How do I set up and use Wise (formerly TransferWise) in Korea to send money abroad?

I have used Wise from Korea for over two years to send Euros to my family. Setup is straightforward but there are a few Korea-specific points to know.

First, sign up at wise.com using your foreign passport. Korean phone number works fine for verification. Identity verification requires uploading your passport and ARC, plus a selfie. Approval usually takes 1 to 2 days.

For sending money out of Korea, Wise requires you to register your Korean bank account. They support most major Korean banks (KB, Shinhan, Woori, Hana, NH). The transfer happens via local Korean transfer to Wise's Korean partner bank, then Wise pays out in the destination currency. Limits depend on your verification level and the Bank of Korea regulations, typically up to 5,000 USD per transaction and around 50,000 USD per year for foreigners without specific documentation.

For amounts above that, you need to provide proof of source of funds (employment contract, tax records, etc.) to your Korean bank and possibly file with the Bank of Korea. Fees are much lower than traditional banks, usually 0.5 to 1 percent versus 3 to 6 percent. Transfers typically arrive within 1 to 2 business days. Receiving money into Korea is also possible by sharing your Wise Korean account details with senders.