Money Matters
While working in Korea, you will open a bank account at a Korean bank. Most schools will either open the account for you, or assist you in opening one yourself. Then, you are typically paid on a monthly basis by direct deposit. Banks will give you a check card to make transactions easier while in the county.
Sending money home is easy. Most foreigners opt for wire transfers. To do that, you bring your account information to the bank and this is usually done at the foreign exchange desk. Other options for sending money to your home country include purchasing Traveler’s Checks and Money Orders. These are also typically found at your bank’s foreign exchange section. These options help make things easier if you have financial obligations back home.
Even in big cities, foreign English teachers are able to work full-time and save quite a bit of money. Many foreign workers come to Korea for the purpose of saving money. The typical foreign English teacher will be able to live comfortably, save money and/or fulfill financial obligations in their home countries.
The cost of living in Korea is relatively low compared to that in the West and other Asian countries. |
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Keep in mind that housing will be provided by your employer and that payroll taxes are usually much lower in Korea.
The Korean currency is the Won. The exchange rate fluctuates a little, but is usually around US $1 = 1,150 won.
