Transferring Money Domestically and Internationally in Korea

Category : Visa/Legal Issues/Tax
Nov 28, 2014

You may want to send money back to your home country throughout your stay in Korea. The process is called sending an overseas remittance, and you are allowed to send up to 50,000.00 USD per year. If you need to send more than that, you will have to prove that you made the money in Korea.

 

The Process for Overseas Remittances

The main way to send money to a bank in another country is via a transfer through your Korean bank. You will need to visit a teller the first time so that you can designate that Korean bank as your primary overseas transaction bank. Transferring money is getting less and less expensive. It’s possible to spend as little as 10,000 KRW for international bank transfers. However, the fee totally depends on your bank.

 

You need to bring:

  • Your Alien Registration Card (ARC),
  • Your passport
  • Your bank passbook
  • Other Korean banking information you have
  • Banking information from your home country bank

 

à Tips for Transferring Overseas

  1. It’s best to go to your bank in your home country before you leave to get your banking information. They can print out one paper with the following:
  • The name of your bank in your home country
  • The address of your home branch
  • The SWIFTCODE and ID of your home bank and branch
  • The account number of your home bank account
  1. Transferring through your online account is always cheaper, so set up for overseas remittances at the same time as you set up for your online bank account.
  2. Exchange rates differ from bank to bank and branch to branch. Ask for a good rate and follow the rates daily when you know you will be sending money home. You can compare rates from previous weeks to know when you should send a remittance.
  3. You can also send money home through Western Union or a bank draft sent through the mail. Both of these options cost more money. If you use Western Union, you will need someone to receive the transfer on the other end and then deposit the money for you.

 

Transferring Money within Korea

Transferring money within Korea is incredibly convenient. You just need an ATM. Go to any ATM with your debit card or use your bank passbook at your bank’s ATM. You will also need the name, bank name and bank account number of the person you are transferring the money to. Follow the directions and hit ‘domestic transfer’. Punch in the recipient’s information and the amount to transfer. Depending on your bank you may be charged a small transfer fee (1,000-2,000KRW). If you use an ATM that is not from your bank, you will be charged a higher fee. Domestic bank transfers are not only used to send money to friends, but also to pay your bills or pay for goods bought online via domestic transfers.

 

à Tips for Domestic Transfers

  1. You can go to a teller to make a transfer. It costs slightly more to visit a real person.
  2. You can make bank transfers 24 hours a day.
  3. It doesn’t cost anything to transfer money to someone who banks at your bank.
  4. You can make transfers even if you don’t have a bank account. You can visit a teller at any bank. You will be required to fill out a form to validate the transfer. You can also use an ATM. You don’t need to swipe your card just simply hit “transfer/eechae/이체”. Follow the directions and place your money into the cash dispenser slot. Make sure you enter your own name correctly so that the recipient can see who sent the cash.

 

PHOTO CREDIT: BusinessKorea

Tags : Banking. Transfer. Account.

Lindsey lived and worked in Seoul, South Korea for over 5 years. While there, she dabbled in different areas of work and explored the culture. She spent time teaching elementary students, business English to adults and high school students about college preparation. She also studied Korean, wrote blogs and tasted as many foods as she possibly could including fermented skate fish. Over the years, Lindsey developed a love for Korea and the culture. She is keen to share her knowledge of Korea with others and she will always consider Korea a second home.

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