Find out about your options on importing and exporting money to South Korea – available services, fees, restrictions and required declaration.
Koreans want you to spend your money in their country and therefore may put restrictions on the amount of money you can transfer out. However, it is your money and there are plenty of resources that allow you to send it home if you wish. Your local bank and other well-known companies such as Western Union and MoneyGram are located all throughout Korea to provide the services that you need.
Branch offices of Western Union and MoneyGram are littered all throughout South Korea and are sometimes affiliated with certain banks such as “Kookmin Bank” and “Industrial Bank of Korea.” A simple yellow page search can locate the money transfer bank nearest you.
Most banks offer services to transfer funds internationally for a small service fee (your home bank may also charge a fee to receive the money). However, many banks put a limit on the amount of money you can transfer.
It is essential that you bring your passport with you when transferring money because it is procedure for many banks to stamp it each time. Some institutions have recently established online banking services where you can do things like transfer money from the convenience of your computer. Since you are charged by the Korean bank and your home bank each time you transfer money, it is wise to send larger amounts of money fewer times.
Since most banks in Korea offer the same services for the same price, your choice should depend more on other factors. If you plan on sending most of your money home, you should find a bank that has little or no restrictions on the amount you can transfer. Location and accessibility are also key factors to choosing a bank or money transfer service provider. A transfer should take no longer than a couple days to a week to arrive to your other account.
Several banks put a limit of 60% of your total earnings that can be wired home. Others are more lenient and may allow you to transfer 80% or all of your money.