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Join Me
Joined: 14 Jan 2008
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 Posted: Sat Sep 27, 2008 1:46 am Post subject: AMERICANS GET READY TO EXCHANGE YOUR WON FOR DOLLARS |
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For all of you that have been waiting for an opportunity to exchange your won and send it to the US, your best chance to get a decent exchange rate may be coming next month. Apparently next month the Korean government intends to "inject $10 billion into currency market." The last time they did this it improved the exchange rate between the won and dollar but the benefit only lasted for a couple of weeks. Anyone who wants to send money back to the US should be watching the currency rate every day to see if this government intervention has any effect this time around and be prepared to head to the bank if it does.
http://joongangdaily.joins.com/article/view.asp?aid=2895390 |
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Sat Sep 27, 2008 2:39 am Post subject: |
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| I hope you are right, but I think people need to expect to be in it for the long haul in terms of not having a decent exchange rate for awhile. The Korean Government can artificially try to change the rate, but in the end it's a waste of money. |
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Join Me
Joined: 14 Jan 2008
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| Posted: Sat Sep 27, 2008 2:45 am Post subject: |
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| I agree with you that we will not see a really decent exchange rate for a while. But...my post is to try to assist the people that need to get money out of Korea at the best rate possible in the next 6 months. The won continues to head in the wrong direction and this intervention is probably going to produce the best rate we will see for a year or more. If you are going home anytime soon, this may be your best shot. |
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jkelly80
Joined: 13 Jun 2007
Location: you boys like mexico?
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| Posted: Sat Sep 27, 2008 7:08 pm Post subject: |
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| Cool I keep an eye out. I leave in March and my original plan was to sit on the cash for a while (not the safest route, but...) and exchange when it got near 1050 or so. This might be good. |
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brento1138
Joined: 17 Nov 2004
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| Posted: Sat Sep 27, 2008 8:05 pm Post subject: |
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6 or so years ago I kept hearing "buy gold buy gold"...
Now it appears that was a good idea... |
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aka Dave
Joined: 02 May 2008
Location: Down by the river
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| Posted: Sat Sep 27, 2008 11:36 pm Post subject: |
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| Thanks for the heads up. I really, really need to send money home, but I've been waiting because it seems like the dollar could go belly up soon. For some economic reason beyond my comprehension, the won seems tethered to the dollar (don't know if this is true, just seems so), and even when the dollar tanks the won doesn't budge. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sun Sep 28, 2008 1:51 am Post subject: |
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| Quote: |
| For some economic reason beyond my comprehension, the won seems tethered to the dollar (don't know if this is true, just seems so), |
It isn't just your impression. While the Won may not be formally tied to the $, it is definitely connected somehow. The gov't/chaebol want to keep Korean exports to the US cheap to maintain or increase their market share.
This would probably not be a sustainable strategy if the dollar tanks. I'm sure Korean companies are scrambling as hard as possible to increase their markets in China and India right now to soak up the exports the US will no longer buy if it goes into a deep recession.
For those of us here longer term, a US recession may work in our favor. There was a time when the exchange rate was around W750 to the dollar. If those rates return... |
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shifty
Joined: 21 Jun 2004
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| Posted: Sun Sep 28, 2008 2:37 am Post subject: |
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The dollar will probably go high as safe haven when scared investors withdraw from emerging ecnomies. But these, the emerging economies will only suffer contagion from the meltdown some time away. The lag might see the dollar look ordinary in the short term.
It doesn't make sense for the won to be shredded. It takes a bunch of resource to maketh the man who produces the goods for Korea, lots of schooling and tons of hakwons. Then to go sell all this value added capital for a song is the act of a fool.
If the demand from America becomes suboptimal for Korea's need to export, then the goverment may attempt to awaken the domestic market. |
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Sun Sep 28, 2008 2:40 am Post subject: |
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| Ya-ta Boy wrote: |
| For those of us here longer term, a US recession may work in our favor. There was a time when the exchange rate was around W750 to the dollar. If those rates return... |
That would be good for us, but really bad for the US economy.
We got pretty close to that, 899=$1 awhile back.
When I got here the rate was about 1200=$1 and it's pretty close to that now. |
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brento1138
Joined: 17 Nov 2004
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| Posted: Sun Sep 28, 2008 2:52 am Post subject: |
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| Let's just hope those US banks you are sending your money to don't go bankrupt... |
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Maserial
Joined: 31 Jul 2005
Location: The Web
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| Posted: Sun Sep 28, 2008 6:05 am Post subject: |
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| brento1138 wrote: |
| Let's just hope those US banks you are sending your money to don't go bankrupt... |
For the majority of Americans sending money back home, the FDIC would cover their losses. |
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jangsalgida
Joined: 11 Jan 2006
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| Posted: Sun Sep 28, 2008 6:12 am Post subject: |
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| brento1138 wrote: |
| Let's just hope those US banks you are sending your money to don't go bankrupt... |
Of course one would have to have at least one hundred thousand dollars(that's the amount we/you are insured for).
If not, no need to worry. But, if someone had a lot of $$$ to exchange they might want to go to Namdaemun market where you can save 10 cents on the dollar due to the transparent and corrupt values found at Namdaemun market. Go to Namdaemun, NOT the BANK, simply because KOREA allows such CORRUPTION every day of the week on the sidewalk.
I used to teach central bankers in Seoul, and I told them that I could do this... Their response... "Oh yeah duuuuuhhh, that's the way it is in Korea, duuuuuhhh."
Last edited by jangsalgida on Sun Sep 28, 2008 6:19 am; edited 1 time in total |
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victorology
Joined: 10 Sep 2007
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| Posted: Sun Sep 28, 2008 6:16 am Post subject: |
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| jangsalgida wrote: |
| brento1138 wrote: |
| Let's just hope those US banks you are sending your money to don't go bankrupt... |
Of course one would have to have at least one hundred thousand dollars(that's the amount we/you are insured for).
If not, no need to worry. But, if someone had a lot of $$$ to exchange they might want to go to Namdaemun market where you can save 10 cents on the dollar due to the transparent and corrupt values found at Namdaemun market. Go to Namdaemun, NOT the BANK, simply because KOREA allows such CORRUPTION every day of the week on the sidewalk. |
How are those money changers corrupt? I find they simply work with much less overhead and tighter margins than banks do. |
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jangsalgida
Joined: 11 Jan 2006
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| Posted: Sun Sep 28, 2008 6:22 am Post subject: |
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| victorology wrote: |
| jangsalgida wrote: |
| brento1138 wrote: |
| Let's just hope those US banks you are sending your money to don't go bankrupt... |
Of course one would have to have at least one hundred thousand dollars(that's the amount we/you are insured for).
If not, no need to worry. But, if someone had a lot of $$$ to exchange they might want to go to Namdaemun market where you can save 10 cents on the dollar due to the transparent and corrupt values found at Namdaemun market. Go to Namdaemun, NOT the BANK, simply because KOREA allows such CORRUPTION every day of the week on the sidewalk. |
How are those money changers corrupt? I find they simply work with much less overhead and tighter margins than banks do. |
Do I have to spell it out for you? Why do Koreans sell Amercian movies on the street one week after they have hit the theaters in America? Must I spell that out for you?
Simply put, they are not legally/licensed to do so. If they were, there wouldn't be a need for the banks. Please, get with the program. Maybe you have been here too long? |
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huck
Joined: 19 Jan 2003
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| Posted: Sun Sep 28, 2008 7:37 am Post subject: |
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| jangsalgida wrote: |
| victorology wrote: |
| jangsalgida wrote: |
| brento1138 wrote: |
| Let's just hope those US banks you are sending your money to don't go bankrupt... |
Of course one would have to have at least one hundred thousand dollars(that's the amount we/you are insured for).
If not, no need to worry. But, if someone had a lot of $$$ to exchange they might want to go to Namdaemun market where you can save 10 cents on the dollar due to the transparent and corrupt values found at Namdaemun market. Go to Namdaemun, NOT the BANK, simply because KOREA allows such CORRUPTION every day of the week on the sidewalk. |
How are those money changers corrupt? I find they simply work with much less overhead and tighter margins than banks do. |
Do I have to spell it out for you? Why do Koreans sell Amercian movies on the street one week after they have hit the theaters in America? Must I spell that out for you?
Simply put, they are not legally/licensed to do so. If they were, there wouldn't be a need for the banks. Please, get with the program. Maybe you have been here too long? |
Could you spell it out for me? I'm confused by your metaphors. |
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