Friday 17 July 2009

Money Concerns

(Image Source)
Did bankrupt America steel my money?

About ten days ago I went to my local exchange bank in Korea and sent a good chunk of money to my bank in South Africa. A money transfer works something like this: First, I need to convert my Korean currency (Won) into US Dollars. (In effect, I have to buy US$ and, of course, lose some money in the process.) Then I transfer these dollars to my South African bank, where it's converted into South African Rand (and of course I lose some on this transaction as well). My great concern is the in-between process. Before the money is transferred from Korea to South Africa, the wiring first goes through America. (I don't know why; that's just how it works.) Now with the American economy in the state that it's in, who knows what happens to the money while it's there? The whole process usually takes around three working days. It has been nearly ten days since I transferred the money, and it's still not showing in my South African bank account. I'm starting to get anxious now. I'll wait till next week and if by then it is not yet deposited I'm going to see my bank, or phone Obama and tell him that my money is not part of his bail-out budget.

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