Money and Banking
After you arrive in Korea, your employer will take you to the bank to help you set up a Korean bank account. To open a bank in Korea you will need your passport, working visa and alien registration card. Some banks will ask you to provide photocopies of these documents.  You should also get set up with a Korean bank card as well, since your Canadian debit and credit cards may not work, or be accepted in stores.  Bank machines are pretty easy to find, though many do not operate 24 hours a day and will close at 11:00 pm. The major, and most reputable banks in Korea are, Foreign Exchange Bank, Kookmin, Woori Bank, Citibank, and Shinhan. 

Transferring money back home is relatively easy as most banks have some English-speaking employees who are able to help you fill out the forms. If you have a one year contract with a work visa you may send 60% of your earnings to your home country. However, some banks allow 80% while others ignore the policy and allow you to send 100%.  You will want to transfer a large amount if possible, as your bank in Canada 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) per transfer.

One way to save money in foreign currency is to buy travelers' cheques, 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. You may request a certified cheque be made out to your bank in your home country and then mail it home. The cost for this service is approximately 15,000won.