The cost of living in Korea is less than in western countries and higher than most other countries in Asia. The largest expense for Koreans is housing and, as most schools and institutes will provide you with an apartment or room, you should be able to save a lot of money teaching in Korea. If a potential employer does not offer you accommodations you should definitely look for another TEFL job.
In order to help you figure out how much you will be able to save teaching English in Korea we have put together a section where you can find general information about much things such as groceries and utilities will cost in Korea. Be sure to keep in mind that prices can vary significantly with location and, although Seoul, Busan, and other large cities can be fun, there is a greater savings potential teaching English in smaller towns and more rural areas.
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Transferring money from Korea to another country's bank
I may have discovered a work around accidently as I was surfing: opening up a PayPal account.
Here is the site link: https://www.paypal.com/au/cgi-bin/webscr?cmd=_display-approved-signup-countries-outside .
This is not tested yet, but I will try it this coming pay day period and let you know if it is possible.
Lee Lalka
이신한
李新韓
Update on possibility of using Paypal
Well, it appears you can't transfer money from one country to another as an individual at least. Sorry, was excited about the possibility. Here is a response that I got from PayPal:
Original Message:------------------------Form Messagecustomer subject: Adding a foreign bank (South Korea - Nong Hyup)customer message: Additional Information: 'I could not find a way to add aforeign bank (South Korea - Nong Hyup). I would like to every month movemoney from my Korean account to my US bank account. Is this possible?Thank you for your help.Lee Lalka'
Response:
Dear Lee Lalka,Thank you for contacting PayPal.Hello my name is Maise, I am sorry for the delay in responding to yourinquiry. We have recently encountered a large volume of emails. We do not intend on any customer waiting this long for a response. Please accept our apologies. I understand your frustration and concern regarding your inquiry if you could add a Korean bank account on your Us PayPal account. I will be happy to assist you with your questions.The country listed with your home mailing address must coincide with the bank account you attempt to add. Since you have registered your PayPal account as a U.S. account, the only bank account you will be able to add is a U.S. bank account from a branch located within the United States.
We appreciate your patience and understanding regarding this matter, and wish you continued success on PayPal.Sincerely,
Maisse
PayPal Community SupportPayPal, an eBay Company
Lee Lalka
이신한
李新韓
Remittances
I sent 1.6 million won back to my family in the US through a wire transfer. This can only be done at the main branch of a Nong Hyup bank; usually there should be at least one "main branch" building if you live in an "eup." The small local branches don't have this service. There is a fee of 20 to 30 thousand won for doing this.