Korean Job Discussion Forums

[Real Reality]

Dollar Juggernaut Unstoppable, Experts Say
The U.S. dollar rose to well over W1,020 this week after two months in the doldrums amid a worldwide strengthening of the greenback. Analysts are confident the U.S. currency has finally started to recover from a downward spiral that saw it hover at the W990 level at one stage.
A stronger dollar will boost the competitiveness of Korean exporters and thus give the country��s economy a much-needed shot in the arm. But it is bad news for the many Koreans whose children study abroad or who are preparing for their well-earned summer holiday overseas. Experts advise them to exchange their money now.
Chosun Ilbo (June 29, 2005)
http://english.chosun.com/w21data/html/news/200506/200506290026.html

[Ya-ta Boy]

I'm crying. I got greedy when the won was down to 990 something and decided to wait longer. Now it's 1020 something.

[dulcineadeltoboso]

I hate to do calculations, yet I'm curious to know exactly how much we would have saved if we'd sent money to the US then (at 990W) as opposed to now (at 1020).

For example, let's say I sent 1 million won home via KEB Bank (which I think many teachers use). The bank wouldn't necessarily use 990W, right? It has its own buying and selling rate, plus there's the bank fee that they charge you to transfer. I don't know what that is, but I think it changes depending on which bank, how much you send, and when. If the published rate in the newspaper that day is 990W, exactly how many dollars (considering bank rates, fees, etc) would we get for sending 1 million won?

Then what would be the final US dollar amount for 1 milion won if the rate int he newspaper is 1020W (considering all the above factors)?

Does it really make much of a difference?

[Ya-ta Boy]

It doesn't make all that much difference if you are only exchanging W1 million. It does if you want to exchange a pile of money.

[dulcineadeltoboso]

I'd like to change around 5 million, but I thought one million would have been easier to calculate. Why dont' we say 10 million?

[thewhat]

I am really wondering whats going on with the won. When changing 2M to CAD i lost 130 dollars, maybe 60 changing to USD since May 27.

I dont know if I should hope for the rate to improve again or get out now with the loss.

The above article is freaking me out but its the info I have been looking for. Does anyone else have any info, advice or facts about whats happening.

I wonder if this will continue because of the help it is giving the economy.

DAMMIT[/b]

[Ya-ta Boy]

[Zyzyfer]

[Moldy Rutabaga]

My money here keeps losing its value. It's a good thing I haven't got much!