Overseas Remittance Options
There are several ways to send money from Korea to your home country. Fees and speed vary significantly.
1. Bank Wire Transfer
Available at any Korean bank. Up to US$1,000 per transaction without restrictions. Larger amounts require supporting documents (employment contract, income proof, tax certificate).
- Fees: typically 5,000–20,000 KRW per transfer
- Processing time: 1-3 business days
- Bring: alien registration card, application form
- SWIFT code and recipient bank details required
2. Online Remittance Services
Often cheaper and faster than bank transfers:
- Wise (TransferWise) — Low fees, mid-market exchange rate. wise.com
- SentBe — Korean fintech specializing in overseas remittance. sentbe.com
- Hanpass — Popular among Southeast Asian workers. hanpass.com
- Western Union — Cash pickup available in many countries.
Always compare the exchange rate AND the fee. A service with no fee but a bad exchange rate may cost more than one with a small fee and a better rate.
Currency Exchange Tips
- Banks — Standard option. Rates are fair but not the best. Airport branches have worse rates.
- Money changers — Myeongdong and Itaewon have many licensed exchange shops with competitive rates.
- Exchange limit — Amounts over US$10,000 per transaction must be reported to the National Tax Service.
Korean Currency
The Korean Won (KRW) comes in:
- Coins: 10, 50, 100, 500 won
- Notes: 1,000, 5,000, 10,000, 50,000 won
Korea is largely cashless. Credit cards and mobile payments (Samsung Pay, Kakao Pay, Naver Pay) are accepted almost everywhere, including street food vendors and small shops.
Tax Refund for Leaving Korea
If you are leaving Korea permanently and have paid income taxes, you can file for a tax settlement. Consult your employer's HR department or call the National Tax Service English hotline: 82-2-397-1440.
Remittance regulations and fees change frequently. Verify with your bank or service provider before sending money.