How do I set up a bank account and phone in Korea as an E-2 teacher?
You can open a Korean bank account and get a phone number within your first week if you have your ARC. Expect to spend ₩150,000–₩250,000 in your first month on deposits, plans, and essentials before your first paycheque arrives.
Park English · Published 2026-08-18 · Updated 2026-08-18 · 6 min read
How do I set up a bank account and phone in Korea as an E-2 teacher?
Most hagwons pay on the 10th or 25th of the month. If you arrive on the 15th, that means two weeks with no income. You will need Korean won, a way to receive calls from your school, and a place to keep the rest of your money.
Your school will usually take you to open a bank account and buy a SIM card during your first week. If they do not offer, ask directly. These are not things you can easily do alone without functional Korean.
Banking
You cannot open a Korean bank account until you have your Alien Registration Card. That card takes 7–14 days to arrive after you apply, which happens within your first few days in Korea.
Once you have the ARC, the process is fast. Bring your passport, ARC, and a phone number (even a temporary one). Most teachers open accounts at Shinhan, Woori, or KB Kookmin because branches are everywhere and some staff speak English. You will receive a debit card on the spot and a bankbook—a small printed booklet that updates when you feed it into an ATM. Koreans still use these. Keep it.
The card works immediately for online shopping and in-person payments. ATMs are in every convenience store. Cash is still common here, especially at small restaurants.
Mobile banking apps exist for every bank, but setting them up requires a Korean phone number and often an authentication certificate that lives on your phone. Your school or a bilingual coworker may need to help with the first login. After that, you can transfer money and check balances in English.
Do not expect easy international transfers. Sending money home requires a visit to the branch, a reason for the transfer, and sometimes your employment contract. The process is cheaper and simpler through services like Wise, which links to your Korean account.
Phone plans
You have two choices: a postpaid contract (requires ARC, usually 2-year commitment, better data) or a prepaid SIM (tourist-friendly, no contract, more expensive per gigabyte).
Most teachers go postpaid with SK Telecom, KT, or LG U+. Plans start around ₩35,000/month for 10GB. Unlimited data plans exist but cost ₩55,000+. If your school is in a basement or a rural area, SK has the best coverage.
You will pay a deposit of ₩100,000–₩300,000 for the phone if you buy one on contract, refunded when you leave. Some teachers buy unlocked phones instead and just get a SIM-only plan—cheaper upfront, same monthly cost.
Prepaid SIM cards (sold at Incheon Airport and GS25 convenience stores) cost ₩30,000–₩50,000 for 30 days and work immediately, no ARC needed. Use one of these for your first week if your ARC is not ready yet.
Your Korean phone number is what ties everything together: bank apps, delivery apps, KakaoTalk, building entry buzzers, two-factor authentication. Lose this number and half your life stops working. When you leave Korea, keep the number active for two months after if you can, in case a tax refund or deposit tries to reach you.
Healthcare
Your hagwon pays 50% of your National Health Insurance. The other half (roughly ₩60,000–₩90,000/month) comes out of your pay. You are covered from day one of your contract.
When you go to a hospital or clinic, bring your ARC. Consultations cost ₩5,000–₩20,000. Prescriptions are filled at a separate pharmacy and usually cost under ₩10,000. If the doctor does not speak English, use Papago (the translation app everyone actually uses here) or bring a Korean-speaking friend.
For an English-speaking doctor, search "international clinic" + your district. Seoul has many. Smaller cities have one or two. Expect to pay slightly more.
Dental and vision are not included in the national plan. A cleaning costs ₩50,000–₩100,000. Get that done before you come.
Delivery apps and getting food
Three apps matter: Coupang Eats, Baemin, and Yogiyo. All deliver restaurant food to your door in 30–60 minutes. Coupang Eats has the best English interface. Baemin has more restaurants. Yogiyo is fully in Korean but sometimes has better discounts.
You need a Korean phone number and a Korean card to use any of them. Delivery fees run ₩2,000–₩4,000. Most orders have a minimum of ₩12,000–₩15,000.
Coupang Rocket Delivery (separate app, same company) is Korea's Amazon. Pay ₩4,990/month for free next-day shipping on nearly everything: towels, rice, detergent, English snacks. Worth it from month two onward.
Groceries come from Homeplus, E-Mart, or Lotte Mart. Homeplus delivers. The others make you go in person, which is sometimes better—you will see vegetables you do not recognise and banchan (side dishes) sold in takeaway tubs.
Where foreign teachers actually gather
Not at hagwons. You will be the only foreign teacher at most schools.
Itaewon (Seoul) is the historical foreigner district, now half gentrified coffee and half nightlife. Gangnam and Hongdae have younger crowds, more clubs. Haebangchon has quiet bars where expats end up on weeknights.
Outside Seoul: Seomyeon (Busan), Dongseongno (Daegu), Jeondong (Jeonju). Ask other teachers at orientation where people meet for pub quiz or open mic. Those events are how you find your people.
Facebook groups: search "[your city] expats" or "ESL teachers Korea". They are messy and full of arguments but also the fastest way to ask where to buy deodorant or whether your landlord is being weird.
What you will spend in the first month
| Item | Cost (KRW) | Notes |
|---|---|---|
| Phone deposit | 100,000–300,000 | Refunded when you leave |
| First month phone plan | 35,000–55,000 | Prorated if you start mid-month |
| Bedding, towels, kitchenware | 80,000–150,000 | If your housing comes empty (many do not) |
| Groceries (first two weeks) | 100,000–150,000 | Before you know the cheap places |
| Transport card deposit | 2,500 | One-time, refundable |
| Transport (two weeks) | 30,000–50,000 | Depends on your commute |
| Meals out | 80,000–120,000 | Until your kitchen is set up |
| Total | 427,500–827,500 |
Your school will pay for your first week in a hotel or guesthouse. After that, they give you housing or a stipend (₩400,000–₩500,000/month). The housing is often a small officetel—one room, bathroom, kitchen nook. Furnished or not depends on the contract. Read it.
Bring $500 USD in cash and exchange it at Incheon Airport (the rate is fine, the convenience is worth it). That plus your first two weeks of careful spending gets you to payday.
One thing nobody tells you
Korean addresses do not make sense for six months. Buildings have names. Street numbers are not sequential. Postal codes are nine digits. Delivery drivers call you and ask where you are because the GPS put them three buildings away.
Save a screenshot of your address in Korean and a screenshot of your building's front door. Send those in every delivery app. It is faster than explaining.