Korean Job Discussion Forums

[Sarpedon]

Hi everyone! I've been lurking here for a while now, and read many, many previous posts on all manner of subjects, so I feel like I have a good grasp of knowledge on most of the things that I want to know.

One thing I'd like to ask about is banking in Korea.

A few questions I have:

1. When you get paid in Korea, do they hand you a paycheck? Do they give you 2 million in cash, and you have to take it to the bank? Is there direct deposit?

2. I read somewhere that there is no Korean equivalent to the FDIC, which insures banks. Is there a possibility I could deposit my money in a bank, which could fail, leading me to lose all my money?

3. I would be sending money home every month to pay some bills. Do most of you keep your money that's not going to bills in your Korean bank account? Do you keep your won under your mattress? Do you send it all home and use an ATM card or something?

I guess I'm just wondering the best way to manage my money when I get to Korea. I'm a notoriously bad bookkeeper, so I want to make it as easy on myself as possible. I want to send about $1000 US home a month to pay down debt, and save/use the rest for day to day living in Korea, and saving for a year-end vacation. Thanks for your help.

[ttompatz]

[jvalmer]

[Sarpedon]

Thanks, you two. That helps.