Korean Job Discussion Forums

[Snowkr]

Hi everyone.

I am going through this "sealed transcript issue" myself at the moment with my school too. I have the job already but this new policy is delaying my visa letter. I'm expecting to be there around July 9.

I've got so many questions for you experienced teachers that I don't even know where to start. I'm not new to TEFL but I've not done it in Korea. I worked in China and had issues converting RMB into U.S. dollars and now I would like some advice from this forum!

Is is possible to set up a bank account in USD? If not, will it be an issue to convert won to USD on a regular basis? I know it will cost but it's easier than paying my bank here to convert foreign currency.

Also, I'm guessing that teachers are considered residents for tax purposes, yes? Those of you from the states, I'm wondering what you do about filing federal tax returns on earnings in Korea. I know the salary is much higher by our standards than in China.
Any thoughts?

[NearlyKorean]

[Gollum]

Yes, you can set up an account to be in US Dollars, Euros, etc... I don't bother, though. Glad I didn't either, because the exchange rate went from like 1200 to 1 to about 1000 to 1. So that money I had in the bank in Korean won became worth more to me in US Dollars. Just keep it all in Korean won and convert it when you wire it home. They'll get their cut either way.

Also, if memory serves, as long as you make less than $70,000 per year in Korea, you don't have to worry about taxes back home in the US. Actually, I think I heard that limit has been upped to $80,000.

You must still file, however, and notify them of your earnings here. My father does my taxes, and this is what he's been doing for me these past few years.

If you haven't paid taxes while you are away, the good news is that you can file for past years without penalty... BUT if you are caught before you try, you are caught and you WILL get a penalty. So go file right away if you haven't been doing it.

[Snowkr]

That was quick!

Thanks. I'll definitely PM if I have anymore questions about this.

Good advice...

[keninseoul]

Most banks will stamp your passport - depending on their mood, if the amount you exchange is W 1,000,000 or more. Never seen the exit authorities take note, but I recall there is a limit of 90% of your income.
It seems that should you get a new passport, the information is not carried over from the old passport to the new.

The Won is nearly useless outside of Korea, so you are forced to exchange locally.

The Won vs USD often goes in cycles - wait for a peak and then exchange. If its "low" now, chances are it will be high in a month or two (or three!).

It seems the political climate is back to 'supporting' the Won (NK is being nice), and with the performance of the US economy/deficit, the Won is likely to rebound again.


I have an overseas account with a foreign bank which has a branch here - it's just USD 12 to transfer to my overseas account. Most other bank transfers, I have seen/heard about take forever and subject to SNAFUs - so much for Korea being world class in the financial sector. However, the bank I use takes just 3 to 4 days to transfer and never a mishap - it's nice to know your money will arrive in a reasonable time.

I have no idea as to whether its a valid concern or not, BUT given the way the police and other authorities have near total access to 'private' information, I would hesitate stock-piling significant sums in a local bank.
Some-one might ask why your savings exceed your legal income!

As for Canadians - even those from Canuckistan, if you declare yourself a non-resident you are exempt from tax on all foreign income.

[NearlyKorean]