Sending Money Abroad (해외 송금): A Foreigner's Guide

If you're earning in Korea and sending money home — or moving savings abroad — the difference between using a traditional bank wire and a fintech remittance service is meaningful. The spread between the mid-market exchange rate and what banks charge can be 2–4% per transaction. On ₩3,000,000, that's ₩60,000–₩120,000 lost to fees and poor exchange rates every time you send. Over a year of regular remittances, it adds up to real money.

두 가지 방법 (Two Main Approaches)

은행 해외송금 (Bank Wire Transfer)

Traditional international wire transfer through a Korean bank — SWIFT 송금 in Korean banking terminology.

과정 (Process):

1. Visit a bank branch or use internet banking / mobile app

2. Provide: recipient's bank name, account number, SWIFT/BIC code, recipient address

3. Specify amount in KRW or destination currency

4. Pay the transfer fee

5. Funds arrive in 1–3 business days

비용 구조 (Cost structure):

• 송금 수수료 (Transfer fee): ₩5,000–₩30,000 per transaction (varies by bank and amount)

• 환율 스프레드 (Exchange rate spread): 1.5–3% above mid-market rate

• 수취 은행 수수료 (Receiving bank fee): $10–$30 charged by the foreign bank

적합한 경우 (Best for): Large transfers (₩10,000,000+) where the percentage spread matters less than the flat fee; transfers to countries not well served by fintech alternatives.

핀테크 송금 (Fintech Remittance)

Dedicated money transfer services that operate with lower margins than banks.

주요 서비스 (Major services):

비용 비교 (Cost comparison, ₩3,000,000 → USD):

The fintech advantage is approximately ₩65,000–₩80,000 per ₩3,000,000 transfer — or approximately 2–3% better outcomes.

송금 한도와 규정 (Limits and Regulations)

Korean foreign exchange law imposes reporting requirements — not restrictions — on international transfers above certain thresholds.

$50,000 기준 (The $50,000 threshold):
Transfers exceeding the equivalent of $50,000 per single transaction require reporting to the 한국은행 (Bank of Korea). Your bank handles this process — you provide documentation of the purpose of the transfer (salary, savings, etc.). This is not a restriction on transferring the money; it is a regulatory reporting requirement.

연간 한도 (Annual limits):
There is no hard annual cap for private individuals on international transfers — but cumulative large transfers may trigger additional scrutiny. For regular remittances within normal employment income, the process is straightforward.

필요 서류 (Documentation typically required):

• ARC

• Bank account (same name as ARC)

• Purpose of transfer (급여 송금, 저축 이전 등)

• For amounts above reporting threshold: employment contract or salary documentation

환율 타이밍 (Exchange Rate Timing)

The won is volatile — as detailed in the exchange rate article. For regular remittances, the practical question is whether to try to time the exchange rate.

현실적 접근 (Practical approach): Timing the exchange rate consistently is not reliably possible. A practical alternative is 정기 송금 (regular scheduled remittance) — converting and transferring a fixed won amount at regular intervals (monthly, bi-weekly) rather than trying to pick favorable moments. This dollar-cost averaging approach captures a range of exchange rates and removes the anxiety of timing decisions.

환율 알림 (Rate alerts): Most fintech remittance services offer rate alerts — you set a target rate and receive notification when the won reaches that level. Useful for one-time large transfers (moving savings home) rather than regular small remittances.

국가별 추천 서비스 (Recommended Services by Destination)

Key Facts

다음 아티클: The 0.72 Problem (저출산): The Economic Cost of Korea's Birth Rate Crisis →