Korean Job Discussion Forums

[wbryant400]

I am leaving for S. Korea in about a week and I need to exchange my dollars for Won. I have about a $1000 saved up. Should I exchange it here (Atlanta) or should I wait until I get to Seoul. Also, do you all think that I have saved enough to float me until I get paid? I appreciate any advice that you have to offer.

[YTMND]

Put the money in a bank account. Get a credit card. Get a debit card. Use these instead of the money.

[wbryant400]

Can you explain this further? Do you mean that I should put the money in a Korean bank account and then get a debit/credit card? Will they accept dollars? Won't I need some cash (won) when I get their? Also, can I use my (american)visa card in Korea?

[andrewchon]

You'll get 300,000 won settlement allowance when you get there. You won't buy opulence with that but it's been enough for just about everybody. Still, if you feel the need for dough, you can get it changed at the Incheon airport.

[crsandus]

Exchange your money in Seoul. You will get a far better rate. $1000 should easily cover you for expenses for the first month assuming you're not a big spender (assuming you will receive your first paycheck 4-6 weeks after you arrive.)

Ideally you should exchange $200-$300 at Incheon airport and then open a bank account ASAP and exchange/deposit the rest at your local bank. You will get a slightly (1-2% maybe?) exchange rate at a local bank over the airport. If the $20 in savings isn't worth it, just exchange it all at the airport.

Your American visa credit card should work in Korea as long as you authorize it with your cc company in the states.

*edit* just noticed you're an EPIK hire. $1000 should be more than fine.

[ttompatz]

[Ibsen]

I brought $1000 with me, but I wasn't in EPIK so no settlement allowance... I ended up having to wait 6 weeks until my first payday, so it was a good thing I did bring that much seeing as I spent almost the entire amount in my first 6 weeks here (people who can live on $300-$400 a month, especially your first month, are very impressive).

Anyway as far as exchanging, I didn't bother exchanging anything until I was in Korea and away from the airport. My first day in Korea I had no won at all. The school paid for my taxi from the airport and bought me dinner that night. The second morning I went to the local bank and exchanged all of money to won. You don't need anything to do it (though they asked for my passport) and they most often give you the best ratios out of any other option. The only reason to change at the airport is if you need some won for that day and don't have access to any banks, which in that case only exchange enough to get you through the time until you can get to a bank to exchange the rest.

[plchron]

FYI, you only need a passport to open an account.

In my own opinion, telling him to use an ATM card from his home country is not a good move. He would have to pay fees on every transaction.

[YTMND]