
Not to worry. I'm sure everyone took my advice here.
| huffdaddy wrote: |
| Rachael wrote: |
Please correct me if I'm wrong, but wouldn't citizens of the USA be best to send all their money home now while the USD is low?
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Maybe not all of your money, but it would definitely be a good idea to convert some of your Won while you can. You never know what will happen with the exchange rates. Nothing wrong with getting some good rates while you can. You can open a foreign currency account here (you get wire transfer rates (spot +/- 1%), and not cash rates (spot +/- 2%), although you have to leave it in the bank for a month) and park it if you don't want to / need to pay wire transfer fees.
Personally, I'm converting about half my savings, and letting the rest ride. |
Or my advice here.
| huffdaddy wrote: |
Where is it going? Hard to say. I've heard predictions of 900 W/$. But that's just speculation. You're probably better off moving a bit into $$ every month and hedging your bets.
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Juregen
Joined: 30 May 2006
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| Posted: Mon Oct 09, 2006 6:03 pm Post subject: |
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| formerflautist wrote: |
| I actually have to restrain myself from going to the bank. I have a lot of money that should be sent home but I like to wait for the best price. |
That is te best attitude
Current political situation is not a stable situation and the fluctuations are not justified by real economic variables.
Given that the Korean economy prefers a lower won to a higher one for the "Beg thy neighbour" attitude, there will be no correction from the Korean perspective.
The thing is the Korean won dropped under 1 euro = 1100 won this year and i did not see anyone complaining before.
If you don't need the money don't exchange it, just wait or invest in some short term higher intrest rate, or whatever. |
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