Money Archives - Aclipse

Category: Money

28 Mar

Must-Join Facebook Groups In Korea

Must-Join Facebook Groups in Korea

Living abroad and navigating life in a new country and culture comes with its own set of challenges. Who is the best English-speaking doctor in your area? Where is the best place to buy new furniture? What nightlife events are happening this weekend? Fortunately, Facebook groups are a great resource for teachers in Korea looking for support, advice, and community. In this blog post, I will highlight some Facebook groups that I joined when I moved to Korea.

Every Expat in Korea

With nearly 100 thousand members, this is the go to Facebook group for navigating life in Korea. If you need advice on anything from finding the best deals on concert tickets to which ATM to use to avoid withdrawal fees, this group has you covered. Community members post and respond to questions daily. I joined this group the week I moved to Korea and have used it several times. This group helped me find a Korean tutor and I even found people that were going to the same EDM festival to meet up!

Buy and Sale Korea

Don’t let the grammatically incorrect group name fool you! This is the biggest and best Facebook group for buying and selling items while living in Korea. You can find advertisements for people reselling phones, bikes, clothing, computers, and even cars. I recently purchased an Apple watch secondhand from this group and had an excellent experience communicating with the seller. Once they posted the item in the mail and sent me a picture of the proof of shipping, I transferred the funds directly to their account and my watch arrived the same day.

Inked Korea

Korea has some of the world’s best tattoo artists and new studios are opening all the time. If you’re looking to commemorate your time living and teaching in Korea or just want to indulge your creativity and self-expression, check out this group for tattoo artist recommendations. You can also find detailed information about where to get a specific style of tattoo. The thing I like most about this group is that shops will post promotions so you can make sure you get the best possible rates for your new ink.

Restaurant Buzz Seoul

This Facebook group is one of the best places to find delicious places to eat across Seoul. From the best street food stalls to Michelin star dining experiences, this group has recommendations for all types of cuisine. Since the group comprises mainly of foreigners, this is a great way to find the best Western and International restaurants in your area. Once you request to join the group, you’ll have access to posts about new and upcoming restaurants and the staple must-eat locations. If you’re a foodie then this is the group for you!

Joining Facebook groups tailored to foreigners in Korea has helped me to transition more smoothly and improved my experience overall. From finding practical advice to making new social connections, Facebook groups offer a supportive community that will make your time in Korea that much better.

Michelle Duquette is from Toronto, Canada and moved to South Korea in 2015. She has a Bachelors in English literature and a Masters in ESL Education. Michelle has taught at Creverse campuses in Gangneung, Songpa, and Mokdong and currently works as a CDI and April Trainer. Michelle never set out to be a teacher but fell in love with Korean culture and the excitement of being in the classroom. Michelle lives in Seoul with her partner and two cats, Cherry and Frost.

19 Mar

MoneyRelocationBy aclipse

Sending Money Home From Korea

Overseas Remittance

A huge concern some people have before moving abroad is finances. A major question I had was how I would get money to my bank account in the States. There are a couple of different ways you can send money home, regardless of your home country. First, you can do an overseas remittance at your bank. If this option isn’t ideal for you, you can also download a 3rd party app that will allow you to send money abroad. In this guide, you’ll find helpful tips and tricks for navigating both methods when sending money home.

Using Your Korean Bank

In order to send money home directly from your Korean bank account, you’ll need to go in person to your bank. Most banks in Seoul and major cities have bank tellers who speak English, but I recommend asking a Korean friend to come with you if you’re in a small town. Once the remittance account is set up, you can easily send money home this way. There are really only two negatives to going directly through your Korean bank: First, there’s usually a fee associated with each transfer (I’ve seen anywhere between 8,000-20,000 won, which is about $6-15 USD). Second, it usually takes 1-2 days for the money to appear in your U.S. bank account. However, once you have it set up, this option is easy and can be done from your regular banking app!

Below are the basics of what information you need to have on hand when setting up a remittance account with your Korean bank. Most of the information for my bank account in the U.S. is easily accessible on my bank’s app, so look there first if you’re unsure about some of this information!

What you’ll need to give your Korean bank:

Your name
Address in Korea
Phone number in Korea
The recipient’s name
The recipient’s address
Their phone number
The international bank name
The bank address
The bank code
The account number

Apps For Sending Money

If you don’t want to deal with the hassle of physically going into your bank in Korea to set up a remittance account, you can use an app for sending money home. After asking my friends who have used this option, there seem to be a few pros to this method: First, depending on the app you use, the fees associated with the transaction can be lower. Second, you can potentially get the money in your home bank account faster than by going through your Korean bank. Even if you initially set up overseas remittance with your bank, one of these apps is good to have on hand in case there is an emergency!

For most of these apps, you’ll need similar information to what your Korean bank will require for an overseas remittance. Some might differ or require more, but the setup process can be done entirely from the comfort of your phone. No in-person conversations necessary!

Below are a few options for apps that allow you to send money overseas:

WireBarley: One of my closest friends here in Seoul uses WireBarley, and she can personally vouch for how user-friendly it is. Plus, she says this is a great option for people looking to avoid expensive fees!

Wise: If you need to send money to Korea rather than to your home country, I’ve heard this is a particularly good app to do it with. Wise is also another great option if you’re worried about fees.

SentBe: SentBe is another popular app for sending money overseas! Just be careful with this one. Although it’s fast and reliable, it also has a transaction limit for a single transfer.

It’s been amazing getting to travel the world and earn money doing a job I love. There’s no reason you won’t be able to save money each month when you live in Korea. Knowing I have plenty of options for sending money home has given me such peace of mind. I hope this article helps you have a better idea of how you’ll send money home, so you can focus more on the life-changing adventure ahead of you!

Diana Richtman is a writer and ESL teacher living in Seoul, South Korea. Originally from Savannah, Georgia in the United States, Diana holds a bachelor’s degree from the University of Georgia in English & Women’s Studies. After receiving her TEFL certification, Diana moved to South Korea where she works at one of Creverse’s April Institutes. When Diana isn’t working, she loves exploring Korea, drinking warm cups of tea, and scaring away her friends with her karaoke performances.

29 Feb

MoneyRelocationBy aclipse

A Guide to Opening Your Bank Account in Korea

Opening Your Bank Account

One of the important tasks you’ll need to take care of when you start your teaching job in Korea is setting up a bank account. When I first moved, I had a lot of questions and didn’t know where to begin. But I’ve got you covered! I was surprised at just how easy it was to get things set up, so long as I had the right documents! Here are some answers to frequently asked questions about opening your bank account in Korea that will make your time as a teacher a lot easier in the months ahead.

What Documents Will I Need?

First, keep in mind that document requirements can be updated at any time and may vary depending on the specific bank you apply at. While you can use this info as a general guide, I suggest that you have a friend or your school manager call ahead to ensure that you have everything you need when applying. Typically, you should prepare the following items:

A valid passport
A certificate of employment which you can get from your school
An Alien Registration Card (ARC) which is typically ready 4-6 weeks after you arrive in Korea

The bank may allow you to open your account using only your passport but it will depend on the location. In my experience, I opened my KEB Hana account with my passport and then went back to the bank a few weeks later to switch the account to my ARC when it was ready.

What Type Of Account Should I Open?

Korean banks offer a variety of account types but I recommend that you open a “Foreign Designated Account”. If you want to transfer your money abroad or use ATM services outside of Korea, you need to have foreign designated account. You should also keep in mind that there are limits on the amount you can transfer or withdraw per day based on your salary, so ask about this limit at the bank.

What If I Can’t Speak Korean?

Most banks have at least one English-speaking staff, especially at large branches in major cities like Seoul or Busan. If you’re in a smaller city, there is a chance that no one will be able to speak English fluently. If that’s the case, you may want to bring a Korean speaker with you or have one on the phone to help. You will probably be just fine without one, but it might make things smoother. If you don’t know anyone who can help you, try calling the Korea Tourism hotline by dialing 1330 or the Foreign Immigration hotline by dialing 1345. They may be able to help you translate during the account setup.

Which Bank Should I Choose?

In my experience, the most foreign friendly bank is KEB Hana Bank (하나은행). They have great English phone support and an easy to use English bank application. That being said, all large banks in Korea like Shinhan (신한은행), Woori (우라은행), KB (국민은행), and Citibank also have full foreigner support. It may depend branch to branch, but you will not encounter any issues opening a bank account!

Opening a bank account might seem daunting at first, but with the right information and a bit of preparation the process should be painless. Remember to gather all your necessary documents and before you know it you will be saving and spending in Korea with ease!

Michelle Duquette is from Toronto, Canada and moved to South Korea in 2015. She has a Bachelors in English literature and a Masters in ESL Education. Michelle has taught at Creverse campuses in Gangneung, Songpa, and Mokdong and currently works as a CDI and April Trainer. Michelle never set out to be a teacher but fell in love with Korean culture and the excitement of being in the classroom. Michelle lives in Seoul with her partner and two cats, Cherry and Frost.

19 Jan

HousingMoneyRelocationBy aclipse

A Guide to Buying Furniture in Korea

Furnishing Your New Adventure

You’ve made the move to Korea and you’re ready to dive into the vibrant culture, amazing food and new adventures. An international move can present challenges and furnishing your apartment is likely at the top of your to do list. But where do you begin with finding the perfect furniture at a reasonable price? Let’s explore the best options to buying furniture in Korea.

Ikea in Seoul

If you’re a fan of Scandinavian design and budget-friendly options, the Ikea in Seoul is the first place to check out. Ikea is great for DIY furniture that suits small spaces and a modest budget. Weekdays are generally less crowded and allow for a more relaxed shopping experience. The store is located just outside of the city center and is easy to get to with public transportation. If you don’t want to visit the store, you can shop online and have your items delivered. And yes, they have Swedish meatballs!

Carrot Market

Carrot Market (당근) is a popular reselling app where locals sell everything from furniture to clothes and electronics. New listings are posted daily and you can search for amazing deals on pre-loved furniture in your area. Not only will you save money, but you can often find unique items that match with your personal style. The app is in Korean but is easy to navigate and has English search capabilities.

Facebook Finds

Facebook is one of the first places I always check when searching for furniture items. Groups, such as “Expat Furniture Seoul” or “Korea Furniture Exchange,” are gold mines as many teachers leaving the country often sell their furniture at reduced prices or even give it away for free. Make sure to check the groups often as new items are popping up daily!

Modern-House

Modern-House is famous in Korea for their wide variety of furniture at a reasonable price. They are a one-stop shop where you can buy everything you need to make your space feel cozy and put together. Their furniture has a clean, minimalist style and would suit most interior design styles. The online shop is easy to navigate and they often run sales on things like kitchen goods and linens.

Furnishing a new space is never a small task, but between the in store and online options you will be sure to find pieces that fit your needs and transform your space. Before you start shopping, it’s a good idea to take measurements of your space and read all product descriptions to ensure you’re making the right choices. Happy furniture hunting!

17 Dec

FoodHealthLifestyleMoneyRelocationBy aclipse

5 Reasons Why I Prefer Living In Korea

Here are the top 5 reasons Why I Prefer Living in Korea!

1. Transportation (High Tech Bus Stops)

Korea is often ranked one of the best public transportation systems on the planet. Let’s start with the buses, which can take you anywhere you want in major cities as well as across the country. In the winter, Korea has heated bus stop seats as well as heated waiting room areas at some locations. Not only that but some bus stops provide free phone charging stations, and all buses have public Wi-Fi. The bus system is convenient and affordable for anyone looking to get around quickly and comfortable. This is one of the main reasons I prefer living in Korea over the States.

The subway is fast, safe, and easy to use. All signs and announcements are made in both Korean as well as English. If you want to leave your city and explore another part of Korea, there are regular trains for the stop-and-smell-the roses type of passenger as well as the KTX bullet trains for those looking to get places fast. All of the options are affordable and give you the opportunity to view the beautiful Korean countryside.

2. Online Banking (Sending Money)

Forget Venmo and PayPal. In Korea, you can make easy and safe bank transfers online with your bank. This means you can pay people and businesses as well as receive funds in seconds. No more waiting 2-3 days to see funds show up in your bank account. In Korea, you can have your money instantly. (By the way, they’ve been doing it this way for almost 20 years! For better context, they never used a paper checking system.)

3. Public Safety (No Theft Or Guns)

With strict gun laws, it’s difficult to gain access to weapons in Korea. Between this and Korea’s CCTV coverage, South Korea is an extremely safe country to live in. When compared with other industrialized countries, South Korea has a very low crime rate, and in 2021, they saw their lowest crime rate in ten years. You may not realize it until you are here, but living in Korea made me realize how much unnecessary stress I frequently dealt with worrying about keeping myself and my belongings safe.

4. Cheap Meals (Delicious & Healthy, too!)

The cost of a delicious, nutritious meal in Korea can be as cheap as ₩7,000, which is roughly $5.50 USD. Not only is eating out affordable, but there are plenty of delicious foods to try from. Korea has everything from bibimbap and tteokbokki to pizza and burgers. Oh, and a huge bonus you probably didn’t think was even a possibility. There is NO TIPPING in Korea! Whether you dine out or take a cab, tipping is not a part of the culture. It is a huge savings and makes life so much easier.

5. Skin Care (The Mecca for All Your Needs)

Koreans love skin care. With a huge market for it, you can find the exact right combination of products for your skin type. Due to its popularity, there’s a wide variety of options, and they are relatively affordable in comparison to American brands. In addition, Korea has many great spa options if pampering is your favorite method of self-care. And it’s not just for us girls! Men all across the world are starting to take better care of their skin, and Korea has all the products you can think of.

Diana Richtman is a writer and ESL teacher living in Seoul, South Korea. Originally from Savannah, Georgia in the United States, Diana holds a bachelor’s degree from the University of Georgia in English & Women’s Studies. After receiving her TEFL certification, Diana moved to South Korea where she works at one of Creverse’s April Institutes. When Diana isn’t working, she loves exploring Korea, drinking warm cups of tea, and scaring away her friends with her karaoke performances.

24 Nov

CultureLifestyleMoneyBy aclipse

A Night Out in Korea

A Night Out

The nightlife in Seoul is such a site to see. The lights, music, and overall ambience accentuates this liveliness like no other. A night out is all about cutting loose and being spontaneous, but I am here to give you some pointers on how to do a night out in Korea right.

Transportation

First things first, you’ve gotta figure out how you’re going to appear at your destination. The subway can always get you to the location of your choice, but keep in mind they normally stop running at midnight. If you are a party animal like me, you can dance until the sun rises, and catch the subway back home at 5:30am when they start operating again. Buses usually run until around midnight. Depending on your location, there are some late night buses but they tend to take about an hour + to arrive at stops (so I wouldn’t rely on this!). There is no “last call” in Korea. Nightlife goes until everyone decides to leave!

Alternatively, you can always order a taxi using the kakaoT mobile application. Yes, it is an English friendly app. There will be tons of taxi options to choose from when ordering, but be sure to click “General Request.” This is the most reasonably priced option. The cost depends on the amount of kilometers traveled. For some perspective, a 20-minute ride would cost me around 15,000 KRW or $11.48 USD ($1=1,306 KRW).

I wouldn’t recommend biking and drinking, but a one-way trip to your destination could be a good option to save money and get some “steps in!” Seoul has public bikes that are accessible to anyone and can be found almost everywhere. All you have to do is download the Seoul Bike application, authenticate your identity (it takes about 2 minutes), and purchase a pass. Be sure to check out more information about Seoul Bikes.

Hot Party Spots

Seoul is enormous, and its nightlife is expansive. You are bound to find some place intriguing and acclimate to. If you didn’t already know where the major party spots are, Itaewon and Hongdae are your answers. Both places are filled with tons of bars/clubs, and foreigners of all ages. The countless memories and friends I’ve made in these places are incredible.

A big perk about going out are the drink prices. My first night out with the gals, I thought I spent my entire paycheck with the amount of drinks I ordered. When in reality, I only spent about $60 USD. In Korea, cocktails are about 10,000 KRW or $7.65 ($1=1,306 KRW), beer’s are sold at 7,000 KRW or $5.36 ($1=1,306 KRW), and shots can range anywhere between 8,000-15,000 KRW or $6.12 – $11.48 ($1=1,306 KRW). After finding out this information, it’s no wonder why alcohol is so popular. I took the liberty of attaching this article on drinking in South Korea that goes into depth with the culture. Check it out!

In a Nutshell

A night out in Korea is such a fun experience. You’re going to see some crazy things, become that social butterfly from within, and meet some really cool/interesting humans. Have fun, be safe, and don’t forget to follow my tips. I hope your first drink in Seoul is the best one yet!

Amber Ochoa is from Los Angeles, USA, and just recently moved to South Korea in May. She studied Biochemistry as an undergraduate. After graduation, she began venturing out and embracing her love for adventure. She finds that “nothing holds greater power in our life than the unknown.” One night while applying to random jobs on Indeed, she came across an English teaching position in Seoul, Korea. Flash forward, she is now teaching at CDI, Mokdong branch. She claims that Creverse found her and ended up becoming a blessing in disguise. Amber says giving knowledge to students & inspiring them for higher achievements in life is one of the greatest feelings in the world.

13 Nov

LifestyleMoneyRelocationBy aclipse

Cell Phones In Korea

When traveling abroad it seems like it’s just you and your cell phone against the world. You need it for navigation, transportation, translation, and so much more. It is essential to have a phone plan upon your arrival to Korea. There are a couple of options to consider and I am here to tell you all about cell phones in Korea!

Get a SIM Card

Before arriving in South Korea, it is best to switch from your current mobile provider to the South Korea SIM card provider. A SIM card allows you to utilize your mobile device to receive calls, send messages, or connect to mobile internet services. SIM cards are relatively cheap. The cost depends on how many days you would like the card to be activated. You can purchase these cards almost anywhere, including upon arrival at the Incheon airport in Korea. Just remember to have your passport on hand as it will be necessary to purchase a SIM card as a foreigner in Korea.

eSIM

There are two main types of Korean SIM cards you will encounter, the traditional SIM card and the eSIM. The eSIM functions as a regular SIM, but you are not actually inserting anything into your phone. Because you don’t have to physically pick it up, the eSIM is extremely convenient. All you have to do is sign up online, scan a QR code, then BAM! You’re connected to the world. Be sure to click this link to read more on how to access an eSIM.

Do not worry about how well a SIM card will work. According to GSMarena, Korea’s LTE coverage is the highest in the world. Some of the top rated Korean SIM cards include eSIM Korea, Trazy, Klook, EG, and Woori Mobile. These cards are only meant to keep you afloat until you receive your Alien Registration Card, or ARC. Once you receive your ARC, you will be able to register for a permanent Korean number and phone plan.

Setting Up a Phone Plan

There are several phone companies to consider when applying for a phone plan. A few major ones include KT, SKT, and LG U+. It is best to stick with these big phone companies as a foreigner, because you are less likely to get scammed.

I was able to acquire a Korean phone number with LG U+ and paid about 30,000 KRW a month for a basic phone plan. The entire process was painless. The LG U+ employee and I both used Papago to communicate. I simply chose the plan I wanted, displayed my passport and ARC, paid the man, and was on my way out within 20 minutes.

International Plans

Most US phone companies allow you to purchase an international service while you travel abroad. For an additional $50.00 USD a month, I was able to use my normal cellular data plan of 15 GB. Upon arrival, I was on a T-Mobile family plan with a displeasing phone balance. Because of this, I was unable to discontinue my payments.

Take it from me, pay your remaining phone balance & get off the family plan before arriving. I was paying for two phones, which felt very unnecessary when the only person in the world who ever tried contacting me, was my mother. Now, you might be asking yourself “Why did she continue to pay for both phones when you only need one?” The answer is, Korean bank accounts. In order to access direct deposit, receive/transfer money, you will need your own Korean number on file.

The Big Picture

I hope my personal experience and information have brought you a sense of clarity. I cannot stress enough how important it is to have a phone when living abroad. Be sure to plan accordingly, but most importantly, enjoy the adventure. Safe travels!

31 Oct

FoodHealthLifestyleMoneyBy aclipse

Grocery Shopping in South Korea

The Korean Grocery Scene

Are you getting ready to embark on an ESL teaching journey in Korea? As you prepare for your exciting new chapter, let’s delve into one of the most essential aspects of daily life: grocery shopping. Korea offers a unique and vibrant grocery store scene that caters to both convenience and quality. In this blog, I will take you on a tour of the diverse shopping options, from common markets to online shopping.

Major Chains: Emart and No Brand

When you’re in the mood for a more extensive grocery haul, Korea’s food supermarkets offer an impressive variety of options. Emart and No Brand are two prominent names that stand out. No Brand, in particular, is a favorite among budget-conscious shoppers. It’s known for its affordability and convenience, offering a plethora of grocery products. However, keep in mind that they might only accept credit cards, as experienced by some shoppers. On the other hand, Emart is a paradise for those seeking fresh produce. Offering the flexibility of both credit card and cash payments, it’s a one-stop-shop for all your grocery needs. Other honorable mentions include Homeplus and Lotte Mart.

Prices of Common Goods

My weekly market runs consist of eggs, bread, milk, chicken, fruits, and veggies. A pack of 15 eggs costs 6,000 KRW ($4.44), a loaf of bread goes for about 4,000 KRW ($2.96 USD). A 1,800 mL carton of milk can be purchased for 6,000 KRW ($4.44 USD) , and a 1 kg of chicken breasts costs about 9,000 KRW ($6.65 USD) ($1.00 USD = 1352 KRW). Fruits and veggies are a bit more expensive, as they are typically imported. Regardless, market prices are still very reasonable and affordable.

Delivery Services

In the age of digital convenience, Coupang emerged as a game-changer for grocery shopping in Korea. This online shopping platform boasts lightning-fast delivery right to your doorstep, with options like “rocket shipping” ensuring next-day delivery. While the convenience is undeniable, there’s a crucial detail to remember: to make purchases on Coupang, you need to register with your Alien Registration Card (ARC). As a foreign teacher, this means waiting until you have your ARC to fully embrace the convenience of Coupang. The platform’s easy exchange, return, and refund policies make it an attractive choice for many, earning its reputation as one of the best online shopping experiences in Korea.

As you prepare to teach ESL in Korea, rest assured that the country’s grocery store landscape offers a variety of options to suit your preferences and needs. From the freshness of supermarkets to the digital ease of online shopping, you’ll find everything you need to make your stay enjoyable and comfortable.

19 Oct

LifestyleMoneyRelocationBy aclipse

How to Budget in South Korea

Big Girl Budget

Being 24, with what would be considered a “big girl” income is all fun and games until it’s not. Because everything in Korea is so affordable, it can be very easy to spend all your coins in one shot. It is best to plan a budget and manage your income as soon as possible. This way, you can build financial independence and freedom while teaching abroad.

Fixed and Variable Costs

Although a teaching salary in Korea might not seem much to a US citizen, it is actually a livable income. Since teaching with Aclipse, I have been able to pay the bills and maintain a social life. The first step in creating a budget plan is calculating your monthly income and listing your monthly expenses. Fixed costs such as rent, wi-fi, credit cards, phone bills etc., are easy to manage. It’s the variables that can do some damage. For example, a utility bill in the summer.

Food Costs

Other variable expenses include food, transportation, and personal care. I try to alternate between cooking and dining out. After living here for almost six months, I find that there is no major price difference in dining in/out. You can purchase a meal, “banchan,” and drink included, for about 10,000 KRW or $7.50 USD. Since most of the produce in Korea is imported, it tends to be costly. But with time, you’ll learn to find the markets with the best deals.

Transportation Costs

The subway and bus will be your best friends here in Korea. They take you anywhere and everywhere. Try to avoid taxis at all costs. The prices aren’t absurd, but, if abused, can quickly add up.

Personal Care

I found it essential to add “personal care” to the list of variable costs. Believe me when I say, you will fall into the trap! The enlightenment by all the toners, exfoliants, serums, and face masks Korean health and beauty stores have to offer is a feeling like no other. Korean skin care is a game changer, spend wisely.

Savings Plan

A savings account might be the better option if you want to store your money and accumulate interest over time. Korean banks follow the same guideline as most banks around the globe. A customer deposits money into a savings account, the bank offers an interest rate for the deposited money, and the interest rate increases the longer the money is kept in that account. The average interest rate in most Korean banks ranges from 2-4%. Check out http://expatschoolskorea.com/article/bank-accounts-for-foreigners-in-south-korea.html to find out more information on savings plans for foreignors in Korea.

Remaining balances should be used to create memories. Every weekend is an opportunity to do something fun, so make the most of your time overseas. There are plenty of budget friendly activities. Be sure to read Creatrips’s list of budget friendly things to do https://www.creatrip.com/en/blog/11584. Good luck, and be sure to have some fun with your independence!!