Money & Banking
Your money in Korea
Bank accounts, international transfers, cost of living, taxes, and pension — everything financial you need as a foreigner in Korea.
Last updated: March 2026
Bank Account
Which bank is best for foreigners?
You can open a Korean bank account as a foreigner. Here's how the major banks compare on English support and ease of access.
Most foreigner-friendly bank in Korea. Has dedicated English-speaking branches and a good English app. Often recommended as first choice.
Solid option with a decent English app (SOL Bank). Has a dedicated foreigner service team at major branches.
Largest bank by assets. Widespread ATMs. App (KB Star Banking) has English but interface is complex. Good for convenience.
Reliable, no-frills option. Less English support than Hana or Shinhan but widely available.
Online-only bank. App is clean and simple. Easiest to set up if you already have a Korean phone number and ARC. No branch visits needed.
📋 Most banks require your ARC (Alien Registration Card). Apply for it first. Some banks (especially Hana) are flexible for new arrivals within 6 months of entry — ask at the branch.
International Transfers
The best ways to send money home
Your Korean bank can send international wires, but the fees add up fast. These services are almost always cheaper.
Fee
~0.5-1% of transfer amount
Speed
1-2 business days
Limit
Up to $1M/transfer depending on verification
Best for
Regular transfers, best mid-market rates
Uses real exchange rate (mid-market), transparent fees. Highly recommended.
Fee
Flat fee KRW 3,000–5,000 per transfer
Speed
Same day or 1 business day
Limit
Up to KRW 3M/day without extra verification
Best for
Sending money from Korea, fast small transfers
Popular with foreigners in Korea. Low flat fee makes it excellent for small amounts.
Fee
Variable, often $0 with economy option (slower)
Speed
Express: minutes. Economy: 3-5 days
Limit
Up to $2,999/day for new users
Best for
Sending to developing countries, large amounts
Strong for sending to Southeast Asia, South America. Less competitive for US/Europe.
Fee
KRW 5,000–30,000 per transfer
Speed
1-3 business days
Limit
Varies by bank, generally high
Best for
Large amounts, when you need official bank documentation
Use for tax or official purposes. Otherwise, Wise is usually cheaper.
Tip: Sending a larger amount at once is often cheaper than multiple small transfers due to flat fees. Wise also offers rate alerts — set one for your target exchange rate.
Cost of Living
How much does Seoul actually cost?
Drag the sliders to match your lifestyle and see your estimated monthly budget.
Estimated monthly
About average for Seoul
Seoul avg: ₩1.7M / month
Breakdown
* Estimates based on typical Seoul living costs 2024-2025. Actual costs vary by lifestyle, neighborhood, and exchange rates.
Taxes
Taxes — less scary than you think
Working in Korea means paying Korean taxes. The good news: your employer handles most of it automatically.
Pension
National Pension — you can get it back
When you leave Korea, you may be entitled to a full refund of your pension contributions. Here's what you need to know.
What is NPS?
Korea's National Pension Service (NPS / 국민연금) is mandatory for most employees in Korea. A portion of your salary is deducted monthly (4.5% employee / 4.5% employer = 9% total).
Getting a refund
When you leave Korea, you can claim a lump-sum refund of all your contributions if your home country has a social security agreement with Korea, OR if you are leaving permanently. Apply at the NPS office or online (nps.or.kr/english).
Exemptions
Citizens of countries with Social Security Totalization Agreements (US, UK, Germany, Canada, Australia, etc.) may be exempt from Korean pension contributions. Check with your employer's HR.
🔗 Official resource: Visit nps.or.kr/english to apply for a lump-sum refund and find detailed eligibility info.