Korean Job Discussion Forums

stickler · Joined: 12 Nov 2010

I am taking my first contract in Busan and will be starting March 1. I understand that I will not be paid until the following month, so I am wondering how much money I should bring to start up and survive for my first month (living moderately well)?

I'm sure there will be plenty of initial costs, but am unsure as to how much I should budget for them.

Any suggestions would be appreciated!

Also, is it difficult to open a bank account in Korea? Do some of the tellers speak English? Would it be best to bring cash, cheques, bank drafts, or American Express Travellers Cheques?

Many thanks,

laura

northway · Joined: 05 Jul 2010

I would just keep the money in your home account and access it through ATMs here. Don't bother with traveler's checks, etc. I suggest having at least a million on hand, if possible, as there will be startup costs and things will be more expensive before you get the lay of the land. What day of the month do you get paid (your contract should say)? At my school, new teachers generally don't get paid for forty days from the time they get there, which is worth considering.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

tealeeds1 · Joined: 08 Jan 2011

morrisonhotel · Joined: 18 Jul 2009 Location: Gyeonggi-do

thegadfly · Joined: 01 Feb 2003

Tealeeds1,

There are places to exchange currency inside the airport, and the exchange bank kiosks in Korea give a better rate than you get outside the country -- you bring foreign currency into Korea and exchange the amount you need right there in the airport lobby...you could still have had your cash for food, drinks, and taxis, and most of the money you lost on the exchange....

In the US, the exchange rate at the airport is MUCH worse than at a bank, but the same does not hold true in Korea -- I think the airport exchange was 5 won to the dollar worse than my bank in Korea, which is about 5,000 won less for $1,000 exchanged -- about the same as the cost of a taxi ride to my bank and back.

SCAshley · Joined: 15 Nov 2010

No, it's not difficult to open a bank account-all you need is your passport and your school address/phone number, your address, etc. I would go with KEB as they have a lot of services aimed at foreigners (they have special "Ex-pat" banking hours, tellers, online services, etc. (in English!) Super easy to deal with. As far as changing money, if you're flying into Incheon there is a currency exchange kiosk (Shinhan Bank, I think) right as you exit after picking up your luggage (still inside the airport terminal).