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Kenny Kimchee
Joined: 12 May 2003
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 Posted: Sat Oct 11, 2008 9:23 pm Post subject: Now's the time to buy won? |
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I got a sizable stack of USD sitting in a bank back home getting ~3% interest. With the low won coupled with higher bank interest rates, I was thinking about switching into won. I'm in Korea for at least a few more years and have no need to touch the money.
Have we seen the bottom? Is it a good time to move into won? |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Sat Oct 11, 2008 10:09 pm Post subject: Re: Now's the time to buy won? |
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| Kenny Kimchee wrote: |
I got a sizable stack of USD sitting in a bank back home getting ~3% interest. With the low won coupled with higher bank interest rates, I was thinking about switching into won. I'm in Korea for at least a few more years and have no need to touch the money.
Have we seen the bottom? Is it a good time to move into won? |
I wish I had the money to do it, yeah.
I'd say bring over $5000, or $10,000 (which will grow to like 6.5 and 13million won) and put it into a Korea CD which gets 6-8%. |
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Juregen
Joined: 30 May 2006
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| Posted: Sat Oct 11, 2008 10:16 pm Post subject: |
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The reason why Interests are higher in Korea is mainly due to a slightly higher inflation rate.
But yes, If you want to bet on a rebound of the Won, it's not a bad idea at all. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Sun Oct 12, 2008 5:09 am Post subject: |
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Sitting right where you are now. Might bring over another $5,000 US this week if the rate is good.
We should see what happens Monday. I say that, depending on the rate, you should bring it here. Set up an account with Prime Bank or Tomato at around 7 percent. You're guarenteed safe up to 30 million won by the Korean gov't in those, my wife tells me. Or go with KB at 6.5% as someone said. |
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crsandus
Joined: 05 Oct 2004
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| Posted: Sun Oct 12, 2008 6:12 am Post subject: |
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| There's really a bank called Tomato? I thought it was a joke the first time I heard about it on this forum... |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Sun Oct 12, 2008 7:11 am Post subject: |
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| crsandus wrote: |
| There's really a bank called Tomato? I thought it was a joke the first time I heard about it on this forum... |
I put this link up before. Yes, it's a real bank. A pop-up will show with interest rates on some things, if you can read Korean:
http://www.tomatobank.co.kr/ |
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seosan08
Joined: 10 Oct 2008
Location: Korea
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| Posted: Sun Oct 12, 2008 8:06 am Post subject: |
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| Buy some gold coins and sit on them for 6 months, you can really clean up! The won has a way to fall! The crash hasn't even started FOR REAL yet! |
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cobright
Joined: 10 Oct 2008
Location: Rochester Hills, MI
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| Posted: Sun Oct 12, 2008 8:17 pm Post subject: |
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| seosan08 wrote: |
| Buy some gold coins and sit on them for 6 months, you can really clean up! The won has a way to fall! The crash hasn't even started FOR REAL yet! |
Gold is already artificially high. The Won and every other economy affected by US market is artificially low. Wait till you see the W come up a little with your own eyes then move it to that.
Also look at RoK economy as a whole. Approaching double digit expansion with a long way to go before that peaks. The US economy had plateaued long ago, money sitting in USD is just going to do that, sit. |
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Zolt
Joined: 18 May 2006
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| Posted: Sun Oct 12, 2008 8:34 pm Post subject: |
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There are probably better investments to do on a 2-3 year term, but it's kind of hard to predict at the moment. In spite of the current foreign exchange crisis, korea still has strong economic fundamentals, technological knowhow and the capacity to export. So yeah, I think the won has pretty much reached it's bottom, and short of a confrontation with the North, can only go up from on.
Then again, as we've seen last week, the unthinkable can happen anytime. |
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Kevtron
Joined: 17 Jul 2007
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| Posted: Sun Oct 12, 2008 8:41 pm Post subject: |
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Do all bank accounts have the ~6% interest rates? I just have whatever normal account I got set up when I first got here, and don't think I've seen that kind of interest put in?
If not, is it easy to go to my bank (I'm with both SC and IBK, would probably go with IBK as they tend to speak English), and set up a new 'savings account' if I've already got a normal 'checking'(?) account with them? |
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pkang0202
Joined: 09 Mar 2007
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| Posted: Sun Oct 12, 2008 8:55 pm Post subject: |
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| Kevtron wrote: |
Do all bank accounts have the ~6% interest rates? I just have whatever normal account I got set up when I first got here, and don't think I've seen that kind of interest put in?
If not, is it easy to go to my bank (I'm with both SC and IBK, would probably go with IBK as they tend to speak English), and set up a new 'savings account' if I've already got a normal 'checking'(?) account with them? |
I think the rate applies to CD's, not savings account. |
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Kenny Kimchee
Joined: 12 May 2003
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| Posted: Sun Oct 12, 2008 9:28 pm Post subject: |
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| Kevtron wrote: |
Do all bank accounts have the ~6% interest rates? I just have whatever normal account I got set up when I first got here, and don't think I've seen that kind of interest put in?
If not, is it easy to go to my bank (I'm with both SC and IBK, would probably go with IBK as they tend to speak English), and set up a new 'savings account' if I've already got a normal 'checking'(?) account with them? |
Regular checking/savings accounts have nominal interest rates. I'm getting over 5% on a money market account (coded "MMF" on the passbook); it's a good choice if you want a higher interest rate but want to maintain liquidity (can withdraw money with one or two days notice).
6 and 12 month CDs offer higher interest rates, but you're locked in for the term of the CD. |
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