Sure, that's what we're doing right now. DH is a teacher at an international school in Shanghai. It pays A LOT better than the public schools in Canada. (As a point of reference, he currently takes home approximately USD$60000. This is his net pay after taxes. He is at a Tier 2 school. The Tier 1 schools pay more -- somewhere in the ballpark of $80 - $100K - net pay after taxes, depending on your years of teaching experience.) In addition, the work contract provides free housing, free tuition for your kids, free healthcare, and free flights back to your home country each year.
The "paid" portion will not just cover most of your expenses; it should cover all your expenses with lots of money to spare.
Now, if you were to teach at a Tier 3 local university, and you don't have a proper teaching license from your home country, your pay would be a lot less - more like $12K per year (or USD$1000 per month), with free housing, healthcare, and flights.
Most people think that you take a pay cut and make local wages when you move abroad, especially to a developing country; that is erroneous thinking.
ETA: We are in Year 9 of living and teaching abroad and have taught at both local universities making peanuts, Tier 2 international schools, and Tier 1 international schools