Currency & Banking: The official currency of South Korea is the Korean Won (KRW). Per the Yearly Average Currency Exchange Rate from the IRS for 2023, USD 1 = KRW 1306.686. Cash is still widely used throughout the country, but credit and debit cards are also common payment methods available in most locations. Most foreigners opening bank accounts in Korea receive a debit card as it is difficult to gain access to credit in Korea without a domestic financial history. Checks are not typically used as those with local bank accounts can easily transfer money electronically via either ATMs or online/mobile banking established after obtaining a Korean Residence Card. Most banks require a Residence Card to open an account.
Wages: The average cost of living in South Korea, even within the capital of Seoul, is lower than in comparable areas of the United States. Accordingly, salaries are also, on average, lower than in the U.S. In 2024, the hourly minimum wage was KRW 9,860 (US $7.55), for a monthly minimum wage (at ~209 hours) of KRW 2,060,740 (US $1,577). (Source: ROK Minimum Wage Commission) Per 2022 survey data collected by The Seoul Institute, among single-person households in Seoul, approximately 88.7% earned 4 million KRW (US $3,061) or less per month. An additional 8% earned 4-5 million KRW (USD $3,061–3,826) per month. (Source: Seoul at a Glance 2023)
Rent: Most of the Korean population lives in apartments. Housing conditions are generally good as many buildings are either new or newly remodeled, but there are older-style apartments still, particularly in less metropolitan areas. Housing is overall smaller in size than in the U.S. as much of the peninsula (about 70%) is mountainous, leading to higher population density in the low-lying coastal and valley areas, including Seoul. South Korea uses a unique “key money” rental system, which typically requires a higher housing deposit but lower monthly rental costs. Rent varies considerably depending on the deposit required, location, sharing arrangement, furnishings, and apartment size/quality. Grant candidates working with universities are particularly encouraged to speak with their hosts about the availability of campus housing for faculty/visiting academics.
Transportation: Public transportation is inexpensive, timely, and clean. Subway systems are available in the major metropolitan areas of Seoul, Daejeon, Daegu, Gwangju, and Busan. As of December 2024, the Seoul subway fare for a single trip of less than 10 km (6.2 miles) was KRW 1,500 (US $1.15). Bus fares are generally between KRW 1,200–3,000 (US $0.92–2.30) depending on the type of bus and distance travelled. During the daytime, the base fare for a regular taxi is about KRW 4,800 (US $3.67) for the first 1.6 km (1.0 mile). A rechargeable transportation card (T-money or CashBee) can be purchased at convenience stores for use on public transportation within Korea, as well as for taxi rides. Intercity regular and express buses are available relatively inexpensively, and trains also crisscross much of the country. A one-way economy class ticket for an express bus from Seoul in the northwest of the peninsula to Busan in the southeast costs around KRW 27,000 (US $20.66) whereas an economy class ticket for a fast train (KTX) costs around KRW 60,000 (US $45.92).
Food: Food prices are lower in Korea than in the United States. Local dishes such as bibimbap, tofu stew, dumplings, etc. can be purchased for around KRW 8,000-15,000 (US $6.12-11.48). A latte is around KRW 5,000 (US $3.83). A large Big Mac set (burger, fries, soda) from McDonalds is around KRW 8,000 (US $6.12). Vegetarian and vegan food is becoming more popular but is most readily available around metropolitan areas. Fresh produce is available inexpensively at traditional markets located throughout the country. Korea also has an excellent food delivery culture for both prepared meals and groceries. Tipping is not part of the culture in Korea, so food prices are as listed; no additional tip is expected. While the cost of international foods varies, prices are generally reasonable, and items that cannot be found locally may be available for shipment via Korea’s excellent and affordable postal system.
Visa Requirements
All Fulbright U.S. Scholar awardees to Korea MUST obtain an A-3 visa and enter the country on a U.S. passport.
U.S. Applicant Advisory
Note: The Korean Government utilizes the words “national/nationality” as opposed to “citizen/citizenship” in most official documentation in English. These words can be viewed as interchangeable for the purposes of this advisory.
Candidates who are nationals of Korea will NOT be permitted to undertake Fulbright awards to Korea.
Individuals of Korean heritage may have dual U.S.-ROK nationality unbeknownst to them or their family.
Fulbright Korea requires all American applicants of Korean heritage to provide written proof that they do not have Korean nationality before they accept their Fulbright award.
In April 2010, the Republic of Korea passed legislation that allows dual nationality, with differing rules for men and women. If one of an applicant’s parents or grandparents is or was a Korean national, the applicant may automatically inherit Korean nationality via Korea’s “jus sanguinis” laws. In order to confirm their Korean nationality status, applicants of Korean heritage MUST contact the nearest Korean Embassy or Korean Consulate PRIOR TO submitting a Fulbright application.
Applicants in the following circumstances are considered by the Republic of Korea to be Korean nationals:
Applicants who fall under any of the categories listed above must contact the nearest Korean Embassy or Korean Consulate immediately to learn more about these regulations and the suggested procedures for filing for renunciation/loss of Korean nationality.
Applicants who were born in Korea and received American citizenship through naturalization should have lost their Korean nationality automatically at the time of their naturalization. However, official renunciation documentation (국적상실신고) must still be submitted to the Korean Government in order to formalize a citizenship status change. Per the Korean Consulate in Houston, “Failure to formally renounce one’s citizenship after being naturalized in another country may cause issues when applying for visas, marriage or birth registry, and legal matters.” As such, those from Korea naturalized as American citizens must contact the nearest Korean Embassy or Consulate to ensure that their loss of Korean nationality has been formally recognized.
Applicants who were born in Korea and received American citizenship through adoption should have lost their Korean nationality automatically six months after American citizenship was granted. However, it has come to Fulbright Korea's attention that Korean nationality renunciation has not always been finalized for adoptees. As such, those adopted from Korea also must contact the nearest Korean Embassy or Consulate prior to submitting a Fulbright application to confirm their Korean nationality status.
It is the sole responsibility of the applicant to determine whether they have dual nationality and how it impacts their eligibility for a Fulbright award.
In order to avoid withdrawal of a Fulbright award, Fulbright Korea requires all American applicants of Korean heritage to provide written proof that they do not have Korean nationality before they accept their Fulbright award. From the time a candidate is offered an award, they have approximately two weeks to return a decision and submit written verification that they do not have Korean nationality/citizenship. Failure to provide written verification before the award acceptance deadline is grounds for award withdrawal. Additionally, at the time of or after award acceptance, if any individual is found 1) to have failed to disclose they are of Korean heritage or 2) to have dual nationality with Korea, their award offer will be withdrawn.
To obtain written verification of NOT having Korean nationality/citizenship, those of Korean heritage must contact the nearest Korean Embassy or Consulate, or the ROK Ministry of Justice.
Written verification may take the form of:
In all instances, documentation must clearly indicate that the applicant does not have Korean nationality in order for it to be accepted as written proof.
As an individual’s Korean nationality status is contingent upon specific personal and family history, all applicants of Korean heritage should contact the nearest Korean Embassy or Consulate as early as possible once they have established their interest in the Fulbright Program in Korea in order to confirm their Korean nationality status and acquire appropriate documentation.
More information about Korean nationality law can be found at:
General questions regarding this requirement may be addressed to the Korean-American Educational Commission (Fulbright Korea) via email. Fulbright Korea is not a U.S. or R.O.K. government or immigration agency and thus cannot answer specific inquiries.