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Omkara
Joined: 18 Feb 2006
Location: USA
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 Posted: Wed Mar 04, 2009 9:15 pm Post subject: Keeping Won in Korea: Best Place Suggestion |
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I'm looking for a place to keep my earned won for at least a year, while we wait for a better exchange. I'm looking for a place that is secure and which also earns some interest.
The best idea--which is not that of a genius--is to keep it in a time-deposit account. I deposit the money, keep it there for a year, and then earn interest when it matures.
Right now, the rate is a mere 3.5%. It was 5.5% last August. (This is in Busan Bank.)
Other suggestions? Advice? Discoveries?
Also, I want to have the ability to liquidate or clear the account in the case that a good exchange window opens up. A time account does not penalize me, but only cuts the earned interest in half if I take a withdrawal from it.
Thanks |
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Underwaterbob
Joined: 08 Jan 2005
Location: In Cognito
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| Posted: Wed Mar 04, 2009 9:23 pm Post subject: |
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| Back when I was paid in cash, at one point I had close to 10 grand in my bottom dresser drawer. The only interest it gained in there was sock-smell. |
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Omkara
Joined: 18 Feb 2006
Location: USA
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| Posted: Wed Mar 04, 2009 9:34 pm Post subject: |
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| Why not in a bank? |
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kasain
Joined: 25 Oct 2008
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| Posted: Wed Mar 04, 2009 9:50 pm Post subject: |
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Why not a bank?
I dont think they are FDIC insured in Korea, and when you leave dont you have to close your accounts out? So you cant have any open?
Say you taught here, then move to Japan to teach. Dont you have to take your money with you? Even if its 10,000,000 won.
Or can you let it sit in a bank? |
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Omkara
Joined: 18 Feb 2006
Location: USA
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| Posted: Wed Mar 04, 2009 10:14 pm Post subject: |
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I don't see why you couldn't let it sit in a bank here. It is only in their interest to keep that money here.
I fully intend on keeping my money here while I'm out of the country, in the bank and earning interest.
The banks are insured by the government here, as they are back home. We are safe to some number which is around $100,000?
Not sure about specific numbers. But I had asked the question before, and was assured that my account was insured.
Anyone have counter evidence? |
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alex83
Joined: 03 May 2007
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| Posted: Wed Mar 04, 2009 11:04 pm Post subject: |
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I put my cash in a high-interest savings bank.
The KDIC insures that money up to W50,000,000 (principal + interest).
The rates I get are INSANE compared to anything I'd get back in Canada. If and when the Won turns around, it'll prove to be a sound investment. |
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Omkara
Joined: 18 Feb 2006
Location: USA
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| Posted: Wed Mar 04, 2009 11:13 pm Post subject: |
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Great, thanks.
Do you know if your rates are variable? If you've lost a percentage owing to the crisis?
If the rate is fixed, would opening an account now be less than when you opened yours?
Do you know the approximate rate?
Does anyone know if there is an KDIC in Busan?
Last edited by Omkara on Wed Mar 04, 2009 11:18 pm; edited 1 time in total |
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Underwaterbob
Joined: 08 Jan 2005
Location: In Cognito
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| Posted: Wed Mar 04, 2009 11:16 pm Post subject: |
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| Omkara wrote: |
| Why not in a bank? |
This was some time ago. I keep it in a bank now. |
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antoniothegreat
Joined: 28 Aug 2005
Location: Yangpyeong
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| Posted: Wed Mar 04, 2009 11:18 pm Post subject: |
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| Underwaterbob wrote: |
| Back when I was paid in cash, at one point I had close to 10 grand in my bottom dresser drawer. The only interest it gained in there was sock-smell. |
would you mind telling me your address???  |
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Underwaterbob
Joined: 08 Jan 2005
Location: In Cognito
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| Posted: Wed Mar 04, 2009 11:21 pm Post subject: |
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| antoniothegreat wrote: |
| Underwaterbob wrote: |
| Back when I was paid in cash, at one point I had close to 10 grand in my bottom dresser drawer. The only interest it gained in there was sock-smell. |
would you mind telling me your address??? |
At that point in time, the trauma induced by going through my bottom dresser drawer might not have been worth the 10k. |
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alex83
Joined: 03 May 2007
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| Posted: Thu Mar 05, 2009 3:25 pm Post subject: |
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| Omkara wrote: |
Great, thanks.
Do you know if your rates are variable? If you've lost a percentage owing to the crisis?
If the rate is fixed, would opening an account now be less than when you opened yours?
Do you know the approximate rate?
Does anyone know if there is an KDIC in Busan? |
The KDIC isn't a bank. It's a government organization (like CDIC in Canada and I think FDIC in the States) that insures money invested in banks. Most Korean banks should be insured, but be sure to check!
My accounts are fixed-rate, term-deposit accounts.
If you open an account now, it would likely get you a lower rate than my first account. My first account, opened in November, gives me 8.4% interest (tax not included).
I opened another account in January and interest was down to 7.1%. Now, it looks like it's down to 5.8%, possibly up to 6% if you take interest at end of term, instead of monthly.
Still, my bank, and other similar banks give substantially better returns than the major banks here. Even my chequing account gives me 5% (up to 6.3 depending on how much I spend). |
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Omkara
Joined: 18 Feb 2006
Location: USA
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| Posted: Thu Mar 05, 2009 3:57 pm Post subject: |
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Thanks for your help.
Does anyone know of a location for such an insurance institution as KDIF in Busan?
I could only find a map to a location in Seoul.
Moreover, did you have to show up with a co-worker in order to establish the account? |
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