Korean Job Discussion Forums

denistron · Joined: 21 Oct 2006 Location: Busan

Hey everyone.
So I've been in Korea a few years, and would like to do something more than just sit on this 'ol chunk 'o change.

Can anyone recommend a bank that offers a good savings account with high interest?

Alternatively, I could make some small investments in stocks or bonds in Korea, but I have no idea how to go about it. Going to the bank and asking myself would surely be a confusing mess of miscommunications. So I am trying to hear about your experiences first, as to be better informed.

I would rather invest in my home country where everything is within reach of my language skills, but I am concerned that money transfer prices might cut into my overall savings potential.

So.... how do you collect interest in Korea?

Davew125 · Joined: 11 Mar 2007

there was a similar thread on this just this morning,

http://forums.eslcafe.com/korea/viewtopic.php?t=122024

i'll be honest and tell you i havent read it properly but it might give you a bit of help.

Pyongshin Sangja · Joined: 20 Apr 2003 Location: I love baby!

Invest in addictive drugs like alcohol and tobacco.

denistron · Joined: 21 Oct 2006 Location: Busan

How's that working for you Pyongshin Sangja?

nwise · Joined: 22 Mar 2007

"I would rather invest in my home country where everything is within reach of my language skills, but I am concerned that money transfer prices might cut into my overall savings potential."

Without trying to sound rude, if you are worried about a 25-50 dollar wire fee and the exchange cost, you don't have enough to "invest". Here is some advice, wait until we are in a bull market to invest in anything. If you don't you'll likely lose money. (Remember-all investors are trading guru's during the bull) Until then, put you money into an interest bearing account. Buy some books on investing, and don't take the financial advice of the brain trust on this board. Just mho.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

beast · Joined: 28 Jan 2003

It's very easy to invest at Prudential or Mirae Asset here. They have a number of funds. You give them your bank book and tell them how much you want to invest each month. I have six funds going right now and the worst one last month was four point nine percent and the best one was seventeen percent. It's riskier than a savings account of course, but the rewards in the long term are much better. But, 'long term' doesn't mean a few months or even a year. you have to be prepared to do at least a two year stint.

GoldMember · Joined: 24 Oct 2006

Unless your American, simple fact is that if you invest in Korea, you are investing in Korean Won denominated assets. In other words your investing in assets that are DEPRECIATING in value compared to other currencies. Good luck, you're going to need it.