Korean Job Discussion Forums

[Scriabin]

Scenario:

I've saved 30,000,000 KRW after a year of backbreaking work, frugal living and celibacy.
I'm leaving the country.
Whats the best way to Exchange my money to get the best possible rates?

http://www.x-rates.com/d/KRW/table.html quotes: 0.00087871 which would equate to around 26,000 Canadian Dollars.

I know the banks would never give me such a rate ----> Any good strategies for such a scenario?

[Adios_Corea]

You have to remember that the banks do use those rates that you are referring to....but the BUY/SELL rates are appropriately placed above and below those rates so that the bank can make a profit. Banks, as much as some would like to believe otherwise, are private enterprises, engaged in the practice of making money.

There really isn't TOO much that you can do to get a better rate. Clearly waiting until the rate drops is the best option, but there is risk involved in this strategy as well (especially given the current Nork situation)...and sending large sums at once also helps as then you pay lower transfer fees per dollar sent. That being said, most banks won't let you send more than US$10,000 at a time.

For the most part the rate is what it is..if there were wildly different rates available from different banks, then all you'd have to do is buy a billion dollars from one bank and sell them to the other bank 10 minutes later and make yourself rich by the end of the day.

We'd all like to get the most dollars for our won when we sell them and the most whatever for our dollars when we're overseas....but the fact of the matter is that the exchange rate is simply a risk of working overseas...sometimes it works for you and at other times it works against you. If you are leaving within the next month or two, you're most likely just stuck with the rate you've got.....if you don't need your money for a while, you could buy pound sterling and then exchange those pounds for Canadian dollars after the UK economy recovers....that being said, you could make this speculation whether you are exchanging won or not.

The end all be all is.....life is not fair, send the money at today's rate or wait until tomorrow, or next week, or next month, and hope that the rate improves.

[bobbybigfoot]

Op, I've of the opinion that the Korean Won will strengthen next year. Why don't you invest your 30 million in a term deposit here? Get 5% interest then convert it in a year or so.

At that point, 30 million + interest + better exchange rate and you may have $30,000 Canadian.

Find a way to set this up online so you can transfer electronically from Canada.

And congrats on saving so much. (I looked for a "thumbs up" emoticon but couldn't find one. )

[Kurtz]

Send back money in 10 million won chunks, also see how much cash you can take out (better rate for cash) but I'd rather not be jet lagged and sleep deprived with 10,000 cash or whatever in my pocket.

As written above, don't think you'll get what you see posted on the xchange rate sites, the bank wants to make money out of the deal, factor in fees and you'll see your projected CDN return somewhat less than expected.

I held off for years sending money home, I finally bit the bullet and sent it nearly all back to be put into a nice cash investment for 5 years, better than rotting in some low % account in Korea IMHO.

You can hold on but no one really knows what the won is going to do.

[TeacherinDeajeon]

Scriabin

Are you moving back to Canada, or elsewhere ?

[Captain Corea]

OP, I hate to ask this, but did you earn the money legally? Be careful sending it back if you don't have proof of income. (ignore this post if it's not an issue)

[Provence]

[Vagabundo]

I don't know how the Canadian laws are but if they're anything remotely simlar to the American ones, then don't send any large amount of money back home unless you don't plan moving it out and around again.

You will be pestered with annoying questions and reasons for why you want to move you own money because of the "war on drugs" (what a joke) and the "Patriot Act" (bigger joke)

and unless they get a "satisfactory" answer, they won't give you your own money. I have some older expat friends who have had to deal with this nonsense in the last several years and they are enraged.

if I were you I'd put that money into a Hong Kong account or something along such lines if you ever want to put that money to use outside of Canada/US.

[Juregen]

[TeacherinDeajeon]

[Scriabin]

This is actually a hypothetical scenario. However, based on my estimations, (see below) I intend to save this much in 1 year upon starting my contract.

However, I completely forgot to factor in the bank exchange rates.
I am curious to know how many percentage points above the market rates the banks in Korea would charge when I sell the KRW in a large sum such as this. 2%? 3%? 5%? Could I take out the 30mil in cash and go to a private firm to negotiate a better deal?

I must think of a way to avoid the greedy Banks pointlessly taking a chunk out of my savings.


Salary: 2900000

Monthly Deductions/Expenses:

Tax: $116,000
HouseTax: $11,600
Pension: $130,500
Health: $58,000
Utilities: $50,000
Internet/Phone: $60,000
Food/Entertainment: $400,000
Misc: $50,000

=Monthly Savings $2,023,900 x 12 + severance + pension =

Year End Total$30,318,800 KRW

[atwood]

[atwood]

Definitely ask for a discounted exchange rate. On large amounts like you have they'll give you a better rate.

[Skyblue]

[Died By Bear]

Go to the old lady moneychangers.