Life in Korea-Info regarding housing, food, etiquette and customs

FINANCE

General Living Cost
The cost of living is very reasonable. Most foreigners can live on about US$340-$630 dollars per month, depending on lifestyle. This would include; food, transportation, utilities, phone bill and entertainment.

The Korean currency is the Won, which currently exchanges for around W1,210 to US$1.00 but obviously this changes daily. You should open a bank account in Korea for convenience. You will need some documentation; passport or residence card. If you deal regularly with the same branch it is likely that on subsequent visits less documentation will be required. You can remit money from most Korean banks to your own bank at home. This can be by money order or electronic transfer, and once you have your 'green card' you can send all of your income.

Credit card
Most major credit cards are OK, but some shops seem to have difficulties while the one next door can process a credit sale with no trouble.
It is most likely that your credit card will be an important source of funds for you when you first arrive here because you probably won't be paid for at least a month. So make sure your cards will work in Korea before you leave home. And that means double check; this is important - it is surprising how often the folks at home don't really know about Korean procedures.
For instance, you can use your international card to make purchases in Won (bring money into the country); but it is much harder to pay Won into that credit account (like send money out of the country) because there are economic restrictions on funds leaving Korea. So you will need to organise a way to pay your card from home before you leave.
In principle, it is expensive to use a foreign currency credit card overseas. That is, you make a purchase in Won; the shop does a credit sale on your card (which might be denominated in US dollars, for instance); so your bank at home charges your card for the USD equivalent plus a foreign exchange fee. Then at some time you will have to use some of your income to pay the card off; so you are looking at another foreign exchange fee. In practise, these two fees should add up to about US$7.50 on a transaction, so if you only use your credit card for significant purchases then the extra fees don't matter that much. However, check your bank to find out just what your fees will be.

Income Tax
As usual, income tax is a common complaint. Most foreign employees are required to pay Korean income tax, which should be withheld from your salary. The Korean income-tax rate is 5-10 per cent.