Sending Money from Korea

Why Remittance Matters for Foreign Workers

For the millions of foreign workers in Korea, sending money home (해외송금) is one of the most important financial tasks. Whether you are supporting family, paying off student loans, or building savings in your home country, the method you choose can make a significant difference in how much money actually arrives. The gap between the best and worst remittance options can easily exceed 50,000-100,000 KRW per transfer -- money that adds up quickly over months and years.

Korea has a well-developed financial technology ecosystem with many options for international money transfers. Understanding the fees, exchange rates, and speed of each option will help you keep more of your hard-earned money. This guide compares all major remittance services available in Korea as of 2026.

Remittance Options Compared

Here is a side-by-side comparison of the main ways to send money from Korea:

Important:The "transfer fee" is only part of the cost. Many services make additional profit through exchange rate markups. A service advertising "zero fees" may still cost you more due to a poor exchange rate. Always compare the total amount received, not just the stated fee.

Real Cost Comparison: Sending $1,000 USD

To illustrate the true cost difference, here is what it would cost to send $1,000 USD from Korea using each service (based on a mid-market rate of 1,350 KRW/USD):

Bottom line:Using Wise instead of a Korean bank wire transfer saves approximately 45,000 KRW per $1,000 sent. If you send $1,000 monthly, that is over 540,000 KRW saved per year -- nearly half a month's minimum wage.

Annual Remittance Limits and Tax Reporting

Korea regulates international money transfers through the Foreign Exchange Transactions Act (외국환거래법). Here is what foreign workers need to know:

• Under $50,000 USD per year: You can remit freely with basic identification (ARC and passport). No special documentation required. Most foreign workers fall within this limit.
• Over $50,000 USD per year: You must provide proof of the source of funds. Acceptable documents include employment contracts, salary statements (급여명세서), tax payment certificates (납세증명서), and property sale documents.
• Single transactions over 10,000,000 KRW: The bank or remittance service is required to report the transaction to the National Tax Service (국세청) and the Bank of Korea. This is an automatic reporting requirement, not a tax. You do not need to do anything extra, but keep records.
• Cash transactions over 10,000 USD: If you physically carry more than $10,000 USD (or equivalent) in cash when entering or leaving Korea, you must declare it at customs. Failure to declare can result in the cash being confiscated.

Tip: Keep records of every remittance you send. Immigration officers may ask for proof of financial activity during visa renewals, and tax authorities may request documentation if your remittance patterns appear unusual.

Documents Needed for Your First Transfer

Setting up your first international transfer requires some initial documentation. After the first transfer, subsequent ones are usually much faster:

• Alien Registration Card (ARC / 외국인등록증): Required by all services for identity verification.
• Passport: Your original passport matching the name on your ARC.
• Korean bank account: Needed for digital services like Wise and SentBe. Not required for Western Union cash transfers.
• Recipient's bank details: Account number, bank name, branch name, and SWIFT/BIC code for international bank transfers. For services like Western Union or GME, the recipient may need only a phone number and ID to pick up cash.
• Employment verification (for large amounts): Certificate of employment (재직증명서) or salary statement may be required for transfers exceeding certain thresholds.

Tips for Getting the Best Exchange Rate

Small improvements in your exchange rate can save significant money over time. Here are practical tips:

• Avoid weekends and holidays: Foreign exchange markets are closed on weekends, so services often use Friday's rate with an additional margin. Send money during weekday business hours (월-금 오전 9시-오후 3시) for the best rates.
• Use rate alerts: Wise and other services offer rate alerts that notify you when the KRW exchange rate hits your target. Set an alert and transfer when the rate is favorable.
• Batch your transfers: Sending fewer, larger transfers is usually cheaper than many small ones because fixed fees are spread over a larger amount. Consider sending monthly instead of weekly.
• Compare before every transfer: Exchange rates fluctuate daily. Check at least 2-3 services before each transfer. A service that was cheapest last month may not be cheapest this month.
• Watch for promotions: SentBe, GME, and other services frequently offer promotional rates or zero-fee deals for new customers or during holidays. Follow them on social media for announcements.

Use our Salary Calculator to understand your after-tax income and plan how much you can afford to remit each month.

Frequently Asked Questions