Teaching English in Korea
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Sending Money from Korea
Return from Sending Money from Korea to Life in Korea
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Return from Sending Money from Korea to Homepage
Sending Money home is an easy and simple process, but there are a few things you need to keep in mind...
Sending money from Korea is a fairly straightforward process without too many hiccups and paperwork. You simply go to the bank where you have your account, fill in a form and wait a few days to a week for the money to show up in your bank account at home.
However, keep the following in mind: In an attempt to stamp out illegal English teachers without visas, the government tries to places a restriction on the amount you're allowed to legally send out of the country. The amount varies per bank and while some banks have a really low amount, others have a limit that's high enough to not be a problem at all.
If your bank places a limit on the amount you're allowed to send and you want to send more, there are two ways to resolve it:
1) Visit the bank with your employer and provide proof of income in Korea. The limit will then be adjusted between 60% - 80% of your total earnings (you most likely won't save more than that unless you live like a chicken).
2) Don't bank there! Instead go to a bank like Korean Exchange Bank (KEB) that offers special services for foreigners in Korea, have a high sending limit and have unique remittance accounts that makes sending money on a regular basis cheap and effective.
Apart from this issue, what else do you need to bring with you when sending money home?
- Your Korean Alien Registration card
- Your Korean Bank card and Bank Book
- The Bank details of your account at home including your Bank's SWIFT code. This is code used for international bank recognition and it's impossible to transfer money globally without it. Any bank employer will be able to give it to you.
- Your Signature :-)
Apart from banks, sending money with agencies like Western Union is also an option, but they are more expensive than banks and unless you really need a fast transfer, don't bother with them. Just go to the Bank.
However, keep the following in mind: In an attempt to stamp out illegal English teachers without visas, the government tries to places a restriction on the amount you're allowed to legally send out of the country. The amount varies per bank and while some banks have a really low amount, others have a limit that's high enough to not be a problem at all.
If your bank places a limit on the amount you're allowed to send and you want to send more, there are two ways to resolve it:
1) Visit the bank with your employer and provide proof of income in Korea. The limit will then be adjusted between 60% - 80% of your total earnings (you most likely won't save more than that unless you live like a chicken).
2) Don't bank there! Instead go to a bank like Korean Exchange Bank (KEB) that offers special services for foreigners in Korea, have a high sending limit and have unique remittance accounts that makes sending money on a regular basis cheap and effective.
Apart from this issue, what else do you need to bring with you when sending money home?
- Your Korean Alien Registration card
- Your Korean Bank card and Bank Book
- The Bank details of your account at home including your Bank's SWIFT code. This is code used for international bank recognition and it's impossible to transfer money globally without it. Any bank employer will be able to give it to you.
- Your Signature :-)
Apart from banks, sending money with agencies like Western Union is also an option, but they are more expensive than banks and unless you really need a fast transfer, don't bother with them. Just go to the Bank.
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