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Money Matters

Currency – The Korean currency is "Won", the symbol for Won is a capital W with one or two horizontal lines through the middle and the abbreviation is KRW. It is issued in paper denominations of 1,000, 5,000 and 10,000 and coins of 100 and 500. Since exchange rates are continuously changing, check XE for current conversions into your own home country's currency

Salary - A teacher's salary is dependant on location, school and any relevant experience you may have, but you can expect anything between 2.1 - 2.6 million KRW.

Bonus – When you complete a one year contract, you will receive a month’s salary as a bonus, effectively getting 13 months pay for 12 months work.

Deductions – The following deductions will be made from a teacher’s salary and paid by their school to the relevant Government department. All of the following deductions are compulsory by Korean law.

Income tax is between 5% - 10%, depending on your salary and province.
National Pension Fund deductions are 4.5% of your monthly salary.
Health Insurance is 2.385% of your monthly salary.

Korea Bank Accounts – Are easy to set up all you will require your passport and your alien registration card, which you will receive after your arrival. Credit / Debit Cards are also used throughout Korea

Saving – The excess salary that you don't manage to spend can easily be sent to your home bank account for a fee of about 40,000 Won per transaction. But don't forget to bring your home account's IBAN number (International Bank Account Number) and other branch information, as this will make the process run more smoothly.