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minorthreat
Joined: 05 Aug 2006
Location: in your base, killing your mans
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 Posted: Wed Jul 04, 2007 7:27 am Post subject: Why doesn't Korea have... |
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| ... a bill larger than man won? It's kind of inconvenient to carry around huge wads of them when you want to make a fairly sizable purchase, although it does kind of make you feel richer than you actually are. |
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Homer
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| Posted: Wed Jul 04, 2007 7:29 am Post subject: |
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| They sort of do...the 100 000 won check that can be used as cash. |
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mehamrick
Joined: 28 Aug 2006
Location: South Korea
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| Posted: Wed Jul 04, 2007 7:32 am Post subject: |
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| 50.000 and 100.000 are supposed to be coming next year.. so they say.. |
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minorthreat
Joined: 05 Aug 2006
Location: in your base, killing your mans
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| Posted: Wed Jul 04, 2007 7:32 am Post subject: |
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| Homer wrote: |
| They sort of do...the 100 000 won check that can be used as cash. |
True. I wish I'd known about those before I had a new gaming rig put together at Yongsan a few months ago - I paid with the most ridicularge stack of man won I've ever seen. |
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thekingofdisco
Joined: 29 Oct 2004
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| Posted: Wed Jul 04, 2007 9:29 am Post subject: |
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| You can actually have cheques in much higher denominations than just 100,000 won. I actually paid for something with a 10,000,000 won check once. I'm not sure if there is a limit. |
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genezorm
Joined: 01 Jul 2007
Location: Mokpo
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| Posted: Wed Jul 04, 2007 6:20 pm Post subject: |
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| i hear there is also a thing called a credit card that some people like to use for big purchases |
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unknown9398
Joined: 03 Nov 2006
Location: Yeongcheon, S. Korea
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| Posted: Wed Jul 04, 2007 6:22 pm Post subject: Re: Why doesn't Korea have... |
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| minorthreat wrote: |
| ... a bill larger than man won? It's kind of inconvenient to carry around huge wads of them when you want to make a fairly sizable purchase, although it does kind of make you feel richer than you actually are. |
One reason is that smaller bills make it difficult to conduct large cash transactions (i.e., illegal). |
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ajgeddes
Joined: 28 Apr 2004
Location: Yongsan
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| Posted: Wed Jul 04, 2007 6:32 pm Post subject: |
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| genezorm wrote: |
| i hear there is also a thing called a credit card that some people like to use for big purchases |
Good, another Noob with attitude.
I once paid in 10,000 won bills for something that was 850,000. |
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Qinella
Joined: 25 Feb 2005
Location: the crib
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| Posted: Wed Jul 04, 2007 6:43 pm Post subject: Re: Why doesn't Korea have... |
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| unknown9398 wrote: |
| minorthreat wrote: |
| ... a bill larger than man won? It's kind of inconvenient to carry around huge wads of them when you want to make a fairly sizable purchase, although it does kind of make you feel richer than you actually are. |
One reason is that smaller bills make it difficult to conduct large cash transactions (i.e., illegal). |
haha I've heard that theory and it makes me laugh every time. I tried to explain it to a few friends and family back home and they were completely flabbergastinationed. No wonder the US has so much corruption--those damn 20 dollar bills!!!!!!! |
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CeleryMan
Joined: 12 Apr 2007
Location: Seoul
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| Posted: Wed Jul 04, 2007 7:13 pm Post subject: . |
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| Unlike most advanced economies Korea still maintains a 3rd world denomination currency system. It's a deliberate move on the Treasury's part to curb money laundering. Those affiliated with the prostituion industry in Korea ($20.8 Billion industry) would have a field day ... I'm talking Spiderman 3 numbers ... |
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unknown9398
Joined: 03 Nov 2006
Location: Yeongcheon, S. Korea
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| Posted: Wed Jul 04, 2007 8:35 pm Post subject: Re: Why doesn't Korea have... |
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| Qinella wrote: |
| unknown9398 wrote: |
| minorthreat wrote: |
| ... a bill larger than man won? It's kind of inconvenient to carry around huge wads of them when you want to make a fairly sizable purchase, although it does kind of make you feel richer than you actually are. |
One reason is that smaller bills make it difficult to conduct large cash transactions (i.e., illegal). |
haha I've heard that theory and it makes me laugh every time. I tried to explain it to a few friends and family back home and they were completely flabbergastinationed. No wonder the US has so much corruption--those damn 20 dollar bills!!!!!!! |
What theory makes you laugh? Most illegal enterprises deal in cash and they must have a way to launder it, (get back into the system so that it appears to have been generated legally.) That way they can invest it in legitmate things like real estate. Trying to buy a house or car with cash will generate a lot of unwanted attention from the authorities, something criminals try to avoid. |
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Axl Rose
Joined: 16 Feb 2006
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| Posted: Wed Jul 04, 2007 8:38 pm Post subject: |
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last I heard, 20, 50 and 100 are coming out in 2009.
Those checks - you just get them from an ATM and use them like cash, right? Or what? I'm gonna take a wad to the airport and change it there and 100 checks would be great. |
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safeblad
Joined: 17 Jul 2006
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| Posted: Wed Jul 04, 2007 9:03 pm Post subject: |
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| ajgeddes wrote: |
| genezorm wrote: |
| i hear there is also a thing called a credit card that some people like to use for big purchases |
Good, another Noob with attitude.
I once paid in 10,000 won bills for something that was 850,000. |
i put down 1 milion key money and paid 10 months rent, grand total 4 million paid in man won. Do I win? |
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normalcyispasse
Joined: 27 Oct 2006
Location: Yeosu until the end of February WOOOOOOOO
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| Posted: Wed Jul 04, 2007 9:11 pm Post subject: |
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I paid roughly 4 million won for my last motorcycle -- all in cash, and all in manwons.
Last year when I picked up my last pay (last month's pay, 15 months' bonus, pension) it, too, was all in cash. That was a fun envelope to deposit.
The manwon thing really is amusing. I don't think of it as an inconvenience so much anymore since I often just use my debit card, but it is massively silly. |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Wed Jul 04, 2007 9:14 pm Post subject: |
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| Quote: |
| I once paid in 10,000 won bills for something that was 850,000. |
Hardly remarkable |
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