Korean Job Discussion Forums

[cellphone]

Making your money every month, do you leave the vast bulk of it in your bank account here in Korea and won't wire it all back until you head back home?... Or on the flip side, do you generally wire the bulk of it back home and only leave spending money (and another small amount for survival) in your acct here in Korea? People who are specialists in this field or read up on it would probably be best to ask.

This question doesn't really have to do with people with special circumstances like paying for a sick family member back home or the like or people who think they'll spend it all if it's here, but just based on your own general personal preference that works out fine. I've been leaving all of it here, but now am thinking about doing the opposite... wire it all to an account outside of Korea back home (except for spending cash) and then just make sure all that money can be accessed with "Checking Visa card" like you get the "credit card" but really only goes to your checking acct. First I figure anywhere you go that accepts credit cards will accept your payment fine, and then if you get in a bit of trouble just do a reverse wire (from your home acct to your Korea acct). Has anyone gone through those steps as stated and does it work just fine, or was there a time you really wished the bulk of it was right here? Or better yet, times?

I guess if a person had a major medical accident then they'd need it all here, but any other reason? Perhaps even then though, hospitals would wait for you to get it wired or just pay with your check card.

--> And side question. I remember seeing a ways back someone posted on some forum about Netbank.com and said it worked well or something. Checked out that site. I just wonder, do they offer the Checking Visa Cards as well? And as far as money transfers you would just wire to them the same as your other banks I guess.

Anyways I wonder what others are doing with the bulk of their money and would like to know if there's a concensus on what is wisest in these regards, before I make my decision to do it.

[dogbert]

I've used NetBank since it started and remain a satisfied customer. You can get a Visa check card from them. Wiring money to your NetBank account from Korea can be done the standard way.

[TJ]

I draw out approx 80% of my salary within a couple of days of it being deposited in my Korean bank. Most of that I then send to my bank in Australia. The small amount I keep here I use for food etc. When I need more cash I draw it out of my Korean account.

If I need to I can use internet banking to transfer money from my Aus. account to my Mastercard account or to my wife's Visa account. Both Mastercard and Visa can be used in Korea. Internet banking also takes care of expenses for my house in Aus.

My bank in Aus. automatically pays my house mortgage for me. The remainder I save for when I return home and have to start looking for a job.

By the end of the month my Korean account is almost empty and I repeat the whole process the following month.

[peemil]

You should put it in a shoe box under your bed.

[sadsac]

Like TJ, My wife and I send the bulk of our money back to Australia every month. If an emergency happens, we have our Visa card and then I just transfer money from my account across to it.

[sid]

I put about half of my salary into an Woori Bank one-year savings account. The interest is not amazing, but I wanted to save up for key money so it made sense to save in Korea rather than transfer money back and forth several times.