Korean Job Discussion Forums

IconsFanatic · Joined: 19 Jan 2003

I realize hagwon teachers set up a Korean bank account, but prior to my first paycheque in Korea, I'm wondering about accessing money.

Should I just use my bank card and withdraw money from my account back home? Is there a good exchange rate on this? Is there a large fee with such transactions?

Or should I try to smuggle a wad of Canuck bucks in with me, to exchange once in Korea? I guess withdrawing money at the airport in Canada and coverting there to Won would be best... but how much am I allowed to take into SK without customs/duties having a doodie in their pants?

Cheers.

Derrek · Joined: 15 Jan 2003

Your profile on the left says you're already in Korea, and you're asking this question? Hmmmm......

Just bring the equivalent of $400 US in travellers checks for your first month, and $200 in cash, or bring a little less and just use the money machine. Fees depend on your bank back home, although there can be small local ones. Exchange rate is fine. After that first month, get a Korean account and use that.

saw6436 · Joined: 16 Jan 2003 Location: Daejeon, ROK

First of all the Hagwon owner does not need to open up a bank account for you. Any individual in Korea can open up a banking account. You just need to make a deposit. I do not know where this idea developed that Hagwon owners open bank accounts for their teachers.
As to the money you need for your first month. I get by on about 400,00 won per month just fine. When I first came here I brought 600USD and I never worried about money. Do the bank yourself and rest easy.

The Lemon · Joined: 11 Jan 2003

The school doesn't need to do it for you, but you need to show the bank your residence card when you open your account. Which basically means, if you don't have your card yet, you can't open an account.

Although, I once found a bank where the guy was willing to bend that rule for me, rules being what they are here.

joseph · Joined: 15 Jan 2003 Location: south korea

not true---I opened an account with just a passport...all a school will do is tell you where a bank is----also 400,000 is not nearly enough for a month-unless you eat tuna and ramen every nite...800 is more like it if you want to buy the odd shirt see a film go out and meet people etc etc.....