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Lolita89
Joined: 10 Jun 2014
Location: Glasgow
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 Posted: Wed Sep 24, 2014 4:22 am Post subject: Money Issues! |
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Hey everyone,
Hope all is well!
I have recently accepted a role in Geoje City (any info anyone can offer me on this place would be amazing, but not what this post is about!)
I have a questions, namely related to money once I'm over there, any advice would be awesome!
OK, so....
1. The money that I am taking (around £800), am I better taking this all in traveller's cheques/Won/or keeping some of it in my UK bank account and taking my card?
2. I need to pay off a couple of things whilst I'm over there, probably monthly.....how am I best to go about this? I have read that if you physically go into the bank in Busan, they can arrange a transfer, is there any other way?
3. I hear loads of people talking about saving money (I hope I can too!)....how did you go about putting extra money away? Was this, again through transferring it into UK/US bank accounts or is there another way? (Under the mattress?  ) If I have it in my account, I fear that, as I won't be familiar with a lot of money/a little bit of money at the begginning, I will end up spending it all!
4. On a similar vein to .3, how did people work out how to budget in the first while of being there?
Sorry for all the questions! Any help would be welcome!
Lauren |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Sep 24, 2014 6:05 am Post subject: Re: Money Issues! |
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| Lolita89 wrote: |
Hey everyone,
Hope all is well!
I have recently accepted a role in Geoje City (any info anyone can offer me on this place would be amazing, but not what this post is about!)
I have a questions, namely related to money once I'm over there, any advice would be awesome!
OK, so....
1. The money that I am taking (around £800), am I better taking this all in traveller's cheques/Won/or keeping some of it in my UK bank account and taking my card?
2. I need to pay off a couple of things whilst I'm over there, probably monthly.....how am I best to go about this? I have read that if you physically go into the bank in Busan, they can arrange a transfer, is there any other way?
3. I hear loads of people talking about saving money (I hope I can too!)....how did you go about putting extra money away? Was this, again through transferring it into UK/US bank accounts or is there another way? (Under the mattress? ) If I have it in my account, I fear that, as I won't be familiar with a lot of money/a little bit of money at the beginning, I will end up spending it all!
4. On a similar vein to .3, how did people work out how to budget in the first while of being there?
Sorry for all the questions! Any help would be welcome!
Lauren |
1) Do NOT buy won outside of Korea. Bring UK pounds.
Do NOT bring Scottish pounds. They may be equal to GBP but you cannot exchange them in Asia.
Travelers checks are OK if a bit inconvenient. They usually get a marginally better exchange rate than actual cash.
2) On line banking - remittance to your account at home (KEB works well and is pretty cheap).
Bank wire to your home account (more expensive and less convenient).
3) Just leave the ATM card at home when you go out. Problem solved.
4) Unpack your suitcase and get comfortable. Don't worry about saving for your first couple of months. Buy what you need to make your stay enjoyable. When you are happy you tend to spend less and save more for the next 10 months.
You should be able to save about £5,000 over the year and still have a great stay in Korea (a few weekends out on the town, travel a bit and perhaps a week or 2 in SE Asia.
. |
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northway
Joined: 05 Jul 2010
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| Posted: Wed Sep 24, 2014 7:18 am Post subject: Re: Money Issues! |
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| Lolita89 wrote: |
| 3. I hear loads of people talking about saving money (I hope I can too!)....how did you go about putting extra money away? Was this, again through transferring it into UK/US bank accounts or is there another way? (Under the mattress? ) If I have it in my account, I fear that, as I won't be familiar with a lot of money/a little bit of money at the begginning, I will end up spending it all! |
lol wut |
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Hokie21
Joined: 01 Mar 2011
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| Posted: Wed Sep 24, 2014 8:43 am Post subject: |
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I'll let you in on a little secret which is just about guaranteed to allow you to save money. Ready? Spend less than you make.
It's not rocket science. Is this your first job and/or time abroad? I'm guessing it is. |
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Stain
Joined: 08 Jan 2014
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| Posted: Wed Sep 24, 2014 8:58 am Post subject: |
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| Hokie21 wrote: |
I'll let you in on a little secret which is just about guaranteed to allow you to save money. Ready? Spend less than you make.
It's not rocket science. Is this your first job and/or time abroad? I'm guessing it is. |
This. Excellent advice for those who want to save money. |
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northway
Joined: 05 Jul 2010
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| Posted: Wed Sep 24, 2014 9:42 am Post subject: |
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| Stain wrote: |
| Hokie21 wrote: |
I'll let you in on a little secret which is just about guaranteed to allow you to save money. Ready? Spend less than you make.
It's not rocket science. Is this your first job and/or time abroad? I'm guessing it is. |
This. Excellent advice for those who want to save money. |
Or those who simply want to avoid bankruptcy. |
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Lucas
Joined: 11 Sep 2012
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| Posted: Wed Sep 24, 2014 3:32 pm Post subject: |
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http://www.halifax.co.uk/creditcards/clarity-card/
Get one of these ^ - then you can build up your credit rating whilst in Korea (pay it off in full every month) This CC has no fees for using it abroad.
Set up a KEB remittance account and send money back every 3-4 months (not monthly to save transfer fees)
Set up a second Korean bank account/savings account and cut up the card. Then you CANT spend the money without physically going into the bank!
Korea will give you a very good chance to save some $ - don't blow it, coz you'll regret it when you return to the UK in 1-2-3-4-5 years time! |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Wed Sep 24, 2014 9:54 pm Post subject: Re: Money Issues! |
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| Lolita89 wrote: |
Hey everyone,
Hope all is well!
I have recently accepted a role in Geoje City (any info anyone can offer me on this place would be amazing, but not what this post is about!)
I have a questions, namely related to money once I'm over there, any advice would be awesome!
OK, so....
1. The money that I am taking (around £800), am I better taking this all in traveller's cheques/Won/or keeping some of it in my UK bank account and taking my card?
2. I need to pay off a couple of things whilst I'm over there, probably monthly.....how am I best to go about this? I have read that if you physically go into the bank in Busan, they can arrange a transfer, is there any other way?
3. I hear loads of people talking about saving money (I hope I can too!)....how did you go about putting extra money away? Was this, again through transferring it into UK/US bank accounts or is there another way? (Under the mattress? ) If I have it in my account, I fear that, as I won't be familiar with a lot of money/a little bit of money at the begginning, I will end up spending it all!
4. On a similar vein to .3, how did people work out how to budget in the first while of being there?
Sorry for all the questions! Any help would be welcome!
Lauren |
I wouldn't rely on your British debit if that's what you mean by card. Americans can get theirs to work. Us Canadians can't, though I haven't tried in years. Only a handful of banks in small towns accept international cards f any sort anyhow. Usually KB Star is your best bet. The others don't there. (No KEB in most small towns.) Some of the bank machines at Mini Stop, GS25 are able to accept international cash withdrawls.
I had VISA and I could do a cash advance on those. Before coming over, a family member gave me a couple of hundred extra bucks before coming over and I put it on my VISA and withdrew it towards the end of my month before getting paid. (My VISA worked, but my Debit card did not).
If you use a credit card, make sure to notify your banks that you will be here so they don't suspend your card for fraud. Also, go into a local bank branch and sign up for on-line banking if you haven't already. Finally, make sure you tell them you want to send money home each month and ask them what information do you need from them to give to the bank in Korea. You may not have any debts to pay off back home, but you will still want to save some of your money each month. Don't neglect this important step before coming over.
So, in Korea, you will wire the money home from your Korean bank. Once here for a while, you can sign up for online banking here too. I wire money online from my Kroean Nonghyup account each payday and a couple of days later it shows up in my RBC account in Canada. I log into my RBC account online and pay my bills including my credit cards if I've used them over here at all.
You may want to open a savings account along side a checking account and link them online. Your bank receives the money then you log in and trasfer the funds online. I hear Brits dont have to pay loand unless they live there. So, you'd be wise saving up the money and then pay it off once you go back there and tell student loan to eff off and get out of your life. Some come over here and blow the cash having a good time. In Canada, loans are due whether your in the country or not and your credit rating is affected positvely or negatively.
A pound is just shy of being double a dollar? I think if you have 1 million won or more for spending your first month, you'll be fine. But, you may have extra expenses arriving so a bit more might be better. Perhaps 1.2 to 1.4 million should keep you safe.
Once you get here, be very frugal. Get a money belt and keep the cash safe. Not sure about travellers checks. Doubt any Koreans will know what they are and accept them. If you have a VISA or Mastercard, put the cash on there and do cash advances, while bringing 3 or 400,000 won in straight cash cash. If CC not an option, then bring it all in large bills. You can exchange at the airport. Either money belt or crammed into your pocket in the largest bills possible. Once you open your account here, deposit all the money you have remaining and make sure your Korean debit card works while you're there. Wouldn't want a nasty surprise the following night or weekend.
Do the bank transfer at the local bank in person the first couple of times, and then after that switch to online. Bring all your info with you that you have written down about your bank back home. Account numbers, swift numbers or international wiring numbers, addresses, recepients. (Like I said, go to your local UK bank branch and ask them for this info, write it down, and don't lose it.) |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Wed Sep 24, 2014 9:56 pm Post subject: |
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| northway wrote: |
| Stain wrote: |
| Hokie21 wrote: |
I'll let you in on a little secret which is just about guaranteed to allow you to save money. Ready? Spend less than you make.
It's not rocket science. Is this your first job and/or time abroad? I'm guessing it is. |
This. Excellent advice for those who want to save money. |
Or those who simply want to avoid bankruptcy. |
Sometimes, you can't help it. Those degres we all have ain't cheap and if we weren't born with a silver spoon in our mouths, we wouldn't be able to do it otherwise. |
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Lucas
Joined: 11 Sep 2012
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| Posted: Wed Sep 24, 2014 10:14 pm Post subject: |
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| Quote: |
| Those degres we all have ain't cheap |
Your degree was so cheap, you could only afford two 'e's |
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Hokie21
Joined: 01 Mar 2011
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| Posted: Thu Sep 25, 2014 6:16 am Post subject: |
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| Lucas wrote: |
| Quote: |
| Those degres we all have ain't cheap |
Your degree was so cheap, you could only afford two 'e's |
Dang. That was like a "Yo Mama" joke. |
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northway
Joined: 05 Jul 2010
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| Posted: Thu Sep 25, 2014 7:53 am Post subject: |
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| Weigookin74 wrote: |
| northway wrote: |
| Stain wrote: |
| Hokie21 wrote: |
I'll let you in on a little secret which is just about guaranteed to allow you to save money. Ready? Spend less than you make.
It's not rocket science. Is this your first job and/or time abroad? I'm guessing it is. |
This. Excellent advice for those who want to save money. |
Or those who simply want to avoid bankruptcy. |
Sometimes, you can't help it. Those degres we all have ain't cheap and if we weren't born with a silver spoon in our mouths, we wouldn't be able to do it otherwise. |
Aren't you Canadian? |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Mon Sep 29, 2014 4:03 am Post subject: |
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Yep. But advice is advice. Some foreigner cards are not gauranteed to work over here. Americans seem to have their debit cards work here, but mine never have. It means yours may not work over here either. That's why you need to have a plan B, a plan C, etc.
Like I said, before bring all your banking information over and get switched to online banking. It never ceases to amaze me how many expats don't do these things and then run into a hassle saving money and having to carry it out of Korea with them. |
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DaeguKid
Joined: 09 Dec 2006
Location: Daegu
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| Posted: Mon Sep 29, 2014 7:38 am Post subject: |
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Pay yourself first. When you get your paycheck, send it home or put it in an account here that you just won't touch until you leave. Don't fret about exchange rates, just do it. Out of site, out of mind.
The end of the month may get tight, but then you will learn what a boon-shik restaurant is. Most of them have orange signs. Cheap eats. Learn to read Hangul too. Takes an hour.
ttompatz advice is pretty solid. Get the necessities when you arrive. Little things like a kettle, toaster oven and what not make life easier. Good luck |
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Lucas
Joined: 11 Sep 2012
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| Posted: Mon Sep 29, 2014 2:51 pm Post subject: |
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| Quote: |
| Don't fret about exchange rates |
Since I've lived in Korea, 1 million won has ranged between 420ish pounds - to just over 600 pounds.
By 'fretting' about the exchange rate I have (saved/earn't) a !@#% load more pounds by watching the exchange rate and sending money back during good exchange rates.
The 600+ rates never last for long, so you've gotta act quickly.
http://www.xe.com/currencycharts/?from=KRW&to=GBP&view=10Y |
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