Korean Job Discussion Forums

[politica]

So, I am about to go to Korea in the next month and I am way-confused about money issues. I may need some help.

First let me explain my situation:
-I have a checking and a savings account where I am currently living.
-I have a credit card account with a different bank back home (not where I'm currently living).
-Right now, most of my paycheck goes into savings, some goes into my checking, and then I pay my credit card online with my checking account.

So I assume I'll have no problem paying the credit card online while I'm in Korea (still using my U.S. checking account). Will I be able to wire money from Korea into my U.S. savings and checking accounts? And will I be able to open a Korean checking account for monthly living expenses? (so essentially my montly paycheck would be divded into three- into my Korean checking, my U.S. checking, and my U.S. saving)

Does that make sense? I'm sorry, I really really suck with money . . .

I apologize for the disjointed question, but I've lived overseas before in a country where I was not able to open a checking account and it made financial issues SO MUCH MORE DIFFICULT.

[ryouga013]

It may take a short time to set up an account, longer if you are going to Korea prior to your visa being issued and then later getting it.
Once you have gotten your account in Korea you should have no real problems transferring money to the US but before you do that, you may want to make sure you have enough money in your checking account to cover many of your expenses using your checking account as banking matters vary by province.
If you can wait to wire money over to the US for a short time you can avoid the various fees for transferring small amounts time after time. My bank has a flat rate from 0-5milW, then it is doubled for the 5-10milW and so on.
Good luck getting your stuff sorted out

PS: don't lend money in Korea

[KumaraKitty]

You don't need an account in Korea to send money home, but you will need your passport. Some banks require information from your Hagwon, a copy of your contract, pay stubs, etc.(KB star does I believe.) Others I've found only want your passport(KEB). I've read other people talking about smaller local banks being easier to send money home from.(NongHyup).
You need to ask your bank back home to give you all the details of your account for international transfers. They should give you the information necesssary and then you can use that at a local Korean bank. Be aware not every teller here will speak English, so if you ask someone who is Korean, like a co-teacher or your manager(depends on the school, my manager was always happy to help) they can accompany you to set up the transfer the first time. KEB is my bank of choice, after the first transfer they can check my history in their computer by typing in my passport number. All my transfer information is in their system and all I need to do is sign and give them the money. My transfer shows up in my Canadian account about 8-12 hours later. I then use internet banking to transfer payments to my credit card.
Hope this helps!