I succeeded in my second foray into the foreign exchange market... as in I did it, all by myself, with helpful bank staff, but only time will tell if it was a success.
The beginning of the week market the first significant drop in the American dollar since my arrival here in Korea. With the over zealous panic of someone very new to this, I woke up early on Tuesday, checked my daily email of the exchange rates, confirmed a further dip in the rates and hurried to the bank in hopes of securing the first of what will be numerous money transfers in my financial favor. I exchanged $1000.00 USD... in the form of two traveler's cheques. That night, in deciding how to appropriately mail the necessary funds home I was struck by the absurdity of sending the equivalent of $1000.00 unsecured cash overseas in the mail. Ludicrous!
So I went home, no richer, no poorer, and went to bed. The next day the rates had dropped again. Determined to get some of this newly acquired wealth safely home I arranged the necessary details of a wire transfer. This was the ticket! By the through the miracle of modern banking I could send money electronically around the world where a trusted individual could then receive it and pay off my bills as planned! It was a $500.00 USD test run.
By Thursday they had dipped under the 1400/1 mark and I told myself that if the rates dropped again, or remained in the 1300's on Friday, I'd send another $500.00 home.
The rate was on the incline this morning, but still under 1400, so I did as planned sending another $500.00 USD to disappear into an electronic abyss where the debt I owe lie waiting somewhere on the other side, with their voracious appetites that I long to fill.
Now I get to experience the joys of budgeting as I have suffiecient, albeit limited funds for the upcoming month left to me in the bank after draining two grand American (which translates to approx. 2.5 million Won) in the course of a week. At least until the rates climb high enough that I can profit from those traveler's cheques...
I'll let you know how it works out.
- Foster
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hey I saw your comment on kristen's blog (she's a good, sweet, awesome friend of mine) and thought I'd check your blog. Why are you in Korea?
ReplyDeleteHello, Francheska.
ReplyDeleteI'm teaching here in Korea for a year.
Thanks for checking things out. Kristen's definitely a fine individual who I don't know too well, but has proved thoughtful, kind, and faithful.
We've shared more in writing than conversation, but it's all been welcome communication.
Thanks again for dropping by.
- Foster
that's cool! I have two friends who are also teaching in Korea. Jesse Burgeño is one of them. Hah, cool stuff!!! I'll keep coming
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