Last updated 2021.5.28
Money Transfers
Domestic
Bank transfer is the preferred payment method in Korea. It is both easy and convenient.
If you set up web/mobile banking with your bank, you can transfer money via the bank's website or mobile application (using the keycode card referenced in the page on "Web & Mobile Banking").
If you do not have web/mobile banking, you can transfer money domestically via ATMs using your bankbook or ATM/debit card. To transfer money, you will need:
If you set up web/mobile banking with your bank, you can transfer money via the bank's website or mobile application (using the keycode card referenced in the page on "Web & Mobile Banking").
If you do not have web/mobile banking, you can transfer money domestically via ATMs using your bankbook or ATM/debit card. To transfer money, you will need:
- The recipient's name used to register their account (you do not enter their name, it is only for verification)
- The recipient's bank (you will need to select the bank from a list of options)
- The recipient's bank account number
International (to the U.S.)
Wiring money to a foreign bank is called overseas remittance (해외 송금, or 외화 송금 foreign currency remittance). There are many options for sending money back home to the United States.
Some banks, such as Nonghyup and KB Kookmin, offer special foreigner remittance-only accounts; simply transfer money from your regular account to your remittance account, and it will automatically be transferred to your designated bank in the U.S. (You must visit your bank in Korea in advance to designate your bank in the U.S. for remittance.) If planning to make frequent transfers between the U.S. and Korea, you may wish to set up a dedicated remittance account as remittance accounts may offer lower transfer fees, as well as English-language customer support.
You can also directly transfer money from your Korean bank account to your U.S. bank account, without setting up a remittance account. Only one bank account can be used for overseas remittance. This bank account becomes your primary Korean bank account.
International wire transfers can either be done via a banking app/website, once internet banking has been set up, or in person at the bank with appropriate ID.
You will need your U.S. bank account information in order to transfer funds to it. Usually, this would include the bank's Swift code, your account number or AB code, the bank's routing number, and the bank's address. If you do not know this information, please consult with your U.S. bank.
Before completing a wire transfer, ask your U.S. bank if they charge for incoming wire transfers. Many U.S. banks charge around $10-$20 for this service, and total fees (U.S. and Korean) can sometimes add up to around $30-$40.
When leaving Korea, another potential option to explore is the purchase of traveler's checks or cashier's checks. Up to $10,000 USD, or its equivalent in won, can be carried into the U.S. either as a check or in cash.
Some banks, such as Nonghyup and KB Kookmin, offer special foreigner remittance-only accounts; simply transfer money from your regular account to your remittance account, and it will automatically be transferred to your designated bank in the U.S. (You must visit your bank in Korea in advance to designate your bank in the U.S. for remittance.) If planning to make frequent transfers between the U.S. and Korea, you may wish to set up a dedicated remittance account as remittance accounts may offer lower transfer fees, as well as English-language customer support.
You can also directly transfer money from your Korean bank account to your U.S. bank account, without setting up a remittance account. Only one bank account can be used for overseas remittance. This bank account becomes your primary Korean bank account.
International wire transfers can either be done via a banking app/website, once internet banking has been set up, or in person at the bank with appropriate ID.
You will need your U.S. bank account information in order to transfer funds to it. Usually, this would include the bank's Swift code, your account number or AB code, the bank's routing number, and the bank's address. If you do not know this information, please consult with your U.S. bank.
Before completing a wire transfer, ask your U.S. bank if they charge for incoming wire transfers. Many U.S. banks charge around $10-$20 for this service, and total fees (U.S. and Korean) can sometimes add up to around $30-$40.
When leaving Korea, another potential option to explore is the purchase of traveler's checks or cashier's checks. Up to $10,000 USD, or its equivalent in won, can be carried into the U.S. either as a check or in cash.
Third-Party Money Transfer Apps
Some foreigners in Korea choose to utilize third-party money transfer apps such as Sentbe, Hanpass, or Wise (previously TransferWise) to transfer money internationally as they may offer lower transfer rates. DISCLAIMER: Inclusion of information about a particular third-party money transfer app is not an endorsement of said service by KAEC/Fulbright Korea. This information is provided for reference only, as an initial jumping off point for grantees; KAEC cannot guarantee the legitimacy of such services.