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ShaneM
Joined: 03 Feb 2005
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 Posted: Fri Sep 08, 2006 2:43 am Post subject: Maximizing currency conversion strategies |
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I'm somewhat of a finance buff and was interested in finding out what specific strategies people have used to maximize your return when converting large amounts (10,000,000+) of KRW to USD or other currency. I've heard the Money Orders are a good way of doing things, but lately I've ran across this site:
https://www.xe.com/fx/
Where you can transfer money using a service from the same website who is usually the de factor standard on easy web-based currency conversion factors. The exchange rates seem quite good but you'd still have to pay any outgoing wire fees from KB* or whatever.
Any thoughts? |
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huffdaddy
Joined: 25 Nov 2005
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ShaneM
Joined: 03 Feb 2005
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| Posted: Fri Sep 08, 2006 3:08 am Post subject: |
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| Sorry, I'm operating under the assumption that when I do this down the road, KRW will be supported. I'm keeping my currency in KRW until it stops gaining against the USD. |
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huffdaddy
Joined: 25 Nov 2005
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| Posted: Fri Sep 08, 2006 3:27 am Post subject: |
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| ShaneM wrote: |
| Sorry, I'm operating under the assumption that when I do this down the road, KRW will be supported. I'm keeping my currency in KRW until it stops gaining against the USD. |
How do you know when it stops? What is your target price?
IMO, If you're not staying in Korea, it makes since to move a set amount monthly and take advantage of cost averaging. Otherwise, you're just speculating with a long Won position. |
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SeoulMan6
Joined: 27 Jul 2005
Location: Gangwon-do
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| Posted: Fri Sep 08, 2006 3:59 am Post subject: |
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My bank in the U.S. charges me a fee, plus I get nailed by an intermediary bank.
So the method I use is to buy TRAVELERS CHEQUES at Kookmin Bank. I get a decent exchange rate, I can mail them to my bank at home for 1,000 won (no need for registered mail because TChecks are safe), plus I can keep some here in Korea for vacation time. |
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ShaneM
Joined: 03 Feb 2005
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| Posted: Tue Sep 12, 2006 12:29 am Post subject: |
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| huffdaddy wrote: |
| ShaneM wrote: |
| Sorry, I'm operating under the assumption that when I do this down the road, KRW will be supported. I'm keeping my currency in KRW until it stops gaining against the USD. |
How do you know when it stops? What is your target price?
IMO, If you're not staying in Korea, it makes since to move a set amount monthly and take advantage of cost averaging. Otherwise, you're just speculating with a long Won position. |
Well of course I have no idea when the KRW:USD will peak, but its no different than playing any currency or stock. While its on the upswing you generally want to stay in. |
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