Financial Information

Cost of Living

The cost of living in Seoul is similar to New York. Smaller cities in Korea have a slightly lower cost of living. However, it is fairly easy to save money as your employer pays for your housing. Your monthly expenses will range from 500,000 to 800,000 Korean Won, depending on your spending habits.

Banking

Korea's currency is the Won (W). In some tourist areas, merchants may be willing to accept U.S. dollars or Japanese yen, but the exchange rate will be much lower than the official rate. Most banks and hotels can exchange money, and most will also take traveler's checks. Cash advances on non-Korean credit cards can be made in most subway stations and banks. Many international banks have offices in Seoul, and a few have branches in Pusan.
Business hours: Mon-Fri 9:30 AM to 4:30 PM

Opening a Bank Account

Bank accounts can be opened at any Korean Bank. All that is required is a passport and/or a Certificate of Alien Registration. If you visit the bank with the required documents, an account will be opened immediately. Some banks also have an English-speaking assistant. You can also use the Internet banking system in English.

ATM machines

ATM machines are now readily available throughout Korea. One can withdraw, deposit, and transfer funds from a Korean bank account through the ATM machines 365 days a year. While a few banks offer 24-hour ATM service in English, it is important to note that many ATMs only offer service in Korean and have limited hours (8:00 AM to 10:00 PM).