Korean Job Discussion Forums

[hagwonnewbie]

Most teachers here are waiting to send money home because they expect the rate to improve. They are also adjusting their expectations of what they might save in '08 and '09. I was curious about other people's thoughts.

How long will you wait to send money home?

At this point, what rate would you settle for?

Will you stick around Korea a little longer than you originally planned to see if the rate improves?

Will you stick around Korea a little longer to make up for the money that you had hoped to have saved by the end of your anticipated period here?

Have you changed your travel plans or spending habits in the last month as a result of the fallen won?

Will you stay in Korea in '09 if the exchange rates and salaries don't improve?

[Mr. Susan]

Way to ask questions that no one wants to ask or to answer.

Korea is freaking me out at the moment.

[Jennie]

1) I don't wait
2) I'll settle for W1,200=$1
3) No
4) Yes. planned this 6 mos. ago
5) yes, cheap W960 soju instead of W5,000 beer every other day. No trips to Busan or Seoul, coffee maker (no coffee shops), and kimchi jjigae. just to cover the loss due to conversion rate, I'd rather suck it up than lose my expected money.
6) No, planned my move months ago.

[Tobias]

[bassexpander]

I'd say that if it dips around or below 1200, then you should send money home.

From what I've seen so far, certain people in government here make announcements and do some things to "improve" the won to dollar rate, but it's usually just for a day to a week.

Lately, I've begun to believe that they do this just so they can create a window for their own personal benefit.

[Tobias]

[hagwonnewbie]

I thought they were valid questions. I was hoping to get a few more responses.

[Tobias]

You can stay, keep working, and keep saving money here.

Or

You can leave your money here in an interest-bearing account and fly home. You'll return later (lots of people return after leaving here) and fetch it. That is, if you do return.

Or

You can go and take your money with you. If you are going and aren't planning on ever coming back, you can simply stuff your dough into a money belt or some other hiding place and take it back to your home country. You can stash it in a safe deposit box until the rate gets better or convert it to dollars a little at a time as you need it until the rate improves or your stash runs dry.

That's pretty much all the (smart) choices you have.

[Omkara]

As to the money-belt option: it is my understanding that they'll come out with a W100,000 note next year? To carry W10,000 notes would require a lot of space.

What about an international account from which you can make withdrawals from, which will automatically convert W to $ when you make the withdrawal?

[Ramen]

I'm waiting for it to go down to around 800.

[I_Am_The_Kiwi]

Will send money once it drops below 780Won-$1NZ. Its at 830 today n its killing me.

Not budgeting anymore than i usually do...still earning the same amount of money, things still cost the same. if im waiting for the exchange rate to level out then why bother.

Not going to stay around, never was but this has definately sealed that option. Not worth the time or money anymore.

hope they think about increasing average salaries in the future if this continues cos i think they will see a drop in teacher numbers otherwise.

[marlow]

[Tobias]

Would I come this winter?

Well, first I'd shop around. There are other places in the world where one can go that have warmer weather, pay pretty well, and have a more stable currency. More than likely, I could find something elsewhere.

But if I couldn't find anything I liked elsewhere? Well, I still may not come. It would depend on my own situation. If I'm a designated loser who's looking at living out of a cardboard box, sure. I'd come. What you get here in benefits (such as free rent and medical) mean something.

If I had connections that could land me a decent job in the US, I definitely would NOT come here until the won appreciates back to at least 1100 or so. That may not happen again for a while. May never happen, actually.

[Tobias]

[thatwhitegirl]

When we arrived in August 2007, it was below 900 to a $1. When we transferred money, we got an extra couple hundred. We sent enough over that we really don't need to send any more over until the rate gets better. What is over there will pay $$ bills, and we put the rest of our savings into Korean CD's at the bank. They have great interest rates (well, better than in the US), that will make us over $1,000 by the time the CD matures. We figured we'd open another CD in a couple of months. With an interest rate of between 5.9-6.1%, you can't go wrong.