I still have no money.
So, I left the US for many reasons – one of which being to save up some money and pay off some debt. The plan was to send money home and pay credit cards and student loans and come home with some extra cash and no debt. That plan is looking less and less possible thanks to the markets and value of the Korean Won. Check this out..
http://finance.google.com/finance?q=USDKRW
It’s crazy… The Dollar/Won ratio just broke 1,400 Won per dollar.
When we came 2 months ago the dollar was 1,063 Won per dollar. So basically the money
I make here is now worth 40% less than it was before when I send it home. It takes 40% more won to buy one dollar. So, I send home 2,000,000 won (which ideally should be $2,000) and I only will have about $1,500. This makes paying off debt and sending money home a lot harder.
It’s crazy… The Dollar/Won ratio just broke 1,400 Won per dollar.
When we came 2 months ago the dollar was 1,063 Won per dollar. So basically the money
I make here is now worth 40% less than it was before when I send it home. It takes 40% more won to buy one dollar. So, I send home 2,000,000 won (which ideally should be $2,000) and I only will have about $1,500. This makes paying off debt and sending money home a lot harder.
We’ll see, I’m sure it will get a little better before we leave, but will it get better in time for us to pay our bills in the US without loosing a lot of money in the process? Let’s keep hoping for a speedy won recovery. The dollar is doing better, but until the Won catches up, it’s only good if you’re trying to send money to ME, not the other way around…. And feel free to do the former 
-Chad
1 comment
Man do I feel you on this! I need to make a transfer in the next week-or-so to keep covering debt payments, but it’s hard to bring myself to it with the rate so terribly awful right now. But what if it gets worse?!
Taiwan’s exchange rate is holding nice and steady…. Nice warm winter…. friendly people….