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oregonjoy
Joined: 14 Nov 2006
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 Posted: Sat Mar 03, 2007 11:53 pm Post subject: Couple quick investing questions. Help please |
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Hi,
Here 8 months now.
I want to "park" some $. Does it make sense to convert a chunk of won to US$ w/the exchange rate, then bank it at 5% (roughly).
1. Should I exchange won at a money changer in Itaewon, which may give a few more nickels than KEB? Is there a risk or downside? (ie, counterfeit cash?) Is it legal?
2. The 5% return at the bank is a little tricky, I guess. You only get 5% if u park the $ a full year. Otherwise, they cut by quarters. True? Is KEB the best place to park it?
3. What about fees at withdrawl? Is it best to get it out in the form of a bank check, rather than cash, to reduce fees? Any worries about cashing that bank check in the USA? And does that bank check count as "cash" at customs? I've had no problems with KEB bank checks. What about other banks?
4. I know this has been covered before. But when u go to USA with more than $10,000 cash, is there any fee or penalty?
Sorry for all the details. We're not talking about a lot of $, just small potatoes, but hey, we all want to put our $ to work for us, right.
Thank u very much |
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Sine qua non
Joined: 18 Feb 2007
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| Posted: Sun Mar 04, 2007 5:19 am Post subject: Re: Couple quick investing questions. Help please |
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| oregonjoy wrote: |
| I want to "park" some $. Does it make sense to convert a chunk of won to US$ w/the exchange rate, then bank it at 5% (roughly). |
Does it make sense? Basically, if you think it does, then it must. But not if you don't. Personally, I think that the won is going to continue to get stronger vs. the dollar for the next year, at least. In the medium term (2-3 years), also, I think the won will tend to strengthen vs. the dollar. However, on this board, maybe half the posters with an opinion on the subject will agree with me while the other half will have the opposite opinion.
However, I am of the bias of trying to get all of my cash out of this country as I am leaving in the not-too-distant future.
| oregonjoy wrote: |
| 1. Should I exchange won at a money changer in Itaewon, which may give a few more nickels than KEB? Is there a risk or downside? (ie, counterfeit cash?) Is it legal? |
Again, personally, I would stay away from money changers. I'm not 100% certain of their legal status. Plus, it's easier to be mugged walking out of one of those places than from out of a bank.
If you are looking to change into dollars and to save a few nickels doing so, be aware that banks offer three exchange rates, depending on how you will receive the funds. From best to worse are: International Wire Transfer, Traveller's Checks, and Cash. The cash rate is the worst. If you don't absolutely need the cash in your hand here, it is best to wire it to your home bank account (for a total surcharge ranging from 10,000 won to 35,000 won or so).
| oregonjoy wrote: |
2. The 5% return at the bank is a little tricky, I guess. You only get 5% if u park the $ a full year. Otherwise, they cut by quarters. True? Is KEB the best place to park it? |
For holding cash long term, I'd much rather have it in my home account. If the North attacks (or any other significant social disruption occurs), I'd feel much more comfortable knowing that a chunk of my savings wasn't locked up in a foreign bank in a foreign country.
| oregonjoy wrote: |
3. What about fees at withdrawl? Is it best to get it out in the form of a bank check, rather than cash, to reduce fees? Any worries about cashing that bank check in the USA? And does that bank check count as "cash" at customs? I've had no problems with KEB bank checks. What about other banks? |
Wiring money internationally is the way to go.
| oregonjoy wrote: |
4. I know this has been covered before. But when u go to USA with more than $10,000 cash, is there any fee or penalty? |
No fees or penalties. Uncle Sam wants to put the hurt on you because you've been successful? No way! The $10,000 limit is a reporting limit. If you exceed that, the IRS and the feds just want to be aware of your situation for money laundering and subversive financing reasons.
| oregonjoy wrote: |
Sorry for all the details. We're not talking about a lot of $, just small potatoes, but hey, we all want to put our $ to work for us, right.
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Why don't you look at Internet-only banks through bankrate.com? You can turn your cash into a CD.
Or you could open a stock brokerage account through someplace like E-Trade, Ameritrade, Scottrade, etc. There you can put you cash into stocks or mutual funds.
Or you could open a Treasury Direct account. This is the U.S. Treasury. You can turn your cash into government bills, bonds, and notes. They have several different types to choose from. |
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