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Cost of living
Living Expenses
Living expenses can vary depending on the region. Things in Seoul are more expensive than in other areas. Living in a dormitory on campus will be inexpensive as the fee is not so high and utilities are also included. Other areas than Seoul are comparatively inexpensive.
Opening a Bank Account and Transferring Money
You can open a bank account at any bank with your alien registration card or passport. If you want to have money transferred to you, let the sender know your bank name, account number, bank address, passport number, and name in English, and the sender can transfer money to you at a bank in his/her country. There will be a fee for the service.
Insurance for Foreign Students
The National Health Insurance Corporation provides health insurance for foreign students. The insurance is designed for overseas Koreans and foreigners who stay in Korea for more than a year. Foreign students, their spouses and their children under 20 are eligible for the insurance. To apply, the student must submit a copy of his/her alien registration card and verification of his/her purpose of stay at an office of the Corporation. Students may have insurance from their countries and medical expenses in Korea can be reimbursed in their countries. If you want to buy insurance from a private firm, you can buy medical and injury insurance for foreigners from the American company Chubb or traveller's insurance. Korean insurance companies are now developing products for an increasing number of foreign students in Korea, so Korean companies will provide insurance for foreign students soon.