Sending and Receiving Money in Korea: A Guide for International Students

Your family sends money for tuition and rent, and later you may send part of your salary home. Here is how money moves in and out of Korea, what you need, and how to avoid the mistakes that cost students money or even their visa.

Before you arrive

• Tuition is usually paid by international bank transfer (SWIFT) straight to your university's account, using the invoice it sends you. Check the exact account name and reference your university wants.
• Cash for the first days. Bring some Korean won for transport and food. If you carry more than USD 10,000 in total when you enter Korea, you must declare it at customs.
• Rules in your home country. Some countries control how much money can leave for study abroad. If your family lives in one of them, ask the bank at home early. (Example: paying tuition from Bangladesh.)

Receiving money from home

Once you have a Korean bank account (see opening a bank account), your family can send money to it.

• Bank transfer (SWIFT). Works from almost every country. Your family needs your bank's SWIFT code, your account number, and your name exactly as it appears on the account. Fees are charged by the sending bank, sometimes by an intermediary bank, and sometimes by your Korean bank too.
• Online money transfer services. Services such as Wise can send money to Korean bank accounts, often with lower fees and a clearer exchange rate than a bank wire. They only work if the sender's country and currency are supported. For example, Wise cannot currently send money from Bangladeshi taka.
• Remittance apps. Some Korean remittance companies also handle money coming into Korea from certain countries. Check the app for your country.

For a large amount, the bank may ask what the money is for. Keep your tuition invoice, rental contract or a short letter from your family ready.

Sending money home from Korea

You need three things first: your ARC, a Korean bank account in your name, and a Korean phone number in your name for identity checks.

Licensed remittance apps are the cheapest route for most students. For foreign residents, apps usually cap each transfer at around USD 5,000 and also set yearly limits. Korea changed its remittance limits in 2026, so check the current limit in your app before a big transfer.

Wise can send money to Korea, but it cannot currently send money from Korean won. To send money out of Korea, use a Korean remittance app or your bank.

Stay safe

• Never use unlicensed money brokers (sometimes called hundi or hawala). They are illegal in Korea, you have no protection if the money disappears, and it can cause problems with your visa.
• Never lend, rent or sell your bank account or card. Criminals use student accounts for voice phishing. The account owner can be punished and the account frozen, even if you did not know.
• Only send money you earned legally. Part-time work needs permission first. See part-time work rules.
• Double-check the recipient's details. A wrong name or account number can take weeks to fix.

Quick tips to save money

• Compare the total amount your family receives, not only the fee.
• Send fewer, larger transfers instead of many small ones.
• Look for first-transfer promotions. Many apps offer a better rate or no fee on your first transfer.

General information, not financial advice. Rules and limits change, so confirm with your bank or app. Sources: Wise: supported currencies · Wise: BDT transfers · 2026 changes to Korea's remittance limits · The Soul of Seoul: sending money to and from Korea · Korea Customs Service