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jdog2050
Joined: 17 Dec 2006
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 Posted: Tue Jan 22, 2008 3:30 am Post subject: US Recession pretty much official...take money out or... |
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| So, looking at my currency widget, the Won is at 954 to the dollar. Yesterday it was 943. Even though this is the initial panic, I've been holding all my Won here, waiting till I hit a certain amount in my account before sending it all over. Should I just shoot it over now, or just wait for things to calm down? |
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Trevor
Joined: 16 Nov 2005
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| Posted: Tue Jan 22, 2008 5:21 am Post subject: Re: US Recession pretty much official...take money out or... |
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I would hold.
| jdog2050 wrote: |
| So, looking at my currency widget, the Won is at 954 to the dollar. Yesterday it was 943. Even though this is the initial panic, I've been holding all my Won here, waiting till I hit a certain amount in my account before sending it all over. Should I just shoot it over now, or just wait for things to calm down? |
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bobbyhanlon
Joined: 09 Nov 2003
Location: 서울
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| Posted: Tue Jan 22, 2008 9:15 am Post subject: |
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| you're back down to 942 now. plus the fed has just come in with a beast of a rate cut, so you should be good to hold on for a while. |
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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| Posted: Tue Jan 22, 2008 11:33 am Post subject: |
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| To get around the wire fee, opening accounts in Korea in other currencies as a hedge could give you some protection or peace of mind. I've done it at KB, and they offer accounts in USD, Euro, Yen, and others. |
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boyne11
Joined: 08 Jul 2007
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| Posted: Tue Jan 22, 2008 2:18 pm Post subject: |
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| RJjr wrote: |
| To get around the wire fee, opening accounts in Korea in other currencies as a hedge could give you some protection or peace of mind. I've done it at KB, and they offer accounts in USD, Euro, Yen, and others. |
Do 50/50 with those foreign currency accounts. That will minimize your risk. |
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OneWayTraffic
Joined: 14 Mar 2005
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| Posted: Tue Jan 22, 2008 2:29 pm Post subject: Re: US Recession pretty much official...take money out or... |
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| jdog2050 wrote: |
| So, looking at my currency widget, the Won is at 954 to the dollar. Yesterday it was 943. Even though this is the initial panic, I've been holding all my Won here, waiting till I hit a certain amount in my account before sending it all over. Should I just shoot it over now, or just wait for things to calm down? |
I can remember back when I first got here in 2001, that some fellow New Zealanders were complaining about the exchange rate at 580. Now it's 710. Point is, these things are difficult to predict and are inherently volatile. The best thing to do is either keep your money where you need it, or if you are worried that you're going to spend it, send it back at regular intervals.
If you're going to be here forever, you may get a better exchange rate. If you're here for just a couple of years, send it back when it suits you and forget trying to predict exchange rates. I've never seen anyone good at it. |
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victorology
Joined: 10 Sep 2007
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| Posted: Tue Jan 22, 2008 5:43 pm Post subject: Re: US Recession pretty much official...take money out or... |
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| OneWayTraffic wrote: |
| If you're going to be here forever, you may get a better exchange rate. If you're here for just a couple of years, send it back when it suits you and forget trying to predict exchange rates. I've never seen anyone good at it. |
I have to agree with this. Even the "experts" tend to get it wrong. When the won touched 900, a lot of experts predicted it would hit 860. A couple of days ago, there were experts saying the won could hit 980.
Personally, I think the won will rise against the dollar in the short term. The Fed meets in a week and there's a good chance of another rate cut. With that said, I would just change money whenever you need to. |
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ryouga013
Joined: 14 Sep 2007
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| Posted: Fri Jan 25, 2008 5:03 am Post subject: |
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| I was hoping to get another $1=910 like I did in November... tough cookies for me, at least I sent the money over there for my loans when I did. |
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