Everything You Need to Know About Sending Money Abroad from Korea
※ This article is based on official information as of July 14, 2025.
Summary at a Glance
💡 Send Money abroad safely, legally, and with confidence!
- 💸 From banks to apps, know your options before you transfer.
- 📑 Learn the legal limits, required documents, and key steps.
- 🧑💻 Real expat case stories — avoid common mistakes.
- 💬 Regional tips for expats living in different areas of Korea.
Why Sending Money Abroad from Korea Feels Overwhelming for Expats
Moving to Korea brings many surprises — culture, work, food…
But when it comes to money matters, things often get complicated.
Let me tell you about Ana from Brazil.
She worked at a Korean kindergarten and wanted to send money to her parents.
But her first bank transfer failed because she didn’t know about the foreign remittance declaration rule.
Result? Her money got held, and she paid extra fees.
You don’t want to be Ana.
That’s why understanding how to send money abroad from Korea is a must — before you make your first transaction.
Your Main Options for Sending Money Abroad from Korea
1️⃣ Bank Wire Transfers — The Traditional Method
Most expats choose Korean banks for their first remittance.
Why? Because it feels safe and official.
- Requires visiting a branch (in most cases).
- Higher fees (₩30,000–₩50,000 per transfer).
- Transfer time: 2–5 business days.
- Foreign exchange declaration required for large amounts.
Popular Banks:
- KEB Hana Bank
- Shinhan Bank
- Woori Bank
📝 Tip: Always bring your Alien Registration Card (ARC) and valid ID when visiting the bank.
2️⃣ Fintech Remittance Apps — Fast and Affordable
Apps like Wise, Sentbe, and WireBarley have changed the game.
They offer:
- Lower fees (₩2,000–₩10,000).
- Faster service (sometimes within the same day).
- Mobile app control — no bank visits.
But…
You still need identity verification and sometimes income proof.
Wise is especially popular with freelancers and digital nomads.
📝 Tip: Double-check the app’s exchange rate and fees before sending.
3️⃣ Korea Post International Remittance
Yes, even the post office offers remittance services.
- Available at major branches only.
- Limited destination countries.
- Fees vary by country.
✅ Best for rural areas or when banks are not nearby.
What Documents Do You Need to Send Money Abroad?
To stay compliant with Korean regulations, prepare the following:
- Alien Registration Card (ARC) + Valid Passport
- Proof of Income (Pay Slip or Employment Certificate)
- Remittance Application Form (at banks or post office)
- Recipient’s Bank Account Information
- Foreign Exchange Declaration Form (if required)
⚠️ Note:
You must declare foreign remittance if you send over ₩5,000,000 per month.
Failing to declare can freeze or delay your transfer.
Real Case: How Miguel from Spain Avoided Trouble
Miguel, a tech worker in Seoul, used WireBarley to send money to his family in Madrid.
The first two transfers went smoothly.
But in his third month, his total remittance exceeded ₩5 million.
He didn’t know he had to file a foreign exchange declaration.
Result? His money was frozen for over a month.
Since then, Miguel always checks his monthly limits.
✅ Lesson: Know your legal limit before sending money abroad.
Step-by-Step Guide to Send Money Abroad from Korea
✅ Step 1 — Choose Your Method
- Bank, app, or post office?
- Consider fees, speed, and convenience.
✅ Step 2 — Prepare All Required Documents
- ID, ARC, income proof, and declaration (if needed).
- Some apps require KYC (Know Your Customer) process.
✅ Step 3 — Check Monthly Remittance Limits
- Below ₩5 million? You’re fine.
- Above ₩5 million? File a declaration.
✅ Step 4 — Make the Transfer and Keep the Receipt
- Always keep your transaction receipt or confirmation email.
- You may need it for audits or future transfers.
Regional Differences You Should Be Aware Of
📍 Seoul & Major Cities
- Fintech options widely available.
- More English-speaking staff at banks.
- Same-day remittance often possible.
📍 Smaller Cities & Provincial Areas
- Fewer fintech service points.
- Limited English support at banks.
- Korea Post is often the best choice.
📍 Countryside & Remote Areas
- Korea Post and local bank branches only.
- Expect longer processing times.
- Prepare documents well in advance.
Official Links You Should Bookmark
- 🔗 Ministry of Economy and Finance — Foreign Exchange Guide
- 🔗 Korea Post International Remittance
- 🔗 Wise Korea — International Money Transfer
- 🔗 Sentbe — Fast Remittance Service
- 🔗 WireBarley — Global Remittance
Frequently Asked Questions
❓ Can I send money abroad without a bank account in Korea?
Usually no. Most services require you to hold a Korean bank account under your name.
❓ What happens if I exceed the ₩5 million limit without declaring?
Your transfer may be delayed, investigated, or rejected.
You may also face penalties depending on the case.
❓ Are the exchange rates good with apps like Wise or Sentbe?
Yes, usually better than traditional banks.
But always compare rates before sending.
A Last Line to Keep in Mind
Sending money is more than just pressing a button.
It’s about trust, legality, and taking care of your loved ones responsibly.
Knowing the rules makes all the difference — for you and your family back home.
One Thing Worth Sharing
If you know a fellow expat in Korea, send them this article.
It might just save them time, money… and a big headache.
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