FAQ'S - Money and Currency

	Working in Korea		Health and Medicine		Living in Korea
	Money and Currency		Flying to Korea		Visa Process

Q. How much money should I bring when I come to Korea?
A. We recommend bring about $250 cash that you can exchange to Korean Won at the airport upon your arrival to Korea.   This should help you get through a few days and locate an atm that will work with your foreign card.  Sometimes it is necessary to search for an atm machine that will accept foreign cards.  They are around, but sometimes you will have to search for them.   Usually atms found at convenient store will work with foreign cards, where as many atms at banks will only take domestic cards.  You might have to request the assistance of a Korean when using the machines in the convenience stores though because many do not have English.  It’s all part of the adventure.

Most schools pay once a month, for the previous completed month.  Because you will not be paid until you have worked roughly 1 month, the average individual will need to have access to about $500 - $1,000 to support themselves until they get their first pay check.  The amount you will need is directly related to your spending habits.  I know people that live on about 350 per month and others who spend their entire pay checks frivolously.  It completely depends on how you budget your money. 
To access money from home, you will need to make sure that you have a major symbol on the back of your atm/debit card/bank card (ie. Plus, Cirrus, etc).  If you are unsure whether your card will work at atms in Korea, be sure to consult your bank at home, or we can check to see if the symbol on the back of your card will work at atms here. 

Also, because some banks charge you a foreign withdrawal fee/exchange fee (usually around $5.00 or more), you might want to raise the amount of money you can take out in a single withdrawal.  If you can withdrawal a larger amount, you will avoid paying this fee over and over.
    
Q. How does banking work in Korea?
A. The majority of schools will pay you by automatic deposit into a Korean Bank account, which means that you will need to set up a Korean bank account.  This is a very simple process that your school director/representative should help you with.  Banking using your Korean bank account is very easy as they provide you with a “pass-book” and an ATM card.  The passbook helps you keep track of all of your deposits and withdrawals, and can be used like an ATM card.  The ATM card allows you to access your account from ATM machines conveniently located throughout Korea.  

Q. Wiring Money
A. Most people choose to wire money home instead of leaving it in their Korean bank account.  Wiring money is also a pretty simple task, as long as you have your bank information from home.  The fee for wiring money is pretty small, in most cases between $7 and $20 depending on your bank at home and the bank you choose in Korea. 
Tip: After wiring money home the first time, save your receipt, so you can show it to the teller the next time, and avoid any confusion.  To wire money home you will need:

1. Your bank’s name
2. Your bank’s address
3. Your bank’s phone number
4. Your bank’s swift code (ask a representative from your bank what the bank’s swift code is.  They will know what you are talking about)   
5. Your account number

Q. How much should I expect to pay in utilities and other bills? (Prices listed are in CDN/USD)
A.

1. Depending on the size and location of your apartment, you should expect to pay about $50 - $150 per month in utilities for a one person apartment.  The bill is typically broken down into 2 parts:
2. Apartment Maintenance Fee.  This fee is directed toward the building guards, maintaining shared areas, and other building fees.  In some places, this fee includes cable T.V.
3. Gas, Water, and Electricity
4. Phone bill (cell phone), will be about $15 - $40 per month depending on how much you use it.   We recommend using Skype to call home.  It is a very good and inexpensive computer phone.  Please have a look at www.skype.com for more details and the free download.   
5. Phone bill (home phone).  Most people choose to only have a cell phone, but  home phone numbers are readily available and cost  between $7 - $12 per month.
6. Internet Service.  Internet service is available everywhere in South Korea.   It is very fast and costs roughly $35 - $45 per month.  An installation fee of $35 is typical as well, unless you take over another teacher’s contract.  Your school should help you get connected to the internet.   If you don’t have a computer, PC Bongs (Internet Cafes) are located in most neighborhoods very inexpensive hourly rates. 

Q. How much will my living costs be (food, transportation and entertainment)?
A. There is no set level as to how much your living expenses will be because it fluctuates according to your lifestyle.  We know some single people who live on about $300 USD a month and others who push it easily over $1000 USD per month.  It depends on how thrifty you are and how often you go out.  $600 USD is pretty reasonable for a single person. This allows for dinners, drinks, nights out, movies, small weekend trips, etc...

Q. Other Money Suggestions:
A. Many times unexpected bills or expenses come up in your home country after leaving you arrive in Korea.  In order to prepare for these instances, we recommend leaving some signed blank checks with a trustworthy family member/friend etc.  If you don’t like this option, you can also think about having a signer added to your account (a parent, sibling, trusted individual) to help you manage your affairs at home.  Whatever the case is, try to make sure that as many of your money matters are in order before leaving for one year.  Typically it is much easier to deal with these things in person than trying to do them over the phone or through family members.  Make sure you have set up on-line access to your bank accounts at home.   Double check to make sure you know your login name and password.

If you are going to be making consistent payments to things like a credit card, or student loans, or other loans try to set up it up so that you can make your payments online from your current bank account at home.   We recommend doing these things before you leave as well, to ensure that you won’t have any trouble doing them when you are here and unable to care of these things in person.

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