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Sending Money Overseas from Korea: Limits & Fees

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🌍 Foreign Residents in Korea Series

Step-by-step guides for foreigners living in Korea — from address registration and visa to banking, taxes, and digital certificates.

The first time I wired money overseas, I paid more than I should have. Now I know what to check before I send.


In short

Foreigners in Korea can remit money abroad through local banks, mobile apps, or fintech services. This guide explains transfer limits, typical fees, and required documents for legal overseas remittance.

Overview of Overseas Remittance in Korea

Overseas remittance in Korea refers to sending Korean won or foreign currency to an overseas account. Both Korean citizens and foreigners can remit funds through local banks such as KEB Hana, Woori, Shinhan, or KB Kookmin, and via licensed fintech apps like Sentbe, WireBarley, or Toss Bank.

Foreign residents usually need an Alien Registration Card (ARC), passport, and bankbook to complete the process. All banks follow guidelines set by the Bank of Korea and the Financial Supervisory Service (FSS).

Transfer Limits and Reporting Rules

Korean banks have strict limits on how much money you can send overseas depending on your residency status and purpose of remittance.

  • Personal remittance: Up to USD 50,000 per year without special approval.
  • Tuition or family support: Higher limits possible with supporting documents (e.g., school invoice, family certificate).
  • Business remittance: Requires company registration and related export/import documents.

Transfers exceeding USD 50,000 annually must be reported to the National Tax Service (NTS). Most banks will automatically report large transactions under Korea’s Foreign Exchange Transaction Act.

💡 Tip Keep proof of income, pay slips, or tax documents ready — banks may request these to verify the source of funds before approving your remittance.

Bank Fees and Exchange Rates

Most Korean banks charge both a remittance fee and a currency exchange margin. The total cost depends on the sending method, amount, and receiving country.

  • Bank branch transfer: ₩10,000–₩30,000 per transaction.
  • Online or mobile transfer: ₩3,000–₩10,000 on average.
  • Fintech apps: Usually cheaper, with lower exchange rate margins (0.5–1.5%).

Check real-time rates via your bank’s mobile app or the KEB Hana FX Rate page before sending. Exchange rates may vary during weekends and holidays.

⚠️ Note If the recipient’s name or bank details are incorrect, your transfer may be delayed or returned — double-check all information carefully.

How to Send Money from Korea

You can send money abroad through one of the following channels:

  1. Visit a bank branch: Bring your ARC, passport, and bankbook. Fill out a remittance form and provide recipient bank details.
  2. Use mobile banking: Apps like Hana OneQ, Shinhan SOL, and Toss allow direct overseas remittance with your verified account.
  3. Fintech platforms: Services such as Sentbe or WireBarley offer faster processing and better exchange rates for small amounts.

After submission, banks will process your remittance within 1–3 business days. Keep the transaction receipt or SWIFT number for tracking.

💡 Tip If you send money regularly, register your recipient’s details in advance to save time and avoid repeated verification.

Frequently Asked Questions

  1. Q. Can foreigners send money overseas from Korea?
    A. Yes. Foreigners with an Alien Registration Card and a valid bank account can remit money legally through banks or licensed remittance apps.
  2. Q. What documents are required for overseas remittance?
    A. Usually, your passport, ARC, and proof of income. Some banks may ask for additional documents such as invoices or certificates for education-related transfers.
  3. Q. Is there a yearly limit for sending money?
    A. Yes. The general limit is USD 50,000 per year per person. If you exceed that, the transaction must be reported to the National Tax Service.

Notes

Note. Always check your bank’s latest remittance policy — limits and procedures can vary slightly between institutions.

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More step-by-step guides for foreigners in Korea. Browse them on the hub, or jump directly below.

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