Thinking about Sending Money Home? Hold That Thought

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Gugak Center

If you’re thinking of transferring money back home to pay off debt, to invest or for whatever reason, you might want to hold off for awhile longer as the  South Korean won continues to fall against the U.S. dollar.

How far has it fallen? This morning, it opened at a four-year low, partially due to increased tensions with the neighbors to the north –though it’s been at a gradual over the last few months before now.

The KOSPI is not faring that well either, opening lower for a sixth consecutive day.

Along with North-South tensions, another avenue of blame is China’s economic slowdown which has seen massive investment outflows from emerging markets around the world.

According to Woori Futures Co., in a research note released last week:

“Fears over a slowdown in the global economy and rising inter-Korean tension are working to push up the won-dollar rate, but simmering signs of a delay in the much-coveted rate hike in the U.S. may limit the local currency’s sharp tumble,”

Dollar Won Exchange Rate

So, when can you exchange your money at good rates again? That’s a great question. If you have the answer please contact us, we’d like to talk more about your special gifts.

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