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:
à Tips for Transferring Overseas
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
PHOTO CREDIT: BusinessKorea
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.