Sunday, June 13, 2010

Currency coverter!

Every week or so I check the exchange rate. And I always hope that it will magically change overnight so that I can send money home. I've been holding out for the right time, but learned the hard way, when the market crashed after the North Korean fiasco, that there never really is a right time. I'm wondering if I should leave it in Korea until things get a little bigger. If I would have sent the money home 2 months ago, I would have made about $2000 more than if I send it today. I don't know that much about markets or money (just how to save) so I'm quite clueless in this category. Anyone out there able to offer me some advice? Should it stay or should it go?



David said...

Only money that you don't need in short or long term should be used for investment. So you should ask yourself that question because Korea's currency market will get better someday. Hope this helps.

Melly Coco said...

Hey Jen, if you can hold on to it longer, I'm sure it will pick up..Right now I'm focusing on the US market because I'm planning on going there for the updated shopping...A few weeks ago it was at 1.08 and now I heard it went down to 1.04... It might not seem much and may not be the same currency but a few cents here and there do make a difference when you're converting more zeros.

Anyway, I hope to speak to you soon

Beloved said...

UGH. I am in the same predicament because hubby and I sent LOTS of money to Korea when we thought we were moving there, and now it's all stuck there with the horrible exchange rate. Sorry, I have no words of wisdom. We're waiting it out and hoping that by the end of the year it'll be better.
Good luck!

Anonymous said...

I think the Won will appreciate in the coming months, if Kim Jongil doesn't go crazy, which I think is not really likely. If you can afford to wait for awhile, like 2-3 years, I think it would be better to keep your fund in Won, as the Korean currency is significantly undervalued at present. Remember it was much higher a few years ago? 930-940 to the Greenback? I think it could go back to that level in a couple of years.

Another factor that will help the Won is the Chinese government has just announced they're going to allow their currency appreciate, which is likely to make the Won to appreciate as well.

But who knows? Currency is a difficult game to play. Not many people thought the Loonie would have gone up to where it is a few years ago, althogh I think it will go higher past the Greenback in the coming years, given that Canada has much less economic problem than America has.