Korean Job Discussion Forums

[SPINOZA]

On April 17th 2006, 10,000,000 won was worth nearly 6000 GBP.

April 17th 2007? 1,851.5541444020 SKW to 1 GBP, meaning 10,000,000 WON is 5400 GBP.

On December 17th 2006, 10,000,000w was 5537 GBP.

What the *beep* ?? What should one do about sending money home? Send now before it plummets to 1,000,000 = 500 quid or wait and see if it gets better?

**I should point out that I'm not planning on living in the UK any time soon, but do have things to pay for. That difference of 500 quid from this day last year to today is significant.

[mnhnhyouh]

The GBP / KRW exchange rate has been fairly stable since the beginning of the year.....

http://ichart.finance.yahoo.com/1y?gbpkrw=x

h

[SPINOZA]

Thanks for that graph.

Just what I wanted and couldn't find.

[SPINOZA]

"The Bank of England will raise rates to at least 5.5 per cent within weeks and keep them close to that level until 2011"

http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=450036&in_page_id=1770

That's good news for us. I'm gonna open a savings account - good way to make up a bit for the fallen (and falling) value of the Won. Anyone got recommendations? Anyone use ISAs?

[R-Seoul]

Just make sure you open an offshore one, then you won't be paying tax on your savings and won't need to bother with ISAs.

[bobbyhanlon]

actually interest rates going up are bad for us.. when rates go up, it makes investments in the UK relatively more attractive, so investors buy pounds and that drives up their price relative to other currencies.. which means the won will be weaker against the pound (although the market is already expecting this).. these days the pound is in a strong rising trend especially against the dollar (which is bad for us since the shortsighted Bank of Korea tries to follow the dollar). i'm just glad i'm leaving soon because i think in the next year or so the rate is going to get even worse.

[andy202]

Good evening gentlemen,

Yes, it's a ghastly situation regarding the old won-pound matter. One wonders whether it's a blessing at all to be British these days.

Checking the FT in parlour this morning I noted an exchange rate in the region of a measly 53.8p to a 1000 won and, I have to say, I haven't seen it in the dol-drums quite like that until today.

To be honest with you, I blame these blasted liberals, what with all their lefty nonsense, giving money to gypsies and paying people to be gay.

Unheard of in my day.

Ah well, what what, right you are, tally ho.

[newintown]

is it really set to get worse?
when we arrived in december we got �555 for 1mil won, now its �537, thats a huge dip in 4months.
i think the canadians are doing well right now though.

[Privateer]

Why does the pound keep getting stronger? I don't understand it.

[Juregen]

[Juregen]

[ilovebdt]

Hmm, I was thinking about the same thing myself. I have quite a hefty amount of savings.

I have a UK Pound account with KEB. Would now be a good time to change my won savings into Pounds and then send them home?

ilovebdt

[mrsquirrel]

Is it easy to get a foreign currency account here?

What are the exchange rates like banking it into pounds?

Can anybody get one?

Cheers

Q

[demi]

Damn, why does the pound have to kick the cr@p out of every bleedin' currency!! Well, not planning on returning to England soon.

Spinoza...put your money in Cyprus

[SPINOZA]