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Yesterday
Joined: 15 Aug 2003
Location: Land of the Morning DongChim (Kancho)
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 Posted: Wed Dec 31, 2003 1:08 am Post subject: Exchange Rate - What happened?????? |
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This week the exchange rate dropped HUGELY - the Korean won is basically noth worth anything when exchanging over to US dollars or other currencies...
It has been steadily decresing all year - but this week just plummetted - does anybody know what happened?? or whether it will go up anymore - or down anymore - or what shold I do with my Korean won???? |
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shawner88
Joined: 01 Feb 2003
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| Posted: Wed Dec 31, 2003 1:10 am Post subject: |
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| What are you talking about? It's pretty normal, like 1,200 to the dollar. Has been around that mark on average for ages. And it has been steadily rising in value all year pretty much. At the beginning of the year it was around 1,350 to the dollar. |
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Yesterday
Joined: 15 Aug 2003
Location: Land of the Morning DongChim (Kancho)
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| Posted: Wed Dec 31, 2003 1:16 am Post subject: Check this exchange site... |
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I have been watching the CORRECT exchange rate on this site all year - and it has always been the same as the Korean Banks - but check it out today - the won has jumped fallem hugely??
http://x-rates.com/calculator.html |
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wormholes101
Joined: 11 Mar 2003
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| Posted: Wed Dec 31, 2003 1:25 am Post subject: Re: Check this exchange site... |
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| Craig75 wrote: |
| the won has jumped fallem hugely?? |
Eh? You mean has the won fallen significantly??
No, it hasn't... It's basically the same as it was a year ago and one month ago... |
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Yesterday
Joined: 15 Aug 2003
Location: Land of the Morning DongChim (Kancho)
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| Posted: Wed Dec 31, 2003 1:41 am Post subject: what site do you use? |
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Where are those figures coming from -
One year ago - I sent $1500 back to my Australian bank - it cost me 1 million won.
According to todays exchange rate at the above site - if i wanted to send $1500 back to my bank account it will cost me 2.5 million won??
Is my site wrong? What site do you guys use? ( I am sure it only went down today or this week) |
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Yesterday
Joined: 15 Aug 2003
Location: Land of the Morning DongChim (Kancho)
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shawner88
Joined: 01 Feb 2003
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| Posted: Wed Dec 31, 2003 1:46 am Post subject: |
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| Well who knew you were talking about the Aussie dollar. Sounds to me like the Aussie currency is fluctuating, not the Korean Won. |
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crazylemongirl
Joined: 23 Mar 2003
Location: almost there...
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| Posted: Wed Dec 31, 2003 1:54 am Post subject: |
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| shawner88 wrote: |
| Well who knew you were talking about the Aussie dollar. Sounds to me like the Aussie currency is fluctuating, not the Korean Won. |
As I keep saying the aussie and kiwi dollars are doing well due to booming economies over there. The news of mad cow in the states will no doubt see the dollars go higher as they benefit from bans on US meat.
clg |
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Yesterday
Joined: 15 Aug 2003
Location: Land of the Morning DongChim (Kancho)
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| Posted: Wed Dec 31, 2003 2:00 am Post subject: Thanks |
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| Thanks - guys - perhaps I was blaming the wrong currency - perhaps the Aussie dollar has jumped this week - still - I don't know what to do with my korean won?? spend it all (now that things look so much cheaper in korea when compared to Australian dollars) |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Wed Dec 31, 2003 2:06 am Post subject: Re: Thanks |
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| Craig75 wrote: |
| Thanks - guys - perhaps I was blaming the wrong currency - perhaps the Aussie dollar has jumped this week - still - I don't know what to do with my korean won?? spend it all (now that things look so much cheaper in korea when compared to Australian dollars) |
You could probably buy American dollars.. they seem to get cheaper and cheaper to buy these days.. and probably only a matter of time before they rebound again.. (at least I hope so).
Best bet is just to stick with Korean won.. maybe the Aussie Dollar and Korean Won will fluctuate again in the other direction to your favor.. |
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jajdude
Joined: 18 Jan 2003
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| Posted: Wed Dec 31, 2003 11:49 am Post subject: |
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Against the Canadian dollar it has changed a good bit. Was around 850 in the summer. Now over 900. But then the CDN dollar has gone up bigtime vs. the US dollar. From CND = 65 US cents to 75 cents in the past year or so.... I think... happened fast, big change!
All ya gotta do is follow the newspaper.. IHT is best here in Korea. |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Wed Dec 31, 2003 4:35 pm Post subject: |
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| jajdude wrote: |
Against the Canadian dollar it has changed a good bit. Was around 850 in the summer. Now over 900. But then the CDN dollar has gone up bigtime vs. the US dollar. From CND = 65 US cents to 75 cents in the past year or so.... I think... happened fast, big change!
All ya gotta do is follow the newspaper.. IHT is best here in Korea. |
I just read that the Canadian dollar again reached a new high this past week.
I've said it on numerous other threads. Get a US dollar account (Kookmin Bank has these) and just put your cash into US funds. The dollar won't be weak forever, and you know once it does rebound, it will rebound hard.
EDIT: Just checked out the Aussie dollar and HOLY CRAP I can't believe how strong it has gotten. There used to be at least 100 won diff on Au Dollar and Cdn Dollar, the difference is only 40 won now!!!
I can see why you are freaking out, Australia is getting DARN strong economy wise. I still remember when it was 400 won to a AU dollar  |
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Paji eh Wong
Joined: 03 Jun 2003
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| Posted: Wed Dec 31, 2003 4:56 pm Post subject: |
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I like Yahoo! currency converter.
http://finance.yahoo.com/m3?u
It gives you a graph of what the currency's been up to for the last 2 year. |
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Yesterday
Joined: 15 Aug 2003
Location: Land of the Morning DongChim (Kancho)
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| Posted: Wed Dec 31, 2003 6:48 pm Post subject: Thanks for the advice |
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Just wanted to say thanks to you guys/gals for the advice...
I have been here for 3 years now - but it doesn't make things any easier... there are many factors that cause stress - and money is just one of those factors - and I guess I freaked out yesterday when i saw the exchange rate....
Each month on payday - I have to send a certain amount of my salary back to my australian account to pay the old debts I left behind (credit card, university debts etc) so that one day I may be able to leave this country and go back debtless and proud....
However although each year - I have always moved onto bigger and better jobs with higher income (Korean salary) each month I go to the bank - it costs me more and more just to send back the same amount - so it leaves me with no option than to work more and more (illegal jobs on top of my full-time job) or live worse and worse - (good ole ramien soup everyday) - so thanks for all the advice - but I guess I will just have to keep toughing it out...
Thanks for the advice about the US dollar bank account - i am really considering trying it out.... |
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crazylemongirl
Joined: 23 Mar 2003
Location: almost there...
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| Posted: Wed Dec 31, 2003 9:10 pm Post subject: |
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yeah the kiwi dollar has been skyrocketing as well.
This year 1 dollar bought abotu 650won now it's sitting at almost 800 |
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