Inside Korea | Korea vs US Life

A Korean visiting the United States for a short trip may be able to use an existing card. A student or long term resident may need a U.S. bank account to receive payments, pay rent, and manage everyday expenses. Korean citizens can open U.S. bank accounts, but requirements vary by bank and account. A passport alone may not be enough. Check the bank’s identification, address, tax identification, and application requirements before visiting a branch. Table of Contents 1. Decide whether you need an account For a short visit, start by checking your Korean card’s foreign transaction and ATM fees. If you will receive money or make regular payments in the United States, compare checking accounts . If you want to set money aside, compare savings accounts as well. Look beyond the account name. Check the monthly fee, ways to waive it, ATM charges, and overdraft terms. Even an account advertised as “free” can have certain other fees. 2. Check the documents before you apply A bank m...

American groceries can feel expensive even when the inflation rate is slowing. That is not a contradiction: inflation measures the rate of price change, while shoppers pay the accumulated price level. A smaller increase today does not erase earlier increases. Keeping an eye on grocery prices in Korea made me curious about why U.S. shoppers still describe groceries as expensive, even when inflation headlines cool down. Official BLS, USDA, and EIA data help separate the accumulated price level from the latest inflation rate. Monthly figures can be revised and food categories move differently, so the category and comparison period matter. Table of Contents 1. Price Level and Inflation Rate Are Different If a basket rises from $100 to $110 and then to $111, inflation has slowed sharply in the second period, but the basket is still 11% more expensive than at the beginning. Deflation would mean the price level actually falls; disinflation only means prices rise more slowly. Th...