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Money and Banking Options in Korea - Money Transfers From Korea

Korean money: Money in Korea is called The South Korean Won, usually seen as ‘W’ or 'KRW'.  There are 4 common bill denominations; 1,000W bills, 5,000W bills, 10,000W bills and 50,000W bills.  Additionally, there are 4 Korean coins; 500W coin, 100W coin, 50W coin and a 10W coin.

Current exchange rates: http://www.xe.com/ucc/ Korea (South) Won - KRW

Bringing enough money with you to Korea: Most Korean schools pay their teachers once a month; therefore, you will need to bring enough money with you to get started. Bringing $800USD is the minimum recommended amount, although it’s always wise to have some emergency money when traveling to a foreign country and bringing more than the recommended amount (if you’re able) is something to consider.

Korean Money
Getting paid by your employer each month: After you have received your alien registration card you will be eligible for a Korean bank account. Your school will likely set up a savings account in your name. Once the account has been created the school will begin placing your monthly salary directly into your Korean bank account.
 
Banking in Korea – Using Korean ATM Machines: Banking systems and options in Korea are not very different than banking systems and options in the West. Teachers will receive a bank book and a bank card which can be used at most Korean ATM machines around the country. Using your bank card for withdrawing small amounts (100,000 - 300,000 KRW) is quite handy but there are limits on the amount you can withdraw so large transactions should be done in person at your local branch.
 
Using foreign bank cards in Korea: If you look on the back of your bank card you will see a number of logos or words such as; Cirrus, Plus, Interac, etc. To use your foreign card in Korea you will need to find an ATM machine that has one of the same logos that appears on your card. Example: If your bank card has a Cirrus logo on the back then your card will work on Korean ATM’s that also advertise the Cirrus logo. If you would like to know more, please follow the link to Banking & ATM in Korea.
 
Sending money home: Wiring money to your home country is quite simple.  First, you will need to locate a Korean Exchange Bank, there are dozens of branches in every major city and finding them is not difficult.  Secondly, you will need to bring a number of I.D documents, the banks will need to verify ‘who you are’ before proceeding with the wire transfer.  The cost of an international wire transfer usually equates to 30,000 – 40,000 W. The banks do not take a percentage of the total amount you are wiring; therefore, it’s best to send money home in large amounts.
 
The bank teller will require the following items from you to send money to an international bank account:
  1. Passport
  2. Alien Registration Card
  3. Bank Name and Address (Receiving bank in your home country)
  4. Bank Transit Number (Receiving bank in your home country)
  5. Your Bank Account Number (Receiving bank in your home country)
  6. If possible, teachers should also bring a blank check from their home bank.  Having the blank check will make things easier for the bank tellers to transfer your money.
 
           
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