What are the best ways to send money from Korea to my home country?

Sending money from Korea to your home country has many options now, with fees and exchange rates varying widely. The cheapest options use online services rather than traditional banks.

Wise (formerly TransferWise) is the foreign favorite for transparency. Sign up with your ARC, link your Korean bank account, and transfer money at the real mid-market exchange rate plus a 0.4 to 1 percent fee. For 1 million won transfer, fee is around 5,000 won, far cheaper than banks. Transfer time 1 to 3 business days. Daily/monthly limits depend on your verified status, with higher tiers reaching 50 million won/transfer.

Moneygram and Western Union have offices in Seoul (Itaewon, Jamsil, Mapo) for cash-to-cash international transfers, mainly used for remittance to Southeast Asia and Africa. Fees 5 to 10 percent of transfer amount, exchange rates marked up 2 to 4 percent. Faster than banks (often same day for cash pickup) but more expensive.

GME Remit (Korean fintech) specializes in remittance to Vietnam, Philippines, India, Indonesia, Nepal, Sri Lanka, and other Southeast Asian countries. Lower fees than Wise for these specific corridors (often 1,500 to 5,000 won flat fee), better rates for smaller amounts. Operates as both online platform and physical branches in foreign worker districts (Ansan, Suwon, Daegu, Busan).

E9pay is a fintech service primarily for E-9 visa workers, with very low fees (3,000 to 5,000 won) for transfers to designated remittance corridors. Limited to specific countries and designed for migrant workers.

Korean banks: KEB Hana, Shinhan, Woori, KB all offer international wire transfers. Fees 15,000 to 35,000 won per transfer, plus exchange rate markup of 1 to 2.5 percent. KEB Hana has the best foreigner-friendly remittance services with their Hana Onepass app supporting transfers to 50+ countries with English UI. Transfer time 1 to 3 days.

Kakao Pay and Toss for international transfers: Both Korean fintech apps now support international transfers to limited countries with competitive rates. Kakao Pay supports US, Japan, China, Vietnam, Philippines via partnership with Wise. Toss has similar global reach. Easy if you're already using these for Korean payments.

Limits and regulations: Foreign workers can transfer up to 50,000 USD per year without additional documentation, beyond which you need to submit tax records and source-of-funds proof. Reporting requirements kick in at 10,000 USD per single transfer. Keep all your salary records and tax documents to support large transfers. The 1339 (or wait, that's medical), I mean 1577-7474 (Bank of Korea Foreign Exchange) hotline answers regulatory questions in basic English.

Quick recommendations by use case: For monthly remittance under 5 million won, Wise is best in fees and rates. For Southeast Asia specifically, GME Remit beats Wise for corridor-specific rates. For urgent cash pickup, MoneyGram or Western Union. For large bank-to-bank transfers above 50 million won, KEB Hana with foreign currency account (외화통장) which lets you hold USD/EUR and time your conversion to favorable rates. For occasional gifts, Kakao Pay if your recipient country is supported.

Tax considerations: Money you send home is generally not taxed in Korea (it's already-taxed income), but your home country may have receipt-side taxes. Each country differs, so consult a local accountant. Korea has tax treaties with 90+ countries to prevent double-taxation. The National Tax Service English helpline (1588-0560) clarifies Korea-side rules. Always keep transfer records for 5 years for any tax inquiries.