19 Mar
Overseas Remittance
A huge concern some people have before moving abroad is finances. A major question I had was how I would get money to my bank account in the States. There are a couple of different ways you can send money home, regardless of your home country. First, you can do an overseas remittance at your bank. If this option isn’t ideal for you, you can also download a 3rd party app that will allow you to send money abroad. In this guide, you’ll find helpful tips and tricks for navigating both methods when sending money home.
Using Your Korean Bank
In order to send money home directly from your Korean bank account, you’ll need to go in person to your bank. Most banks in Seoul and major cities have bank tellers who speak English, but I recommend asking a Korean friend to come with you if you’re in a small town. Once the remittance account is set up, you can easily send money home this way. There are really only two negatives to going directly through your Korean bank: First, there’s usually a fee associated with each transfer (I’ve seen anywhere between 8,000-20,000 won, which is about $6-15 USD). Second, it usually takes 1-2 days for the money to appear in your U.S. bank account. However, once you have it set up, this option is easy and can be done from your regular banking app!
Below are the basics of what information you need to have on hand when setting up a remittance account with your Korean bank. Most of the information for my bank account in the U.S. is easily accessible on my bank’s app, so look there first if you’re unsure about some of this information!
What you’ll need to give your Korean bank:
- Your name
- Address in Korea
- Phone number in Korea
- The recipient’s name
- The recipient’s address
- Their phone number
- The international bank name
- The bank address
- The bank code
- The account number
Apps For Sending Money
If you don’t want to deal with the hassle of physically going into your bank in Korea to set up a remittance account, you can use an app for sending money home. After asking my friends who have used this option, there seem to be a few pros to this method: First, depending on the app you use, the fees associated with the transaction can be lower. Second, you can potentially get the money in your home bank account faster than by going through your Korean bank. Even if you initially set up overseas remittance with your bank, one of these apps is good to have on hand in case there is an emergency!
For most of these apps, you’ll need similar information to what your Korean bank will require for an overseas remittance. Some might differ or require more, but the setup process can be done entirely from the comfort of your phone. No in-person conversations necessary!
Below are a few options for apps that allow you to send money overseas:
- WireBarley: One of my closest friends here in Seoul uses WireBarley, and she can personally vouch for how user-friendly it is. Plus, she says this is a great option for people looking to avoid expensive fees!
- Wise: If you need to send money to Korea rather than to your home country, I’ve heard this is a particularly good app to do it with. Wise is also another great option if you’re worried about fees.
- SentBe: SentBe is another popular app for sending money overseas! Just be careful with this one. Although it’s fast and reliable, it also has a transaction limit for a single transfer.
It’s been amazing getting to travel the world and earn money doing a job I love. There’s no reason you won’t be able to save money each month when you live in Korea. Knowing I have plenty of options for sending money home has given me such peace of mind. I hope this article helps you have a better idea of how you’ll send money home, so you can focus more on the life-changing adventure ahead of you!
Diana Richtman is a writer and ESL teacher living in Seoul, South Korea. Originally from Savannah, Georgia in the United States, Diana holds a bachelor’s degree from the University of Georgia in English & Women’s Studies. After receiving her TEFL certification, Diana moved to South Korea where she works at one of Creverse’s April Institutes. When Diana isn’t working, she loves exploring Korea, drinking warm cups of tea, and scaring away her friends with her karaoke performances.