When you're teaching overseas this will be one of the few times you will want your home currency to hit the dumps in terms of currency value. The less your home country currency is worth, the more of it you get with your teaching salary. Make sense?
Exchange rates fluctuate daily and can be a source of incredible frustration for a teacher living and working overseas. When should you send money home? How can you play the exchange rates to make money on your money? How can you send money home? What if you HAVE TO send money home? Good questions.
If you don’t have bills to pay at home you can rest easy knowing your money is still worth the same in the country you are working in. The only thing that affects your buying power is inflation and in most cases this is relatively safe from dramatic spikes. So comes the question… when is it best to send money home? There are people who make a very good living at currency trading. Buying money low and selling when the exchange rates are high. Like all markets, there are incredible factors at play that affect the value of a currency.
- Currency Exchange Rates: www.xe.com
- For a historical review of exchange rates: www.bank-banque-canada.ca/en/rates/exchange.html
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“My school, Gangdong Elementary School in Centum City is amazing and I love my job. Also my apartment is much more than I had expected. Again, thank you for the hard work you put in and I hope to represent you guys well here in Korea.
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