April 27, 2017, 11:59:30 PM


Author Topic: The Exchange Rate right now... [MEGA THREAD]  (Read 108546 times)

Offline teacher1988

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #660 on: March 20, 2017, 03:37:52 PM »
There's no 10MM cap people. You're allowed to send up to $50,000 USD or your salary PER YEAR, whichever is higher. Yes that was USD, not Korean won. By law, the bank sends the details of your transfer to the National Tax Agency if you transfer more than $10,000 USD in one transfer. Again, that's USD, not Korean won.

TLDR; if you haven't broken any tax laws, go ahead and send more than 10MM in one transfer.

EDIT: Grammar.
« Last Edit: March 20, 2017, 04:56:52 PM by teacher1988 »

Offline kriztee

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #661 on: March 20, 2017, 04:31:23 PM »
I think people are talking about daily transfer limits. Just like I have more than 1 million won in my bank but I can't take that all out in one day in cash from an ATM because of a daily limit. I know my bank has a transfer limit of 10Million, that's either per day or per transaction, I can't remember for sure. But you can send 50mil no problem, just not at one time. It's not about laws, it's about bank rules. It's probably a good thing too so someone can't just get your card and take 50mil from it in one go.

Offline #basedcowboyshirt

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #662 on: March 20, 2017, 04:33:59 PM »
There's no 10MM cap people. You're allowed to send up to $50,000 USD or your salary PER YEAR, whichever is higher. Yes that was USD, not Korean won. By law, the bank sends the details to your transfer to the National Tax Agency if you transfer more than $10,000 USD in one transfer. Again, that's USD, not Korean won.

TLDR; if you haven't broken any tax laws, go ahead and send more than 10MM in one transfer.


So, what would happen to someone who was moving back home permanently and had more than $50,000 USD to transfer?

Offline teacher1988

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #663 on: March 20, 2017, 04:55:52 PM »
I think people are talking about daily transfer limits.

That's a limit the customer can set themselves. You can set it to 500MM if you want. Mine is 50MM.

So, what would happen to someone who was moving back home permanently and had more than $50,000 USD to transfer?

You'd have to prep all your income statements over the years and show it to the bank. The teller can override the cap for you.

Yes, I asked in that amount of detail while at the bank. Also did a lot of reading of the TOS.

Offline #basedcowboyshirt

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #664 on: March 20, 2017, 05:09:03 PM »
I think people are talking about daily transfer limits.

That's a limit the customer can set themselves. You can set it to 500MM if you want. Mine is 50MM.

So, what would happen to someone who was moving back home permanently and had more than $50,000 USD to transfer?

You'd have to prep all your income statements over the years and show it to the bank. The teller can override the cap for you.

Yes, I asked in that amount of detail while at the bank. Also did a lot of reading of the TOS.

That's good to know. Thanks!

Offline grey

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #665 on: March 20, 2017, 05:33:49 PM »
CADKRW 840!
Ko fills half his luggage with instant noodles for his international business travels, a lesson he learned after assuming on his first trip that three packages would suffice for six days. “Man, was I wrong. Since then, I always make sure I pack enough.”
-AP

Offline Lowfoam

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #666 on: March 20, 2017, 05:44:02 PM »
Thank you! I tried calling the bank but I ran out of minutes and can't buy more until I get paid. If that's the case that's great - I'll just wait until I leave the country and send it all home in one giant lump sum.

Hooray!

Offline Ajahya

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #667 on: March 20, 2017, 05:52:42 PM »
Thank you! I tried calling the bank but I ran out of minutes and can't buy more until I get paid. If that's the case that's great - I'll just wait until I leave the country and send it all home in one giant lump sum.

Hooray!

Just to be on the safe side, it might be best not to wait until the very last minute... just in case something goes wrong. I've heard horror stories of folks leaving the country with the majority of their money stuck in their Korean bank account.

Offline Lowfoam

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #668 on: March 21, 2017, 11:11:34 AM »
@Aja: I plan on making two transfers during the month of August (when my contract is up). One where all the money I've saved up goes home, and the second when I get paid. Good advice, though, but you can never tell what's going to happen in this country sometimes!

Offline grey

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #669 on: March 21, 2017, 11:18:03 AM »
835, and falling.

CADKRW is less than a cent away from a ten-year low.
Ko fills half his luggage with instant noodles for his international business travels, a lesson he learned after assuming on his first trip that three packages would suffice for six days. “Man, was I wrong. Since then, I always make sure I pack enough.”
-AP

Offline weigookin74

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #670 on: March 21, 2017, 03:45:13 PM »
Thank you! I tried calling the bank but I ran out of minutes and can't buy more until I get paid. If that's the case that's great - I'll just wait until I leave the country and send it all home in one giant lump sum.

Hooray!

Just to be on the safe side, it might be best not to wait until the very last minute... just in case something goes wrong. I've heard horror stories of folks leaving the country with the majority of their money stuck in their Korean bank account.

I don't know if this applies to your situation, but I took a copy of my USB key when I went to Canada a couple of years ago.  I also photocopied that key code they give you with random numbers on it.  Took both to Canada.  I got paid after being there a couple of weeks.  So, I used my sister's laptop, plugged in the smart key, logged into Nonghyup English banking, entered the secret number codes off that card, had my passport number handy, and transfered the funds to my RBC account.  Had to apologize to my sis for allo that security crap on her computer, though I thought I deleted it (but just in case).  So, as long as your yes sign key doesn't expire, you may be able to do it after going home if you have no other choice.  It's usually good for a year.  I'd still recommend making other plans if you can.  For all others reading this, send some home each month to avoid the hassle of having too much to send at the end. 

Offline scottwalsh93

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #671 on: March 28, 2017, 04:31:36 PM »
835, and falling.

CADKRW is less than a cent away from a ten-year low.

This is a very stupid question, but that means it is now the BEST time to switch from KRW to CAD in 10 years? Or the worst?

Online JNM

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #672 on: March 28, 2017, 04:35:31 PM »
835, and falling.

CADKRW is less than a cent away from a ten-year low.

This is a very stupid question, but that means it is now the BEST time to switch from KRW to CAD in 10 years? Or the worst?

Best to buy CAD, worst to sell it.

Offline scottwalsh93

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #673 on: March 28, 2017, 05:50:37 PM »
835, and falling.

CADKRW is less than a cent away from a ten-year low.

This is a very stupid question, but that means it is now the BEST time to switch from KRW to CAD in 10 years? Or the worst?

Best to buy CAD, worst to sell it.

Hurray! Time to figure out how to send it back.

Online JNM

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #674 on: March 28, 2017, 06:01:06 PM »
835, and falling.

CADKRW is less than a cent away from a ten-year low.

This is a very stupid question, but that means it is now the BEST time to switch from KRW to CAD in 10 years? Or the worst?

Best to buy CAD, worst to sell it.

Hurray! Time to figure out how to send it back.
Another easy question...

Best way is to get a cashier's cheque in CAD and use e-deposit with your phone's camera.

CIBC allows up to 250 000 CAD.
« Last Edit: March 28, 2017, 07:11:02 PM by JNM »

Online Pecan

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #675 on: March 28, 2017, 06:11:20 PM »
For the time being, Korea has stopped interfering with the KRW, as the US has an upcoming meeting, and they fear being placed on the "list" and labeled as a country that manipulates their currency.

I'm hoping the KRW will continue to gain in strength up until that meeting happens.

Offline grey

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #676 on: March 28, 2017, 06:37:53 PM »
I had an itchy finger and sent back at 834.

I wonder if it will hit 799?

Read a thing in Bloomberg today that said Korean exports are doing fairly well.

Gov' Poloz wants a lower dollar, so not impossible.
Ko fills half his luggage with instant noodles for his international business travels, a lesson he learned after assuming on his first trip that three packages would suffice for six days. “Man, was I wrong. Since then, I always make sure I pack enough.”
-AP

Offline weigookin74

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #677 on: March 29, 2017, 10:49:47 AM »
Yeah, best rate it's been in a decade.  Imagine if there hadn't been nearly 8 of those years when the exchange was utter BS.  I would have been out of debt so much sooner.  Anyways, it's good to see.  We'll see how long it lasts.  As someone else said, Korea's probably avoiding manipulating it's currency for the time being and the Canadian dollar is down too for the time being.  Great time to send money home this week.  Shame I sent last week; but, I guess I got a decent exchange even then. 

Offline teacher1988

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #678 on: March 29, 2017, 11:06:51 AM »
Not sure how you guys send but you can still exchange little by little and leave it in your CAD acct, and then wait until you have enough to send back. You'd be sending a combination of CAD and KRW->CAD.

That's what I'm doing now. I sent at 840 cuz I thought that was pretty awesome already but yesterday at 830, it was too irresistable so I left some of my emergency cash in CAD for now. It's easily liquidable so even if I need the emergency cash I just change it back to KRW, profit or no. If I don't need the emergency cash, send the CAD for next time.

Online Pecan

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Re: The Exchange Rate right now... [MEGA THREAD]
« Reply #679 on: March 29, 2017, 01:09:12 PM »
Yeah, best rate it's been in a decade.
You are referring to the CAD-KRW, not USD-KRW, right?  (the latter is not true)

 

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