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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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 Posted: Tue Sep 16, 2008 12:25 am Post subject: We Americans just lost W34 of the W45 we regained |
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The US dollar is at W1160.00 per dollar. 
How did you guys from other countries do?
(In case you didn't know, the KOSPI dropped 90.17 today. It's back to about where it was in '06.)
I've been through this once before and I'm not planning on leaving soon, so it doesn't bother me too much. Of course I'd rather my funds at NongHyup were doing better, but I figure I'll be buying more at cheaper prices so will be better off when the recovery comes.
Last edited by Ya-ta Boy on Thu Sep 18, 2008 3:10 am; edited 2 times in total |
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aka Dave
Joined: 02 May 2008
Location: Down by the river
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| Posted: Tue Sep 16, 2008 1:14 am Post subject: |
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This is really frustrating, as I want to send some money home but refuse to at these rates.
With the Lehman thing, Fannie May etc., the U.S. financial system is melting down. You'd think the dollar would take a hit. |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Tue Sep 16, 2008 1:27 am Post subject: |
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| Korea needs to legalize privates or the academies need to raise our salaries. This is getting ridiculous. How is the Yen doing? |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Tue Sep 16, 2008 1:28 am Post subject: |
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| If everyone ran off, I'd still be here. Sadly, I don't have much time in my life as it is. Even my off days are freakin' nuts! Wouldn't even have time to clean up on privates if I wanted. |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Tue Sep 16, 2008 1:48 am Post subject: |
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Just hang onto your Korean Won for now and wait it out to see if we can do better at some point down the road. I'm not fretting, because I still have lots of time to let the market gyrate around before I need to buy dollars again. If you have dollars, I suppose you could spend them right now and save your Won for when the xchange rate improves. The only thing is most ATM's don't accept American cards, but KEB branches in the large cities do. I wish Nonghyup ATM's would take my American card so I can purchase Won spending money while the rates are good in that perspective. Nonghyup appears to be the only kind of bank in Gangwondo as I just don't see any others around.
Wait it out if you're not leaving Korea yet. |
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ben-ja-mas
Joined: 20 Jan 2008
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| Posted: Tue Sep 16, 2008 1:51 am Post subject: |
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| bassexpander wrote: |
| If everyone ran off, I'd still be here. Sadly, I don't have much time in my life as it is. Even my off days are freakin' nuts! Wouldn't even have time to clean up on privates if I wanted. |
Not surprised since you gave all your money to your wife. Tomato that giant financial institution. |
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Yesterday
Joined: 15 Aug 2003
Location: Land of the Morning DongChim (Kancho)
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| Posted: Tue Sep 16, 2008 2:05 am Post subject: Re: We Americans just lost W50.90 per W1,000 |
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| Ya-ta Boy wrote: |
The US dollar is at W1160.00 per dollar.
How did you guys from other countries do?
(In case you didn't know, the KOSPI dropped 90.17 today. It's back to about where it was in '06.)
I've been through this once before and I'm not planning on leaving soon, so it doesn't bother me too much. Of course I'd rather my funds at NongHyup were doing better, but I figure I'll be buying more at cheaper prices so will be better off when the recovery comes. |
hahaha
sorry for those Americans out there - but the Australian dollar is getting better...
now when I send money home - I get more Australian dollars ...
(not as good as the year 2000, or 2001 - but better than what it has been for the last 6 months)...
hope these problems keep happening... |
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EzeWong
Joined: 26 Mar 2008
Location: Seoul
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| Posted: Tue Sep 16, 2008 2:35 am Post subject: |
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| aka Dave wrote: |
This is really frustrating, as I want to send some money home but refuse to at these rates.
With the Lehman thing, Fannie May etc., the U.S. financial system is melting down. You'd think the dollar would take a hit. |
Lehman taking a nose dive hits the Americans square in the balls.
Never ever would I have ever considered Lehman brothers going bankrupt. That's roughly 690 Billion controlled assests needing to be remanaged.
This is F***ed up. If you would have asked anyone in my business school 2 years ago if Lehman brothers would file bankruptcy they would laugh you right out.
I mean, I'm suprised there aren't any SEPERATE topics on just Lehman brothers.
To put things in perspective for those who aren't savy about the financial industry, that's like the equivalent of Sony going out of business... but on a much grander scale.
Expect the economy almost everywhere to take a nose-dive. Financial community is emotionally driven and the outcome looks bloody grim.
I'm sure the dollar-won ratio will go up. But right now... like suggested I'm holding onto my money until things improve... or if not, I'll frigin live in Korea the rest of my life |
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Zutronius
Joined: 16 Apr 2007
Location: Suncheon
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| Posted: Tue Sep 16, 2008 2:43 am Post subject: |
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| Not looking very good against the Canadian Dollar either. Ouch. Hopefully in a few months it will be better. |
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Starla
Joined: 06 Jun 2008
Location: Seoul
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| Posted: Tue Sep 16, 2008 3:07 am Post subject: |
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| EzeWong wrote: |
| aka Dave wrote: |
This is really frustrating, as I want to send some money home but refuse to at these rates.
With the Lehman thing, Fannie May etc., the U.S. financial system is melting down. You'd think the dollar would take a hit. |
Lehman taking a nose dive hits the Americans square in the balls.
Never ever would I have ever considered Lehman brothers going bankrupt. That's roughly 690 Billion controlled assests needing to be remanaged.
This is F***ed up. If you would have asked anyone in my business school 2 years ago if Lehman brothers would file bankruptcy they would laugh you right out.
I mean, I'm suprised there aren't any SEPERATE topics on just Lehman brothers.
To put things in perspective for those who aren't savy about the financial industry, that's like the equivalent of Sony going out of business... but on a much grander scale.
Expect the economy almost everywhere to take a nose-dive. Financial community is emotionally driven and the outcome looks bloody grim.
I'm sure the dollar-won ratio will go up. But right now... like suggested I'm holding onto my money until things improve... or if not, I'll frigin live in Korea the rest of my life |
Yeah, my brother works for a bank and he had to come into work this Sunday as an emergency because of the Lehman fiasco. People were selling their stocks like crazy and he had to be there when the deal was struck. Worked some crazy hours yesterday too. Now my family is telling me working in Korea instead of the U.S. is a good idea and they're joking they should come to Korea too.  The U.S. economy is getting worse and everything is getting more expensive. Buying housing that's reasonably priced is getting harder and harder too and of course, taxes are through the roof. It's a good time to move out of the country I think. |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Tue Sep 16, 2008 3:13 am Post subject: |
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| Starla wrote: |
| EzeWong wrote: |
| aka Dave wrote: |
This is really frustrating, as I want to send some money home but refuse to at these rates.
With the Lehman thing, Fannie May etc., the U.S. financial system is melting down. You'd think the dollar would take a hit. |
Lehman taking a nose dive hits the Americans square in the balls.
Never ever would I have ever considered Lehman brothers going bankrupt. That's roughly 690 Billion controlled assests needing to be remanaged.
This is F***ed up. If you would have asked anyone in my business school 2 years ago if Lehman brothers would file bankruptcy they would laugh you right out.
I mean, I'm suprised there aren't any SEPERATE topics on just Lehman brothers.
To put things in perspective for those who aren't savy about the financial industry, that's like the equivalent of Sony going out of business... but on a much grander scale.
Expect the economy almost everywhere to take a nose-dive. Financial community is emotionally driven and the outcome looks bloody grim.
I'm sure the dollar-won ratio will go up. But right now... like suggested I'm holding onto my money until things improve... or if not, I'll frigin live in Korea the rest of my life |
Yeah, my brother works for a bank and he had to come into work this Sunday as an emergency because of the Lehman fiasco. People were selling their stocks like crazy and he had to be there when the deal was struck. Worked some crazy hours yesterday too. Now my family is telling me working in Korea instead of the U.S. is a good idea and they're joking they should come to Korea too. The U.S. economy is getting worse and everything is getting more expensive. Buying housing that's reasonably priced is getting harder and harder too and of course, taxes are through the roof. It's a good time to move out of the country I think. |
Well, it is not a good time to be in the U.S., but not a great time to be in Korea. Also, prices are going up in Korea. We are sheltered somewhat from the problems, but some of us still have send money home, so we will take a hit no matter what. |
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Starla
Joined: 06 Jun 2008
Location: Seoul
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| Posted: Tue Sep 16, 2008 3:33 am Post subject: |
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| Adventurer wrote: |
| Starla wrote: |
Yeah, my brother works for a bank and he had to come into work this Sunday as an emergency because of the Lehman fiasco. People were selling their stocks like crazy and he had to be there when the deal was struck. Worked some crazy hours yesterday too. Now my family is telling me working in Korea instead of the U.S. is a good idea and they're joking they should come to Korea too. The U.S. economy is getting worse and everything is getting more expensive. Buying housing that's reasonably priced is getting harder and harder too and of course, taxes are through the roof. It's a good time to move out of the country I think. |
Well, it is not a good time to be in the U.S., but not a great time to be in Korea. Also, prices are going up in Korea. We are sheltered somewhat from the problems, but some of us still have send money home, so we will take a hit no matter what. |
I'm just using it as an excuse to leave the country. I don't know much about economics but when people who are more knowledgable about this stuff tell me I should be worried then I listen. But yeah, I know there is no perfect economy out there and for now, Korea might be a good option for an ESL teacher though that might change in a few years too. |
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fustiancorduroy
Joined: 12 Jan 2007
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| Posted: Tue Sep 16, 2008 3:33 am Post subject: |
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| I was at the investment bank this afternoon and the rate was 1175 won to the dollar. The broker explained that the exchange rate will favor selling dollars for the next week or so because of the Lehman Brothers bankruptcy. I'm thinking of sending some US dollars back to Korea. I've got several thousand in savings there that are only earning 3.6% interest. I could clean up by send (some of it) back this way. |
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HapKi
Joined: 10 Dec 2004
Location: TALL BUILDING-SEOUL
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| Posted: Tue Sep 16, 2008 3:34 am Post subject: |
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| Quote: |
| some of us still have send money home |
No one has mentioned those of us that have mutual funds in the States yet. A 4-5% drop overnight. Ouch!! |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Tue Sep 16, 2008 3:40 am Post subject: |
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| fustiancorduroy wrote: |
| I was at the investment bank this afternoon and the rate was 1175 won to the dollar. The broker explained that the exchange rate will favor selling dollars for the next week or so because of the Lehman Brothers bankruptcy. I'm thinking of sending some US dollars back to Korea. I've got several thousand in savings there that are only earning 3.6% interest. I could clean up by send (some of it) back this way. |
Yep, withdraw money from your low interest bearing American savings/checking account for spending money while you save won in your Korean account. That's my idea too. Can anyone tell me how I can withdraw from an American account via a Nonghyup bank. It worked fine at many Thai ATM's, but the Korean ones seem to not have international programed into the ATM software. Maybe it could be manually done inside the bank??? I would ask for this service, but no one speaks English in these banks where I'm at so they just get confused every time I try to talk. In the cities, I'm able to insert my ATM card into a KEB ATM and get won, but I can't get it to work in Gangwon at the Nonghyup bank ATM's. I specifically ask about Nonghyup since it's the only kind of bank outside the cities, at least in Gangwon it is. |
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