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Currency

Korean banknotes are issued in only three denominations: 1,000 Won, 5,000 Won, and 10,000 Won. Yes, the largest Korean "cash" banknote is like a big Canadian, or a small American, ten dollar bill!  You may need to take your briefcase to school on pay day as stuffing +/- 200 rather large banknotes into your wallet or purse might prove impossible. 50,000 and 100,000 Won bills would certainly be welcomed by many in Korea.

To get round this lack of big bills, bank-issued "cheques" are often used. These cheques are not personalized and function much like cash, except that identification is required to spend them. Larger and more established businesses will accept these cheques without question, as will all banks. The cheques come in denominations ranging from 100,000 Won to 10,000,000 Won (don't lose that one!). If you don't have proper in-country I.D., meaning that you are probably working illegally, you may have difficulty cashing these cheques and should only accept cash. Legally employed residents of Korea (i.e., everyone we hire), can cash them as they wish.

There are four coins: 500 Won, 100 Won, 50 Won, and the penny-equivalent 10 Won. All four coins can be used in most vending machines.

Banking

Shortly after you have been processed as a resident in Korea, your employer will help you open an account at a local bank. At most schools, your salary is deposited directly into your bank account on pay day. You can then withdraw money from ATMs with your bank card. Korean banks have high ATM withdrawal limits — usually in excess of US$2500 per day. Service charges are minimal or non-existent, and Korean banks actually pay interest on regular human-sized deposits.

Transferring money to your home country is easy. Most banks have some English-speaking employees who are able to help you fill out the forms. You are allowed to transfer up to 100% of your legal salary out of Korea. Your bank in North America may charge surprisingly high fees for receiving an overseas transfer and the bank you transfer from in Korea will charge up to 10,000 won. In addition, your transfer may pass through other banks before it's gets where you want it to go and additional fees will be added, bringing the total anywhere from C$30/US$24 – C$50/US$40). Obviously, you should avoid sending small amounts. One way to save money in foreign currency is to buy travelers' cheques in whatever currency you wish and to simply keep them at home. Be sure to sign them once so that you can have them replaced if they are lost or stolen.

Note that it is illegal to carry, on your person or in your baggage, more than US$10,000 (or its equivalent), in cash or travelers' cheques, out of the country. Amounts beyond this may well be seized and not returned.

Don't count on your bank card working in Korea, regardless of network affiliation. I've had hit and miss experiences using a Canadian bank card in Korea. Sometimes it worked where it was supposed to and other times it didn't.

Most Korean banks readily exchange foreign currency in cash or travelers' cheques. U.S., Canadian, and Australian dollar travelers' cheques and cash are accepted for exchange at almost all banks. As Korea does not have a large foreign tourist industry, exchange rates are the pretty much the same everywhere and charges/commissions are low — even at airports.