Last updated 2024.03.22
Finances: Getting Ready
Be Prepared
All grantees are strongly advised to arrive in Korea with sufficient financial means to support themselves, and any dependents, for 8-10 weeks after arrival. This is to account for the potential length of time it may take to set up a Korean bank account, which is affected by the processing time for a Korean Residence Card (See Passport & IDs). The processing time for a Korean Residence Card is controlled entirely by the Korea Immigration Service, and Fulbright Korea has no means of expediting this process.
Your First Grant Payment
All award stipends, allowances, and reimbursements are paid in KRW. As such, all grantees must open a Korean bank account in order to facilitate the smooth transfer of their award benefits.
As grantees will likely not be able to immediately open a Korean bank account, if a grantee does not have an already established Korean bank account when they arrive in Korea, the grantee's first stipend may be wire transferred to their U.S. bank account AFTER their arrival in Korea. No grant benefits are disbursed prior to arrival.
Only the first month's stipend payment may be issued in USD; all later stipend payments, as well as other allowances such as the dependent allowances, will be issued in KRW after the grantee has provided KAEC with their Korean bank account information.
To open a full-access Korean bank account, most Korean banks require that you have a Residence Card (commonly known as an RC or ARC). KAEC will help facilitate the submission of your Residence Card application after your arrival in Korea. However, processing of a Residence Card may take 8 weeks from the date of arrival.
Once you have opened a Korean bank account, you will need to send your program contact a scan/photo of your Korean bankbook. All grant disbursements will be wire transferred to your Korean bank account thereafter.
Although you will eventually have a Korean bank account, until it is set up, you will need to use your U.S. bank account for expenses in Korea. As such, please check the following items with your U.S. bank before coming to Korea:
As grantees will likely not be able to immediately open a Korean bank account, if a grantee does not have an already established Korean bank account when they arrive in Korea, the grantee's first stipend may be wire transferred to their U.S. bank account AFTER their arrival in Korea. No grant benefits are disbursed prior to arrival.
Only the first month's stipend payment may be issued in USD; all later stipend payments, as well as other allowances such as the dependent allowances, will be issued in KRW after the grantee has provided KAEC with their Korean bank account information.
To open a full-access Korean bank account, most Korean banks require that you have a Residence Card (commonly known as an RC or ARC). KAEC will help facilitate the submission of your Residence Card application after your arrival in Korea. However, processing of a Residence Card may take 8 weeks from the date of arrival.
Once you have opened a Korean bank account, you will need to send your program contact a scan/photo of your Korean bankbook. All grant disbursements will be wire transferred to your Korean bank account thereafter.
Although you will eventually have a Korean bank account, until it is set up, you will need to use your U.S. bank account for expenses in Korea. As such, please check the following items with your U.S. bank before coming to Korea:
- Are there any limitations on using my debit/credit card abroad?
- What are the fees for using my debit/credit card abroad?
- How do I report my international travel to the bank to ensure I am not locked out of my account if I use my credit/debit card abroad?
- What are the transfer fees if wire transferring money from the U.S. to Korea or to the U.S. from Korea?
- What bank and account information do I need to make an international wire transfer?