How to Send Money Overseas from Korea (2026): Complete Guide for Foreigners
Foreigners living in Korea often need to send money home — for family support, savings, or covering expenses back home. This guide covers the main remittance options, fee comparisons, procedures, and important things to watch out for.
Table of Contents
- 1. Basic Requirements for Overseas Transfers
- 2. Bank Wire Transfers
- 3. Fintech Remittance Services (Wise, etc.)
- 4. Convenience Store Remittance
- 5. Fee Comparison: Major Services
- 6. Transfer Limits and Reporting Requirements
- 7. Tips to Save on Exchange Rates
- 8. Country-Specific Notes
- 9. Frequently Asked Questions
- 10. Consultation
1. Basic Requirements for Overseas Transfers {#section-1}
| Item | Details |
|---|---|
| Required documents | ARC or passport + Korean bank account |
| Recipient information | Full name, address, bank name, account number, SWIFT/BIC code |
| Currency | KRW → converted to target foreign currency at transfer |
| ARC advantage | ARC holders access higher transfer limits and simplified procedures |
| Tax reporting | No reporting required for personal living expenses under USD 50,000/year |
Regular salary and living expense remittances do not require special tax reporting. For large asset transfers, consult a tax professional or administrative specialist first.
2. Bank Wire Transfers {#section-2}
| Bank | Service | Notes |
|---|---|---|
| Hana Bank | Global Won / Hana One | China/Southeast Asia specialist; app transfer available |
| Shinhan Bank | SOL Overseas Transfer | 24-hour app transfers; exchange rate promotions |
| KB Kookmin | KB Overseas Remittance | Via KB Star Banking app; 135+ countries |
| Woori Bank | WiBee Overseas Transfer | App and ATM transfers |
| IBK Industrial Bank | IBK Overseas Transfer | Dedicated service for foreign workers |
| Item | Details |
|---|---|
| Fee | KRW 3,000–20,000 per transfer + correspondent bank fees |
| Exchange rate | 1–2% spread over mid-market rate |
| Processing time | 1–3 business days |
| Transfer limit | ARC holders: up to USD 50,000/year without special reporting |
| Minimum amount | Varies by bank (often no minimum) |
Hana Bank's Global Won and IBK Industrial Bank are especially popular among foreign workers. Mobile app transfers usually come with fee discounts.
3. Fintech Remittance Services (Wise, etc.) {#section-3}
| Service | Features | Fees |
|---|---|---|
| Wise (formerly TransferWise) | Uses mid-market exchange rate; transparent fees | ~0.4–1% of amount + small fixed fee |
| Western Union | Cash pickup available worldwide (200+ countries); fast | ~USD 5–15 + exchange margin |
| MoneyGram | Cash pickup; Korea agents available | ~USD 5–10 |
| SentBe (센트비) | Korean fintech; Southeast Asia specialist | KRW 1,000–3,000 per transfer |
| Payoneer | Freelancers and online business only | Varies by service |
Wise is the most popular fintech option among foreigners in Korea, thanks to transparent rates and low fees. You can send Korean won directly from a Korean bank account.
4. Convenience Store Remittance {#section-4}
| Service | Location | Destinations |
|---|---|---|
| GS25 MoneyGram | GS25 convenience stores | Worldwide (cash pickup available) |
| CU Overseas Remittance | CU convenience stores | Select Asian countries |
| Korea Post International | Post offices nationwide | Major countries |
Convenience store remittance is useful if you don't have a bank account or need to send cash urgently — but fees tend to be higher than bank or fintech options.
5. Fee Comparison: Major Services {#section-5}
Example: sending KRW 1,000,000 (approx. USD 700) to the United States
| Service | Transfer Fee | Exchange Spread | Estimated Total Cost |
|---|---|---|---|
| Wise | ~KRW 3,000–5,000 | None (mid-market rate) | Low |
| Hana Bank (app) | ~KRW 3,000–5,000 | ~1% | Medium |
| Kookmin Bank (counter) | ~KRW 10,000–15,000 | ~1.5% | High |
| Western Union | ~KRW 5,000–15,000 | ~2–3% | High |
| GS25 MoneyGram | ~KRW 7,000–20,000 | ~2–3% | High |
For small transfers, the per-transaction fee matters most. For large transfers, the exchange rate spread is the bigger cost.
6. Transfer Limits and Reporting Requirements {#section-6}
| Category | Details |
|---|---|
| Under USD 50,000/year | Personal living expenses / salary — no special reporting required |
| Over USD 50,000/year | Must report to the Bank of Korea or a licensed forex institution |
| Non-residents (short stay) | Can remit after proving source of funds |
| Real estate / investment gains | Must show capital gains tax payment proof |
| Single transfer over USD 10,000 | Automatically reported to Financial Intelligence Unit (FIU) |
Most foreign workers remit well under USD 50,000 per year for personal use, so no special reporting is needed. For investment returns or large asset transfers, consult a specialist.
7. Tips to Save on Exchange Rates {#section-7}
| Tip | Details |
|---|---|
| Set rate alerts | Use bank apps or Wise to get notified when rates are favorable |
| Use mobile apps | Save 50–70% on fees vs. counter service |
| Look for bank promotions | Hana, Shinhan, and KB apps run exchange rate discount campaigns |
| Consolidate transfers | Fewer larger transfers beat many small ones (saves per-transfer fees) |
| Compare Wise vs bank | Wise often wins on mid-size transfers; bank promotions can compete on large amounts |
8. Country-Specific Notes {#section-8}
| Destination | Key Notes |
|---|---|
| China | USD 50,000/year individual forex receipt limit; renminbi conversion rules apply |
| Philippines | No receipt limit; extensive Western Union agent network |
| Vietnam | No receipt limit; bank account delivery standard |
| Indonesia | ID required at pickup; bank or cash delivery both available |
| Thailand | No receipt limit; local bank account recommended |
| USA / EU | No limit; standard SWIFT transfers apply |
| Japan | No limit; Japanese bank account required |
| Mongolia | Cash pickup available (WU/MoneyGram) |
9. Frequently Asked Questions {#section-9}
Q. Can I send money overseas without a Korean bank account? A. Yes. Western Union and convenience store MoneyGram allow cash remittance without a bank account. However, fees are higher and limits may be lower.
Q. Do I pay tax when remitting money overseas? A. For personal living expenses or salary transfers, there is no Korean tax imposed. However, the recipient country may have its own rules about receiving funds — check the local tax regulations.
Q. How long does an overseas transfer take? A. Wise and Western Union often complete within hours to same-day. Bank SWIFT transfers typically take 1–3 business days. Add 1–2 more days for the receiving bank's processing.
Q. Which service has the lowest fees? A. Wise generally offers the best combination of transparent pricing and mid-market exchange rates for small-to-mid amounts. For large amounts, bank exchange rate promotions can sometimes compete.
Q. Any special rules for sending money to China? A. Yes — China imposes a USD 50,000/year limit on individual forex receipts. The recipient must have a real-name verified bank account. Check China's local rules on renminbi conversion before transferring.
10. Consultation {#section-10}
If you need help with visa status, residency procedures, or general life settlement in Korea, Vision Administrative Office provides expert support.
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