Advice for Money (South Korea):
Breakdown: I studied in South Korea for summer and here are some of the tips I learned in order to get the most bang out of your buck.
I only studied for the summer, so my term was really short, but I talked to students who studied before for a longer time, and they gave me some advice.
Basics:
For certain banks they charge you a general fee for just withdrawing from an ATM and then additionally a conversion exchange rate which will typically be around 3%. So every time you withdraw money from the bank it will roughly be around 10-15 USD apart from the amount you withdraw.
How this works is that US dollar is stronger than the Korean won so if you withdraw about $300,000 (~$300 USD) it will actually be around $292 USD, however this depends on the exchange rate on that day. Which you can check on the bank’s website you choose to withdraw from :D You want the amount to be higher than 1000 ($1) which will be beneficial to you.
Short-term stay:
If you are staying for only about a month or two here are some tips:
First Citibank is your best friend :D If you want to save on money and not worry about exchange rates and withdraw whenever you want. It’s good to make an account with Citibank that is available worldwide, because in Korea they are everywhere. You don’t get the additional costs because you are basically withdrawing from your bank account.
Secondly, bring American money to Korea because it will be worth more! Also Euro or any kind of money. Firstly, do not exchange everything at the Airport; they will give you a lower exchange rate than the rest of South Korea. Bring about 1,000-2000 USD or how much you are planning to spend on your costs here. Secondly, where to exchange now! Go to Myeongdong station! It is on Line 4 and take exit 7or 9 whichever heads towards the shopping center!
Secondly do not try to exchange at the first exchange place you see, because they are better rates! (Learned from experience!)
Directions to my best exchange rate place, because you will like it there and they take $100 and $50 dollar bills! (Additionally only take large bills because they have better exchange rate) Ok, now on to the directions on how to get there!
When you exit towards the Shopping Center! You have to be in between UniqLo and Nature Republic and then you walk straight and on the first street you turn left and walk all the way down, you will pass SPAO and Lotteria, you know you are going the right way! Don’t go down any small aisle! Now keep walking until you see a Chinese Restaurant on your Right and it seems like there isn’t much around you take a Right Turn and walk down, you will be walking towards the Republic of China Embassy and right in front of the embassy are the best exchange rates.
Last option, Stay with your current bank at home if you feel safer that way. Most ATMS take Visa, Master Card, and American Express. The only bank I withdrew from was Woori Bank (우리은행) because it has a $5 dollar flat charge for withdrawing from the ATM and it allowed to withdraw up to $1,000,000 (~$1,000) at a time. Also there are additionally banks such as KEB, Shinha Bank and many more. So in order to know, which banks will be the best fit, talk with your home bank to see which are the most compatible in South Korea.
Long- Term Stay:
All tips from all the short-term stay, but now creating a Citibank account is a better option because you can still manage your account from online and if you plan to work in Korea you can manage your money on the spot as well because Citibank banks are everywhere.
If you are staying for longer than 6 months, I got recommended to create a student account using your visa in order to receive money, however, this is only useful if you are receiving money within Korea, so if your money supply is coming from outside, like deposits from the US it is better to stick to your regular home bank, in order to make deposits outside.
I still suggest, to bring money from US to exchange in Korea because you will be spending on food, entertainment, and all the fun things in Korea because they are many and it is better to get more out of your dollar than spend for trying to get money out.
p.s. These are all my thoughts on how to manage money in Korea while being a student. Because I only studied abroad, I am not familiarized with any of the work regulations. Sorry :(
Also if you have any questions ???? Go ahead and send me a message :D