How Much Money Should You Prepare Before Moving to Korea?
If you’re dreaming about starting your new life in Korea—eating convenience-store triangle kimbap at midnight, riding subways that arrive exactly on time, and hanging out in cafés prettier than your future wedding venue—there’s one big question you have to ask first.
“How much money do I actually need before moving to Korea?”
Let’s break it down in the simplest (and most realistic) way possible, based on what people actually spend when they first arrive.
1. Housing: Your Biggest First Expense
Most newcomers are surprised by how Korea’s housing system works. Rent isn’t bad, but deposits can be brutal depending on what you choose.
Goshiwon
AKA: the easiest and cheapest place to start your Korea life.
- Deposit: 100,000–300,000 KRW ($75–$230)
- Great for students or anyone who wants a low-commitment landing spot.
One-room Apartment (Wolse)
The classic “my first place in Korea” choice.
- Deposit: 3,000,000–10,000,000 KRW ($2,300–$7,700)
- Comfortable but requires a chunk of money upfront.
Officetel
Fancy building, security system, elevator—your wallet will feel it.
- Deposit: 5,000,000–20,000,000 KRW ($3,800–$15,400)
2. First Month’s Rent
This is more manageable, but still varies by area.
- Goshiwon: 300,000–600,000 KRW ($230–$460)
- Dormitory: 300,000–800,000 KRW ($230–$620)
- One-room: 500,000–900,000 KRW ($380–$690)
- Officetel: 700,000–1,200,000 KRW ($540–$920)
Want cheaper rent? Move farther from Seoul.
Want higher rent? Pick any station with “Gangnam” in the name.
3. Visa, Flights, and “New Life Setup” Costs
These are the sneaky expenses people forget about.
- Visa fee + document certifications
- One-way flight
- Bedding, kitchen basics, cleaning gear
- SIM card or phone plan setup
- Transportation card
- Small appliances if your room isn’t furnished
This usually adds up to several hundred to a few thousand dollars, depending on your lifestyle.
4. Monthly Living Costs (Realistic Version)
Here’s what the average student or worker actually spends in a month:
- Food: 200,000–350,000 KRW ($150–$270)
- Transportation: 60,000–80,000 KRW ($45–$60)
- Phone bill: 40,000–70,000 KRW ($30–$55)
- Personal spending: 100,000–200,000 KRW ($75–$150)
Most people spend 400,000–700,000 KRW ($300–$540) each month, not including rent.
5. So… How Much Should You Save Before You Move?
Here’s the honest, no-stress recommendation:
If you plan to live in a goshiwon or dorm
- 3,000,000–6,000,000 KRW ($2,300–$4,600)
If you plan to rent a one-room or officetel
- 6,000,000–15,000,000 KRW ($4,600–$11,500)
This gives you enough money to survive your first month, cover your deposit, and avoid instant financial panic the moment you land in Incheon.
Final Tip
The more savings you bring, the more comfortable (and fun) your first few months will be. Korea is affordable in many ways—but the upfront costs catch a lot of people off guard. Plan ahead, budget smartly, and you’ll enjoy your new life here way more.