How to Send Money Abroad from Korea

Everything You Need to Know About Sending Money Abroad from Korea

※ This article was first published on July 14, 2025, and last updated on September 4, 2025.
Immigration policies and visa categories may change. Always confirm updates through official government websites and certified institutions.

Cover image credit: Image generated by AI (ChatGPT, 2025).
AI-generated images are strictly for editorial purposes only, comply with free commercial-use licenses (Unsplash, Pixabay, Pexels), and are not permitted for resale or standalone commercial use.
Images do not depict actual people, places, or events.

Editorial & AI Assistance Notice: This article was prepared by HACKsKorea editors with AI assistance (ChatGPT).
All facts were verified against official government and institutional sources.
This is general information only, not legal advice.
Users must confirm the latest details through official government websites or authorized agencies.
For official inquiries, please contact the Korea Immigration Service (출입국·외국인청) through HiKorea Portal (하이코리아 포털) — Call Center 1345, multilingual support available.

Summary at a Glance (Quick Overview for Expats)

Sending money abroad from Korea (대한민국 해외 송금) is one of the most common yet confusing tasks for expats. Whether you are a teacher in Seoul (서울), a factory worker in Busan (부산), or a student in Daejeon (대전), you will eventually need to transfer money to your family, pay tuition fees abroad, or cover living expenses back home.

💡 Key Insight: Sending money is not just about finding the cheapest method. It’s about staying compliant with Korean financial laws, protecting your funds, and ensuring your loved ones receive money quickly and safely.

Here’s what you’ll learn in this guide:

Your Main Options: Bank wire transfers, fintech apps, and Korea Post (우체국) international remittance.
Legal Requirements: Documents such as your Alien Registration Card (외국인등록증), proof of income, and foreign exchange declaration rules.
Limits You Must Know: The ₩5,000,000 monthly limit before mandatory declaration, and the consequences of failing to comply.
Step-by-Step Process: From choosing the method, preparing documents, checking limits, to keeping receipts for audits.
Regional Differences: How sending money from Seoul (서울) differs from small provincial towns or remote countryside areas.
Real-Life Case Studies: Fictionalized but realistic stories from expats in Korea, showing both mistakes and best practices.
FAQ Section: 15+ detailed answers on the most common questions expats ask, such as sending without a bank account, comparing exchange rates, or dealing with frozen transfers.

At the end of this article, you should feel fully prepared and confident to send money abroad from Korea without unnecessary fees, delays, or legal risks.

Eligibility & Conditions (Who Can Send Money and When)

Not everyone in Korea can freely send money abroad, and the process varies depending on your visa type, income status, and documentation. Here’s a breakdown:

Who Can Send Money Abroad?

Foreign Residents with ARC (Alien Registration Card 외국인등록증):
If you are legally residing in Korea with an ARC, you are eligible to use both banks and fintech services. This includes E-2 visa teachers, E-9 visa workers, D-2 students, and F-visa holders.
Short-Term Visitors (Tourist Visa Holders):
Generally not allowed to send money abroad through banks or official services. Some fintech apps may allow transfers if you have a valid Korean bank account, but most require ARC verification.
Korean Nationals with Overseas Family:
Koreans often use similar procedures, but they are subject to slightly different regulations under the Ministry of Economy and Finance (기획재정부).

Conditions You Must Meet

Proof of Income:
Banks and fintech platforms typically require evidence of income. This could be pay slips, tax documents, or an employment certificate. Without this, larger transfers may be rejected.
Bank Account Requirement:
Almost all remittance methods require a Korean bank account in your name. Exceptions are rare and usually apply only to small-value transfers through Korea Post (우체국).
Monthly Transfer Limit:
If your total transfer amount exceeds ₩5 million per month, you must file a Foreign Exchange Declaration. This is not optional. Skipping this step can freeze your money for weeks.
Purpose of Transfer:
When filling out remittance forms, you must state the purpose (family support, tuition, savings, business). Vague or suspicious reasons can trigger extra scrutiny.
Verification & Compliance:
Fintech apps follow strict KYC (Know Your Customer) processes. Expect to upload ID photos, tax documents, or even bank statements before your account is fully activated.

Why These Rules Matter

Korea has strict foreign exchange regulations to prevent money laundering, tax evasion, and illegal capital outflow. While the process may feel bureaucratic, compliance ensures smooth and legal transfers.

💬 Practical Note: Many expats get frustrated when their first transfer is delayed because of missing documents. Preparing everything in advance saves both time and money.

Step-by-Step Application Guide (How to Send Money Abroad from Korea)

Transferring money abroad from Korea (대한민국 해외 송금) is not just a financial activity — it is a legal process governed by strict foreign exchange laws. By following these five steps carefully, expats can avoid delays, penalties, or frozen accounts.

Step 1 — Choose Your Method (Decide the Best Transfer Option)

Before you make any transfer, you must first decide how to send money. Korea offers three main pathways: banks, fintech apps, and Korea Post (우체국).

Banks (은행 송금):
The most traditional and widely trusted method. Recommended for large amounts or when you need face-to-face service. However, fees are higher, ranging from ₩30,000 to ₩50,000 per transfer, and transfers can take 2–5 business days.
Fintech Apps (핀테크 앱):
Examples include Wise (와이즈), Sentbe (센트비), and WireBarley (와이어바알리). These services are fast and affordable, often charging only ₩2,000–₩10,000 per transfer. They also allow transfers through mobile apps without visiting a bank. Best suited for freelancers, digital nomads, and younger expats.
Korea Post (우체국 해외송금):
Available in major branches across the country. Good option for rural areas or smaller cities with limited banking options. However, country coverage is limited, and you may need to check if your destination country is supported.

💡 Tip: If you live in Seoul (서울) or Busan (부산), fintech apps are widely accessible. But if you’re in the countryside, Korea Post may be your most reliable option.

Step 2 — Prepare All Required Documents (Get Verified Before Sending)

Documentation is critical in Korea. Missing even one document can result in rejected transfers or frozen funds. Prepare these in advance:

Alien Registration Card (외국인등록증, ARC)
Valid Passport (여권)
Proof of Income (소득 증빙) — such as pay slips, employment certificate, or tax documents
Bank Account (본인 명의 은행 계좌) — in Korea, almost all remittance services require this
Recipient’s Bank Details (수취인 은행 계좌 정보) — full name, account number, SWIFT code
Foreign Exchange Declaration Form (외환신고서) — required if your remittance exceeds ₩5,000,000 in a month

Fintech apps also require digital verification through the KYC (Know Your Customer) process. This may include uploading ID photos, proof of address, or tax information.

⚠️ Common Mistake: Many first-time expats forget income proof when visiting the bank. Without this, the bank cannot process large transfers. Always carry at least one pay slip or employment certificate.

Step 3 — Check Monthly Remittance Limits (Avoid Exceeding ₩5 Million Without Declaration)

Korea strictly enforces remittance limits:

Under ₩5,000,000 per month:
You can transfer without extra paperwork beyond the standard application.
Over ₩5,000,000 per month:
You must file a Foreign Exchange Declaration with the bank or fintech service. Failure to do so can result in your transfer being frozen for weeks or even months.
Annual Limit:
While the monthly threshold is critical, some expats on work visas also face annual checks to ensure that their total transfers match their reported income in Korea.

💬 Mini Case Example:
Emily, an English teacher in Seoul, sent ₩6 million in one month to pay for her family’s medical expenses. She did not know about the declaration rule, and her money was held for investigation. It took 4 weeks to release. Since then, she always checks her monthly transfer amount before sending.

Step 4 — Make the Transfer and Keep the Receipt (Proof for Future Transactions)

Once your documents are in order, proceed with the transfer.

At Banks: You will fill out a remittance form, provide your documents, and the teller will process the transfer.
At Korea Post: Complete the overseas remittance form, provide ID, and confirm destination country availability.
Through Fintech Apps: Input the recipient’s details, upload required documents, and confirm the exchange rate.

After the transfer is complete, always keep the receipt or confirmation email.

Why receipts matter:

They serve as proof of legal transfer.
They are often required if you later apply for a tax refund, visa renewal, or additional remittances.
If an error occurs, receipts are the first evidence used to resolve disputes.

⚠️ Note: Do not discard receipts. Even digital confirmations should be saved as PDF or screenshots.

Step 5 — Monitor the Transfer and Confirm Arrival (Ensure Funds Reach Safely)

After sending, your responsibility is not over. Always verify that your recipient actually received the money.

Bank Transfers: Usually take 2–5 business days. Track with the bank’s international remittance service.
Fintech Apps: Many apps offer real-time tracking. Some transfers arrive the same day.
Korea Post: Slower than banks or fintech, usually 3–7 business days.

💡 Tip for Expats: Always confirm with your family or recipient once the funds arrive. If the money is delayed beyond the normal timeframe, contact the sending institution immediately.

Regional Differences (How Location in Korea Changes Your Remittance Options)

While sending money abroad from Korea follows the same legal framework nationwide, the actual experience differs greatly depending on where you live. The availability of services, language support, and processing times vary between large metropolitan areas, mid-sized cities, and rural regions.

Seoul (서울) & Major Metropolitan Areas

Expats living in Seoul (서울), Busan (부산), Incheon (인천), and other large cities enjoy the most convenient remittance options.

Bank Accessibility:
All major banks such as KEB Hana Bank (하나은행), Shinhan Bank (신한은행), and Woori Bank (우리은행) operate extensive international remittance counters. Many branches in expat-heavy districts like Itaewon (이태원) or Gangnam (강남) provide English-speaking staff.
Fintech Services:
Apps like Wise (와이즈), Sentbe (센트비), and WireBarley (와이어바알리) are highly accessible. Users in Seoul can often verify their identity within hours and send funds the same day.
Speed & Reliability:
Transfers can arrive on the same day or within 1–2 business days. Internet banking platforms and mobile apps are fully supported with English interfaces.

💡 Practical Insight: If you’re new to Korea and living in a metropolitan city, start with a fintech service. It’s faster and more convenient than visiting banks during busy hours.

Medium-Sized Cities & Provincial Areas

In mid-sized cities such as Daegu (대구), Daejeon (대전), and Gwangju (광주), options are more limited compared to Seoul.

Banks Dominate:
While fintech services exist, fewer branches are familiar with expat needs. English-speaking support is less common, and expats may need a Korean friend or coworker to assist with paperwork.
Fintech Still Available:
Apps still function well, but identity verification may take longer since some regions lack dedicated support centers.
Processing Times:
Transfers often take longer—2 to 5 business days, especially during peak times.

⚠️ Common Issue: Many expats in mid-sized cities rely too heavily on their employers for remittance advice. This can create confusion if the employer is unfamiliar with updated foreign exchange rules. Always double-check with your bank or fintech provider directly.

Countryside & Remote Areas

For expats living in smaller towns or rural areas, the situation is more challenging.

Limited Bank Options:
Only local branches of NongHyup Bank (농협은행) or regional banks may be available. These often lack English-speaking staff and require more paperwork.
Korea Post Advantage:
Korea Post (우체국) is often the most reliable option in rural areas. While coverage is limited to certain countries, the service is consistent and accessible.
Longer Waits:
Transfers from countryside branches can take 5–7 business days, and sometimes longer. Expats must prepare documents in advance to avoid multiple trips.

💬 Mini Scenario: David, a factory worker in rural Jeolla Province (전라남도), tried using a fintech app but had trouble verifying his ID due to limited support. Instead, he switched to Korea Post, which processed his transfers steadily, though more slowly.

Why Regional Differences Matter

Expats often underestimate the importance of geography when planning remittances. Living in a major city makes sending money simple, fast, and tech-friendly. But in smaller towns, services are fewer, slower, and more traditional. Understanding these differences helps expats plan ahead and avoid financial stress.