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Key Money or 'Jeon sae' Residences
This type of arrangement requires a large amount of money as a deposit (about 50% of current house value) but doesn't need additional payment for the leasing period. The interest on the deposit serves as rent. Generally, leasing is for 2 years except the owner agrees to a 30 or 60-day- contract. If you want to extend the period, you can deal with the owner 30 days before the contract has ended. However, if you want to move out, it is recommended that you to give a 30-day notice to the landlord to get back your full amount of deposit on the moving day.
Deposit + monthly rental or 'Wol sae'
You pay a large amount of deposit (but much less than Jeonsae) and fixed payments every month for the period of the contract. The larger the deposit the smaller the monthly payments are. At the end of the contract period, you can get back the full amount of deposit. However as long as you don't have a Korean citizenship number, you have to have a proxy, who has Korean citizenship number, to do the contract for you.
A small one time, nonrefundable payment is made at the beginning of a one-year lease. Some landlords want foreigners to pay the rent for 1 year in advance and a certain amount of money is deducted each month. However, the most common way of house rental for foreigners is prepaying one-month at a time for the contract period, since the full amount of payment can't be protected by Korean Law. Until the end of the lease, renters are responsible for all maintenance and the cleanliness of the residence.
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Internet cafe (PC bang)
there are many places where you can use the internet, thus it is easy to find one in your neighborhood. These places are called PC bang, a Korean word for internet cafe and include the words such as 'cyber' 'net' and internet plaza in their names. When you need to use the internet to check your e-mail, surf the web, or work on or print documents, go to a PC bang in your neighborhood. You can use the internet at a reasonable price. Hourly rates are between 1,000 and 1,500won. If you have membership or go to the PC bang during nighttime hours, it is cheaper to use the internet.
High speed internet
High speed internet has spread rapidly in Korea, one of the world¡¯s most internet savvy countries.
High speed internet services are available in many homes. There are three major companies offering high speed internet services: KT Megapass(www.megapas.net /Tel. 100) LG Powercom(www.lgpowercomm.com / Tel. 1644-7000) and SK broadband(Tel. 106). If you call the numbers for registration consultation or register for internet services after signing up for membership online, an installation technician will visit you to install internet services.

To use an internet service, you need wired equipment for wired internet service and wireless equipment for wireless internet service. Initial cost for installment is 30,000 won and monthly service charges range from 25,500 to 30,000 won (VAT excluded). However, service charges vary depending on internet service providers and different products. In general, there are 1 to 3-year contract periods. Discount rates are applied, depending on the period of your contract. If you cancel the internet service within the term of your contract or shorten the period of your contract, you should return the discounted amount you have received during the duration of your contract. You should also pay the rental fees for modem and AP.
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Long-distance Domestic calls
- Dial local code and the phone number of the party with whom you wish to speak
- Discount rates are the same with domestic calls
- eg.)750-1234, Seoul 02+750+1234 ( local code ) ( phone number )
- Operator Assisted Dial 101, you can reach anywhere in the country via an operator.
- You mast pay the charge. Domestic collect calls have no discounts
International Calls
There are three telephone companies handling international calls,
Korea Communication (001), Dacom (002), and Onse Communication (008).
Each company has different rate, so it is important to choose one company with best rate.
-e.g..) 123-4567 from Korea to N.Y 001 or 002+1+212+123-4567 ( country code )
( Area code ) ( phone Number ) * Major country codes
Public Phone
There are three kinds of public phone that can use coin, card, and both coin and card.
10Won, 50Won, and 100Won coins are accepted in the public phone and 3,000Won, 5,000Won and 10,000Won card can be purchased at the near supermarket.There are public phones that accept credit card also available.
Long-distance collect calls.
You can call collect without using coin or telephone card via an operator.
Dial 107, inform the operator that you wish to make a collect call and provide the region, telephone number of the party with whom you wish to speak, the number of your phone booth and your name.
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Opening an account
A foreigner can open a bank account by visiting a bank whether he/she resides in Korea or not. A residing foreigner refers to an individual who stays in Korea for more than 6 months while a non-residing foreigner refers to a person who stays in Korea for less than 6months.
Required Documents
Passport, Alien Registration Card
Tax & Interest Rates
- For residing foreigner: Korean regulations are applied for the foreigner¡¯s tax and interest rates.
- For non-residing foreigner: the tax rates are affected by regulations of the foreigner¡¯s country whereas interest rates are affected by Korean regulations.
When you want to send money overseas, you can transfer money at a bank. Through designated foreign exchange banks, you can transfer up to $ 50,000 (remit + exchange) a year, and if you have a document showing how the money was acquired, then you can transfer any amount within the range of income. Different banks have different fees and restrictions on transfers, so it is recommended you compare information at different banks.
Required Documents
Passport, Alien Registration Card, certificate of earned income (when applicable)
When you transfer money to an overseas bank account
It is convenient and fast to transfer money through telegraphic transfer. For the transfer, you need to write down the name of the recipient, address, account number, the name of bank, and other pertinent information in English.
Exchange of money
If you have a passport, you can easily exchange foreign money or traveler¡¯s checks for Korean money at Korean banks, including the Korean Exchange Bank and the change booths at the airport. You can exchange up to $10,000 (for one entry) at a time. The foreign exchange rates are not fixed and change depending on economic factors.
Related Websites
Yahoo Finance : http://finance.yahoo.com/currency [E] / Korea Exchange Bank www.keb.co.kr [K, E, J, C]
For More Information
The Exchange Rate ARS Service:
Tel. 82-2-1544-3000(#3) / Tel. 82-2-1588-3500(#3)
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Domestic postal service
National zip code directories are available at post offices. You can use domestic postal services by writing down the recipient¡¯s zip code and attaching stamps for regular mail or express mail. When you choose registered mail, you can receive a receipt. Registered mail is more expensive than regular mail. However, the process of the delivery of registered mail is recorded, so it is possible to track the mail. The hours of most post offices are 9 am to 6 pm, Monday through Friday, but some post offices are open until 8 pm, and some are open even on Saturdays.
For more information on rates, fees, zip codes, compensation for damages, and so forth, contact the following number. (Tel. 1588-1300)
Overseas postal service
For overseas mail, a direct visit to a post office is mandatory. Express Mail Service provides the fastest and safest international postal service that delivers urgent letters, documents and packages. EMS is operated by the Korea Post under special agreements with reliable, overseas postal counterparts. Before sending your mail, make sure to write down the address and names of senders and recipients, phone numbers and the contents, numbers and costs of items. Rates vary depending on the kind of mail and its weight, so you need to check the information through homepages or the post office¡¯s window. After sending your mail through EMS, air mail and registered mail, you can check out the status of delivery through the customer service center for international mail in the post office¡¯s call center.When you call in Korea, use the following number (Tel. 02-2108-0050~60). If you¡¯re calling from outside Korea, dial the following number (Tel. 02-2108-0051~0059)
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