Korean Job Discussion Forums

[stiofan]

Hey..my contract is up in december and i'll be going home for a few weeks then returning in jan for my 2nd contract.
By the time I leave im projecting i'll have 13 million won in savings. At the current exchange rate that works out at just over �6000. Last year it wold have been just under �7000!!
Do you think I should justcash my money in in and take it home and bank it or leave it in busan and exchan it next year.
I ask the question becasue I know nothing about exchange rates pound vs dollar vs euro etc...thanks for your advice......stiofan

[BS.Dos.]

On the one hand, if you're coming back, then maybe leave it where it is, but I'd maybe set up an internet account though. When you get back home and see just how fucking expensive everthing now is, you'll probably find that you need quick access to your emergency funds at some point...

...While on the other, I doubt anyone can offer you any water-tight advice regarding future Pound/Won fluctuations. The current global economic outlook looks far from rosy to say the least. Just ask yourself how you'll feel 12-months from now if your 6,000 is suddenly worth only 5,000. Then ask yourself just how much less will that money actually buy back home 12-months from now, given how much everything seems to cost at the moment.

If it were me, I'd transfer it home now and be done with it.

[EMKAYES]

If you can do without that money for a year, why not put it into an 5%intrest account in Korea. There are plenty about and at the end of the year if the exchange rate is the same, you have made a few hundred quid. If the exchange rate is worse, the money you have made will buffer the loss.

But you are taking a risk. what do you think the economy will be like in 12 months?

[stiofan]

yeah its a risky game just gonna take it home and chuck it in a high interest account there...cheers..