Money and banking
It’s no secret that one of the most attractive benefits to working in Korea is the money. So, without further ado…
Banking is relatively easy in Korea despite the language barrier.
Upon arrival, your school will help you set up a bank account—probably within the first week or right before you get your first pay check.
Someone will take you down and help you with this. It is very important to note that you need to have an Alien Residence Card in order to open a bank account so those people who are thinking about teaching in Korea illegally, be careful.
Now that you know a bank account will be set up for you and that your pay will go directly into your account for you, it is really important to know that you will always need cash. Debit cards are a completely foreign concept at most stores and there will likely even be some issues using a Canadian/American issued credit card (the explanation for this is beyond me). The good thing is that ATM machines abound on every corner.
However, it is highly recommended that you obtain all necessary cash from them early in the evening if going out for the night as not all are open 24 hours. I’d estimate that about half of all ATMS offer English, especially at the larger banks.
Do not be alarmed if you are paid by your school in cash—though this is becoming less common. Currently, the largest bill is a 10,000 won bill (equal to about $10). A W50,000 note is expected to be released very soon.
Sending money home requires filling out forms, providing your pay stub (in some cases), and providing your passport so the bank can make a copy. Some banks place certain limitations to the amount you send home while you are here, as the Korean government wants you to spend as much as possibly here rather than where you came from.
But each bank is different. For two years, I’ve sent money home every month and have established a great relationship with my bank tellers. There came a point when they stopped asking for my passport and pay stubs.
Fees usually range about $20 on both sides of the transaction for a total of $40 per wire. The Korean bank is charging the fee to send the money and your home bank will charge for receiving it. It’s best to plan your transfers so you can avoid paying fees on smaller wire transfers.
Some people that are making extra money and have a surplus to send home will take a trip to Thailand or another country and will wire the money home from a Western Union. Legally you can enter almost any country with less than $10,000 without declaring the money.
Exchange rates fluctuate daily but here is a good site to convert. Exchange rates can work in your favor or against you, depending on which way the markets are heading while you are here. Try to send the most money home when the Won is strong and the dollar is weak. It won't always work out that you can do this, but it's a good thing to try. As a general rule though, 1000 won is equivalent to $1.