How to Send Money Home from Korea

Sending Money Home From Korea

If you're like a lot of foreigners here, you have a banking account in your primary country of residence. You can keep the money you earn in your Korean Account or you can send it back to your country.

If you live in a small town, you might need to go to a bigger city or a bigger branch to transfer money.

Things you should bring with you to the bank:

• passport
• home bank name and address
• routing number (the first set of numbers on your check)
• bank account number and the name of the account owner

When you enter the bank, you have to take a number. When it's your turn, go to the representative.

The representative will give you a form to fill out. They will ask you for your passport and make a copy of it. The form is self explanatory and if you have any questions, you can ask the representative. Usually in most banks, there will be someone who can speak some English.

If you have an account with the bank, they can take the amount out of your account or you can bring the cash to transfer with you. If you are sending less than $1,000 USD, you don't need your passport but if the amount is greater than that, your passport is required. For amounts less than 1,000 USD, you will need your Alien Registration card but it's just best to bring both pieces of ID with you to be on the safe side. What you need may differ from bank to bank and it's just best to err on the side of caution.

Once you fill out the form, the process is quick and simple. They will give you a receipt after the money has been wired. The fees vary, in my case, there was a 12,000 won (approximately $12 USD) fee for sending the money electronically.

Your US or foreign bank may also charge you a fee to accept the money. The fee goes from about $10 USD and up. My bank charged me $12USD for a total transaction fee of $24 USD- $12 to send from Korea and $12 to accept the money in the States.