If you would like to send money to other accounts in Korea, you can transfer money at a bank, ATM, the bank’s website, or with the bank’s smartphone app. You can transfer funds up to your current balance. If you transfer money to a different bank, you may incur a transaction fee depending on your bank’s policy and agreements with other domestic banks.
If sending a transfer through a teller, you will need a few items. You’ll need identification, the same identification you used to open the account, so either your passport or Residence Card. You’ll also need to bring your bankbook or debit card to send funds from your account.
If you would like to make a regular automatic transfer, you can visit a bank branch and request for automatic transfer (자동이체, 自動移替, jadongiche). You need to fill out an application form indicating the amount of money and deposit account information. If you transfer money to a different bank, you may incur a transaction fee depending on your bank’s policy and agreements with other domestic banks. You can also set auto payment for the monthly housing management fee.
If you would like to send money overseas, you can transfer money at a bank. At designated foreign exchange banks, you can annually transfer up to $50,000 USD (remittance + fees). If you are sending a large amount you may be asked to produce a document that tells how the money was acquired, sometimes translated as certificate of earned income. Different banks charge different fees and apply different restrictions on transfers. Therefore, it is recommended that you compare information from different banks before setting up your account or you can set up an account at another bank later.
Depending on the bank and the destination country, you can send funds via an ATM or the bank’s website. Korean banks only deal with a limited number of currencies. If you are sending money overseas into a currency your bank does not normally work with, you may have your money transferred into a major currency first, for example Euro or USD, and then into the destination currency. Some Korean banks allow foreign currency accounts. Even in these cases, incoming funds get converted into Korean won.
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