Korean Job Discussion Forums

[wanderingsalsero]

I was wondering which currency would be better to have if the US dollar 'tanks'.....US dollars or Korean won.?

I might be leaving this crazy place in mid December. And if I do, I might be going back the US or to either Colombia or Chile.

I don't have a US bank account but I do have my Nongyap bank account and Samsung Amexco debit card. I know the Nongyup account won't do me any good abroad but I'm wondering if the Amexco card would have any function in another country.

And, if I should just decide to take my bonus money and last paycheck all in Won and go to Colombia or Chile.....would it be worth more than American dollars there?

Obviously once I got there I could get some kind of local bank account but I'm speculating on the possibility of getting caught with a lot of worthless US dollars.

Regards,
Art

[hellofaniceguy]

For now, the dollar is accepted in almost every country in the world....try buying something in let's say Europe, the UK, Australia, Africa using the Won.

[Wishmaster]

No brainer...dollars. Try spending your won outside of Korea.

[ThingsComeAround]

I'd vote neither.

Yen, pound sterling, or Euro.

[youtuber]

Keep it in US dollars.

If you go back to the states, obviously you will need US dollars.

If you go to South America, they won't know what the hell to do with your won.

I doubt the US dollar will tank. It probably will just stagnate for a lonnnnggggg time.

As for the Yen, Euro, or pound, well those economies don't seem too rosy either so I wouldn't bet on those.

And the Chinese currency will surely increase in value.

[ThingsComeAround]

Didn't read the OP in its entirety. My mistake.

I still stand by the Euro. Going to Chile? Loads of Europeans there! They will know what to do with Euro.

USD is obviously what you want to travel with, instead of Won. People will use your won as toilet paper.

[wanderingsalsero]

Thanks for the advice guys but I think some of you misunderstood.

I was referring to the type of currency I'd depart country with in the event that I was heading directly to Chile (for example) rather than going back to the US.

I'm thinking in terms of the exchange rates from one currency to the other.

I've heard previously that in some way (that I don't understand) the Korean won is pegged to the US dollar...for exchanging. But then somewhere else I was reading recently and they were discussing scenarious of what currencies would remain relatively sound in the event that the US dollar tanked.l

The comment was made (in what I was reading) that the Korean won would do better than the US dollar because of the comparatively more sound state of Korea's economy.

So my thought was, "would I want to carry semi-worthless US dollars to Chile ......to exchange for Chilean pesos? Or would I want to carry perhaps stronger Korean won with me to exchange for (more) Chilean pesos?"

Comprende?

Personally I'm fairly certain the dollar is going to get really weak and to do it very suddenly. The money that I leave Korea with will all that I have to my name so........I want to make it go as far as possible when/if I do leave.

I was impressed with what I'd read about the Chilean economy...i.e their copper industry and their agriculture industry....and other aspects of it.

So........I'm not sure what I'll be doing come mid December when my contract expires here. A lot of things could happen between now and then.

Thanks again though,
Art

[PRagic]

Currently the won is one of the strongest Asian currencies against the US dollar and it is projected to get stronger by year's end. The Aussie dollar is very stong against the US dollar as well, almost at parity. The Yen is strong but suspect to downward momentum depending on whichever policy the whichever leadership at whichever time there decides to do whatever.

You can find cross-rates to other currencies in real time on-line and start following rates for both the won and the dollar against your target exchange currency.

The above info is vague to be sure, but at least ballpark correct. Best advice: Don't ask about exchange rates on an ESL board! Cheers and good travels, no matter the coin in your pocket.

[brickabrack]

anywhere outside of SK, you're going to get
ㅅ ㅣ ㅌ rates on the won. Comprende?
Cash rules everything around me! CREAM, get the money, dolla...........................

[wanderingsalsero]

Somebody said...."Don't ask for currency advice on and ESL board...."

Yeah........I guess I shoulda considered that

I just thought so many of us were experienced world travelers that somebody might have more knowledge than me.

Thanks.
Art

[nathanrutledge]

The won isn't pegged to the dollar, it floats.

Why don't you look at the exchange rates at the time you want to go and see what it looks like? The real answer is that it probably won't matter one way or another. You pay a fee to change money, and international currency markets being what they are, all currency is pretty much equal. What I mean is that a currency appreciates or depreciates roughly even with every other world currency because the markets are so interconnected nowadays. The trades are all done electronically; an imbalance doesn't exist for longer than a few seconds.

[wanderingsalsero]

Thanks.

Just FYI........I heard from a guy on a Yahoo Group for xpats in Colombia that Colombia is getting more progressive on their attitude toward students learning English...i.e. they're encouraging it more.

From the comments I read, it sounds like there should be some decent jobs in both Bogota and Medellin.

Even though Bogota has a unique climate of it's own...i.e. a bit chilly and damp sometimes, I know some people who say they enjoy it. And I've heard that the lifestyle there is quiet enjoyable.

Medellin.........I've heard nothing but good about it.

I've also heard good stuff about Santiago, too. So......I think I'm going to be heading to one or the other of those countries.

Regards,
Art