Wednesday, November 19, 2008
Recently Kyle and I have been watching the exchange rate between the CDN $ and the Korean Won just get worse and worse. I am beginning to wonder if this is ever going to get better or if it is just going to continue to get worse.
It's a really nerve-wracking feeling knowing that if we were to come home today that we would lose thousands of dollars. The point in us coming here was to pay off our student loans and we know that we will not and cannot completely pay them off after one year, but we would have paid enough to give us a leg up in the world when we got back to Canada. To take the stress and anxiety of looming student loan payments off our shoulders.
To put it into perspective... over a month ago the exchange rate was at 1050 Won - $1 CDN and it was prime pickings for us to be transferring money home, so we were. In large amounts and it was so nice to watch our loans disappear from under us. Currently, the exchange rate sits at
1171 won - $1 Cdn and that is just awful. We haven't been able to send home money besides minimum bill payments for the last 2 months and almost 3 now. At this rate we will have a large sum of money to transfer home at the end and we will be losing approx. $4000-$5000. It hurts.
What do you think? Will it get better or worse? What should we do should it drop more?? Many questions floating around right now. No, we are not planning on quitting and coming home, but we just don't want to lose so much money.... ugh. I hate the economy right now. We both do.
3 comments:
yes....sigh.....if it drops much more...I will negotiate for more or leave.
Hi guys !!! Your favourite Uncle here, Bud, with family Chi-chan and Kei-chan! We're all fine. Sounds as if the way the trend is going, you might consider transferring some on a regular basis over here. At least you wouldn't lose more by waiting until it MAY rise, right?
Sounds like the RRSP dilemma here.
Do you wait? Probably it'll get worse before it gets better. What d'ya think?
Hey, me again. I think if you're talking just about the exchange rate, (not overall economy, which sucks, yes) then the Canadian dollar's dropping has just about bottomed out. Here we watch it vs. the US greenback, but I really don't think it'll get much lower if at all.
And it's rate vs. the US makes it lower vs. the won, cuz everything's still measured against the almighty US dollar.
Same as the Can. dollar vs. the Japan yen. Yeah, I think if possible i'd try to stretch out sending money home over time, rather than a big lump - if i didn't have to!
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