Author Topic: WHEN to transfer money home (Read 7187 times)

cragesmure · « **Reply #20 on:** June 30, 2011, 11:00:16 PM »

I usually cover my bases and send cash over several months. I reckon exchange rates are too hard to predict, so I play it safe.

checkraisingkorea · « **Reply #21 on:** June 30, 2011, 11:34:46 PM »

Here's the last 5 years. Take a shot in the dark, I guess.

Davey · « **Reply #22 on:** July 01, 2011, 11:22:57 AM »

Based on 10-year data:

July to Aug

KRW (versus USD) got weaker by 0.01%

Aug - Sep

KRW (versus USD) got weaker by 0.39%

July to Sep

KRW (versus USD) got weaker by 0.43%

However, this is because in 2008 the KRW decreased a lot in value as the year went on. Remove 2008, and the KRW actually gets stronger versus the USD:

July to Aug

0.27%

Aug - Sep

0.41%

July to Sep

0.67%

Hope this helps (data from x-rates.com).

Damien · « **Reply #23 on:** July 01, 2011, 11:42:33 AM »

Exchange rates are very temperamental and hard to predict. In the past years, it tends to be stronger in the July-August period. The issue with the WON is North Korea. Some little spat between the two and the WON takes a dive. I plan on sending some money back home soon. It is always a gamble on how much to send back.

When I lived in Germany, I was getting money from the states. This was about 2-3 years ago and the dollar was crap vs. the Euro. It was around $1.60 to 1 euro. I would send over a little and only as much as I needed. Then the euro took a massive drop to around $1.20 to 1 euro. I changed almost all my money over. I doubt the WON will change that drastically, but it is always good to watch what is going on in the papers.

Davey · « **Reply #24 on:** July 01, 2011, 11:53:24 AM »

Quote from: Damien on July 01, 2011, 11:42:33 AM

Exchange rates are very temperamental and hard to predict. In the past years, it tends to be stronger in the July-August period. The issue with the WON is North Korea. Some little spat between the two and the WON takes a dive. I plan on sending some money back home soon. It is always a gamble on how much to send back.

When I lived in Germany, I was getting money from the states. This was about 2-3 years ago and the dollar was crap vs. the Euro. It was around $1.60 to 1 euro. I would send over a little and only as much as I needed. Then the euro took a massive drop to around $1.20 to 1 euro. I changed almost all my money over. I doubt the WON will change that drastically, but it is always good to watch what is going on in the papers.

I agree.

Based on history (removing 2008), the KRW gets stronger, so sending money in September should be better, although not drastically. Again, like Damien said, a scuffle with the North causes the KRW to dive, which could happen at any time. Thus,
I play it safe and send money whenever the exchange rate is relatively good.

bigboy · « **Reply #25 on:** July 01, 2011, 12:38:24 PM »

In terms of getting the most capital via your won right now is not really a bad time to be sending money back to the states. Right now the
is at 1,078. When I first got to Korea in 2009 it was 1,600. It was painful!

nabruneau · « **Reply #26 on:** July 01, 2011, 04:59:17 PM »

Due to the current economic conditions here in Korea (major slump in new constructions, goverment actively attempting to keep the won value lower to maintain export prices) and the recent hardline mumbling (about our norther neighbors) from the party members facing the coming election year the won is forcasted to remain flat for the next 12 months. Yes there will be small ups and downs but nothing that should make you cry over sending it home now or later.

alljokingaside · « **Reply #27 on:** July 10, 2011, 03:36:45 AM »

Personally, I'm waiting until late July, early August before I send a large sum back. Been waiting too. With the whole debt ceiling debacle back in the States, the best case scenario that I see is investors panicking increasingly as the days lurch forward and the dollar weaken bit by bit until somethings ironed out.

But then, I was a everything-but-business/finance/etc major. Hence.

lasoro70 · « **Reply #28 on:** July 10, 2011, 10:27:27 AM »

I just sent a bit home last week when the won was 1066 to the dollar (When I arrived in February 2010, it was about 1160 to the dollar.) In the last week, it has strengthened another 10 won to 1056 to the dollar. Who knows how much stronger it will get in the next month? Timing remittances for the best possible scenario is impossible. Maybe late July would be a good time based on the current strengthening trend of the won. But even if you sent some over now, you would be getting a better rate than at any time over the last year and a half.

alljokingaside · « **Reply #29 on:** July 10, 2011, 02:48:25 PM »

Boehner just retched forth a nacreous No to the Pres' deal. Looks like the "talks" are gonna continue. Late July it is

waynehead · « **Reply #30 on:** July 11, 2011, 11:48:51 AM »

If we could predict exchange rate fluctuations, we wouldn't be teaching, would we? I'd say it's best to hedge your bets and send money at a regular interval, as someone previously said. Holding out hope for a better rate is just as likely to burn you as it is to work out well.

lacyfan · « **Reply #31 on:** July 11, 2011, 12:24:42 PM »

You can see overall trends but to pick one day each month when the won is at its highest level would be impossible.

tfuller · « **Reply #32 on:** July 14, 2011, 09:39:47 AM »

Good for us Aussies travelling to the US... unfortunately not so when sending money home.

Although i feel for the New Zealanders here, they have it the worst :(

Damien · « **Reply #33 on:** July 14, 2011, 11:44:00 AM »

2,000,000 won is $1,893.88 atm. That's the best I've seen it this year.

Wacky Fritz · « **Reply #34 on:** July 14, 2011, 12:32:17 PM »

The strength of the dollar might take a hit in August if the Fed decides to initiate another round of stimulus. It will take a major hit if congress and Obama can't work out a deal to raise the debt ceiling by the August 2nd.

Just something to think about...

jwoon · « **Reply #35 on:** July 14, 2011, 02:18:47 PM »

I'm waiting for august even if they reach an agreement things are not going to be too good. Interest rates will rise still. cuz they will have to raise the Ceiling again. I believe the dollar will get weaker for awhile. Hopefully it will fall below 1000 soon like it was in 2004. Also if u don't have too much debt investing in gold would probably be a good idea.

Stefan Teacher · « **Reply #36 on:** July 14, 2011, 02:57:45 PM »

Trying to predict the exchange rate will give you a headache. Open a foreign currency account at your bank. When you have cash you are going to send to the states use Won to buy USD$$$. Deposit it in your foreign currency account. When you finally do send money back, send it from your foreign currency account. The exchange rate on that day WILL NOT matter as it is already in dollars. If you have put money in the account at different rates, that doesn't matter. You are sending DOLLARS.... essentially you are get an average of the rate of exchange... no guessing... And you will save

by sending 1 transaction...rather than 3 or 4

Ollie84 · « **Reply #37 on:** July 28, 2011, 09:00:29 PM »

Hello waygookins,

I'm a Brit, so I send my cash there. Though anyone with advice to offer would be great.

I'm wondering, when is a good time to send money home? When you check the exchange rate would you see how much the won is worth in pounds or vice verse?

It's all a bit baffling to me.

cat fud · « **Reply #38 on:** July 28, 2011, 09:30:13 PM »

You can get a guide to the current rate at www.xe.com

You won't get the actual rate they show you, but it will give you an indication. You can view historical rates there too.

You should ask your Korean bank what rate they will give you for a transfer. Compare this with xe.com to get an idea of how different the indication rate and actual rate are. Obviously you should send your money when the KRW is strong, and the GBP is weak, but we can never know until afterwards when the best time would have been.

Don't forget that your Korean bank will charge a fee to send, and your UK bank will charge a fee to receive. If these fees are too high then look for another bank or another method. Also, it's more cost-effective to send fewer, larger amounts, than many smaller amounts, because of the fees.

Take a look at KEB's Easy One account. You connect it to your foreign account and when you transfer Korean won into it the money is automatically transferred.

Ilsan_dude · « **Reply #39 on:** July 29, 2011, 04:29:08 AM »

^^^^^^Cat Fud is right. XE is the best exchange website, rates are updated by the minute as long as the markets are open.

Exchange rates are hard to predict, you can't really say any time of year is better or worse. It has gotten better lately if you are sending money home, mostly because the USD is in a terrible tailspin right now and will probably only get worse as the US is flirting so closely with defaulting on its debt.

The best way to keep track is to look at the site frequently and go by economic data. If the US continues it's backslide, they exchange rate will get better. I don't know much about the Korean economy or how well/bad it's doing, but for the most part, the better exchange rate has come as a result of the USD losing considerable value.

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Author Topic: WHEN to transfer money home (Read 7187 times)

Ollie84

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