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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’.  There are 3 bill denominations; 1,000W bills, 5,000W bills and 10,000W 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
Korean Money
 
Bringing enough money 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 $700USD 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.
 
Getting paid by your employer each month
   
 
After you have received your alien registration card you will be eligible for a Korean bank account.  The school director or manager 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.  You 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 is quite handy, however, there are limits on the amount you can withdraw and making large withdraws should be done in person at your local branch.
   
 
If you look on the back of the bank cards you are bringing from home, you want to see the words or logos stating: Cirus or Plus. These two associations are the most recognized in Korea. 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 bank teller will require the following documents and information before they proceed with the wire transfer:
 
  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
 

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.
Gone2Korea ESL Recruiting and Employment Services - Toronto - Seoul - Toronto Main : 647-347-5775 - info@gone2korea.com

Application Requirements To Teach In Korea - Required Documents To Teach In Korea - Gone2Korea Teacher Testimonials - Job And Visa Procedures
The Benefits Of Teaching In Korea - Teaching Locations In South Korea - Application Tips And Advice - Photos Of Korean Schools
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