Korean Job Discussion Forums

[karmarooster]

so i'm scheduled to come to SK November 15th... currently I'm waiting on the visa interview at the consulate. Here's the problem:

When i first starting looking for an ESL job, in may/june, a good rule of thumb was 1 mil won = 1000 USD. Ok, sounds pretty sweet. when i finally received an offer, for 28,000 won per contact hour, the exchange rate had gone down to around $25.5 per hour. As of today, I'm looking at $20 per hour.

And keep in mind this is for contact hours, so the effective rate is lower, somewhere around $17-18 per hour? Thats barely more than i was making waiting tables. i was pulling in $15 per hour, walking away with cash every night, and this was after taxes... there was a measly $2.18 per hour salary that went entirely to taxes.

on the positive, at least i feel like i'm "doing something" with my degree from a top tier university. i'm still excited to come to korea, i've been to europe but never asia, and i'm looking forward to a new culture, learning a new language, eating crazy foods i've never heard of before, drinking soju till i'm sick, etc. For a year after graduation, i've worked at a restaurant just because i didn't know what i wanted to do.

on the other hand, if i were to stay in the US, there's not much likelihood of finding a job in this economy.

I have no student loan debts, and less than $1000 in credit card debt. i was hoping to save $1000 per month to take back to the US, which would be $12k. i'll still be able to save around 1 mil won per month, but its just not $1000 USD anymore.

So what can i do? obviously the prudent thing to do is to keep the savings in Korean Won and then transfer it whenever the rate gets close to 1000 won = 1 USD, hopefully it will get back to that by the end of november next year. I know there are many crazy laws restricting foreigners in korea. What options are available to me to get a return on my savings? Is there any kind of savings account in Korea that gets 3% APR, like ING? If i deposit into my ING account, i'm assuming that the won will first be transferred into USD and so i will take a huge loss. its not worth it to get 3% interest.

What other financial investments are open to foreigners? is there something similar to a treasury bond like here in the US? Those get 5% interest. This is the riskiest option of all, but what about the Korean Stock Market / Bond market?

I'm not yet considering pulling out of my contract. at the very worst, i could just spend everything i make every month, and come back to the US not a penny richer, and still have a good time and a valuable cultural experience. I read through 10 pages+ of the "Korean Won is Plummeting" for whatever info i could get, but alot if it is for people who have to pay off student loans back home.

let me know if you can help, and hopefully this will help other who are coming to Korea this fall or have just recently arrived.

Thanks in advance.

[I-am-me]

You better unpack your bags unless you want to make $1500 a month!

[OnTheOtherSide]

Personally, I would not come here.

I am leaving this weekend. I would have stayed, but with the exchange rate being what it is, it's not worth it.

When things pick up again in Korea, you can always jut sign another contract and get over here easily. For right now, it's not profitable.

Like you said, this much money can be made waiting tables.......

[xeno439]

You definitely need to factor in the fact that you get free rent into the equation. Also, although part of the job, roundrip airfare to the other side of the world for free is a nice deal, too.. The exchange rate always fluctuates. I say come here and save your money until the rate turns back to your favor. You are one of the lucky ones. You have no student loans to pay off and no significant credit card debt. I would come if I were you. Take a chance. If you factor in the free rent, you will be making much more than you did waiting tables even in this shitty econmic situation.

However . . .

If your job pays you by hours taught, what happens if the student count is low and you have very few hours? Or did you just calculate an average per class payment based on salary/divided by hours taught? I would definitely not come here unless I was guaranteed a salary.

Edit: BTW taxes here are a negligible 3.3 %.

[Ms.G]

Who cares if you can make the same money waiting tables? You'd still be bored out of your skull at home. If teaching and Asia are both going to be new experiences, you'll be far better off coming here even if you make the same money.

I had some friends visiting this month, one of which has been looking for jobs in the States for four months and one who just lost his job before coming here. They're thinking about coming back for a contract!

I feel like you can never be sure what's going to happen with the won or the job situation back home. If Korea sounds more appealing than home, go for it.

[OnTheOtherSide]

Maybe you should consider teaching in another country?

Korea is allright and there are good times to be had here. But really, there are funner places to go. And right now the money isn't a whole lot worse in some places.

[gotJesus]

The economy in US is not good either.
If you act emotionally in every crisis, you will be moving from one country to another every single day.(a little exaggeration)
Stay put and the rate will go down.

just my opinion.

[brittan2007]

Personally, I wouldn't come. You can always "have a good experience" by visiting Korea on vacation. Korea isn't going anywhere.

[mee]

Honestly, from what i can tell, if you get a good apartment probably in a high-rise and if you had a car and some money, this place would be alright.

It all depends though. Seoul is a city for people with a lot of money. If you don't have a lot of money, it's going to give you a bit of an
isolationist feeling because that's what it's all about. status and money.

So sure, if you were filthy rich and lived above the stench so to speak and had your audi or mercedes parked in a parking garage, never had to have the stress of the subway or bus or walking then this place is great.
Tere are lots of restaurants of every type and plenty of exclusive or expensive shopping. Or if you just like the congestion and shopping atmosphere. It's like new york city.

A good business place or if you like to drink a lot, you'll love it.

What's strange is i've spent two or three times as much to live in hawaii, yet i feel poorer here.

i don't wear these fashions and i don't care about exclusive cosmetics, handbags etc or playing the role of the princess. i guess flip flops and shorts, the outdoors and a laid back atmosphere are more my style.

well, i know i'm going to go back eventually after my adventure.

ps. don't let my rant influence you as people's places in their lives and milestones differ as well as tastes. Some people hate the snow, others love it. Some people want city life, others want country life and so forth...

actually, it's probably even better for a nonkorean in some ways especially culturally. you don't have the sense of burden for the country as a lot of korean do.

[Wisconsinite]

I say "go for it" the rate fluctuates and could go up. But that is always the gamble you take. Factor in the free ticket, free rent, and a pretty easy lifestyle for the most part and it's an excellent chance to live on the other side of the world. You are a 2 hour flight from China, Japan, and Taiwan and 4-6 hours from Thailand, Malaysia, and Vietnam! How cool is that?

I would negotiate a contract where you are earning at least 2.2 million a month with a free apartment and free ticket. This whole "contact hours" thing would make me nervous, too much room for someone to get screwed over. There are heaps of jobs out there so wait for the perfect one to come along.

As for saving, totally depends on the lifestyle. You can live well on a million a month anywhere in Korea and save a million. You are in a much better position than many others since you have no student loans and very little credit card debt.

If you hate it, you can always leave. Put in your notice and go back home.

[traxxe]

You can make more money in Taiwan or Japan right now most likely.

The economy isn't getting better soon and may still get worse.

Korea is not the place to be right now. Wait until the won goes back up. To save your goal you are going to be living so frugal it won't be worth it.

[EzeWong]

Wow you're situation is almost identical to the one I had, except I have student loan payments.

If you situation was like mine:

Do it, and don't look back.


I worked at a manager for a resturant for 6 months before deciding to do this. Let's face it, you're not getting any younger and nows the time to explore the world. I also have a top tier degree and I was basically rushing around doing menial tasks. Unrewarding and you feel crap by the end of the day. Let's be straight you're doing this for these main reasons:

1) Adventure
2) You're lost, you need some time to figure out what to "really do"
3) Money (to some degree)

Don't worry too much about the WON. I have MAJOR debts to pay back at home and this financial crisis hits me the hardest. But you have to realize the markets are so volatile, NOBODY knows what will happen in the next 2 months. In addition, because you have no debts back at home, this should be a PRIME opportunity for you. Save up more than your $1000 USD and it'll be worth a lot more. Hopefully if decide to come back the rates will "return to normal". Save up your won (maybe you can get an intrest bearing account here, I still haven't figured it out) and exchange it in major lump sums.

For those who say go somewhere else. Well, I think you should definately come to Korea as a starting point. It gives you a good solid foundation with little risk. Japan is a good option but they don't provide housing. Also, Korea's education market is very stable. Whereas even Japan had a "Nova" and there were expats stuck in Japan unable to pay off rent.

I'm very much with Xeno on the financial aspects of it. It's what made me sway from Japan to Korea.

[PBRstreetgang21]

If you aren't sending gobs of money home I dont think you should be OVERLY concerned about the exchange rate. As bad as things are getting, the won is starting to regain some value. The government has started selling its dollar reserves and some of the investment firms in Seoul are buying won. This was in today's paper. Part of the reason for the weakening of the won has been a lot of irrational fear. Give it time and it will stabilize.

The yen is doing well right now yes, but the Nikkei is out 10% and the government is planning a major bank bailout's as Japan has started a recession. South Korea is expected to grow by three percent. Things are bad in Korea yes, but they aren't close to another 97.

There arent many countries in the world that ARENT having major problems. So just pick the place you want to be cause anywhere you go you will find them to be in economic dire straights. On the whole I'd rather be in Korea than that States next year. Things are far worse in America.

[Ya-ta Boy]

[Kimbop]

Provided you're being paid 3 million won per month you'll able to enjoy yourself in korea. But if your sole plan is to garner USD.. well.. assume that 1 Million won may eventually equal 850 USD at best. Having said that, Korea is a great country; and if you're like me, you'll love the food, culture, people, etc.