No limit on the amount.
After designating one of our branches for your foreign exchange transactions once a year, you can freely send money to your family or relatives overseas through Woori bank. However, if the amount is less than or equal to US$1,000, you can make remittances at any time at any bank without the above designation procedure. Any annual remittances exceeding US$10,000 shall be reported to the National Tax Service.
Overseas remittance by Non-residents
Non-residents
Without documents of evidence, transfers of amounts up to US$10,000 are allowed
Up to US $10,000 can be sent without presenting additional documents of evidence. A passport is required.
With documents of evidence, transfer of the amount specified is allowed.
If you have already exchanged foreign currency during your stay in Korea or earn an income in Korea, you can remit money within the corresponding amount. You need to present your passport, certificate/receipt of foreign exchange purchased, pay stubs, and so forth.
Overseas remittance by overseas residents
Overseas residents refer to Korean citizens who reside in a foreign country for 30 days or more
for business, cultural affairs, and/or technical training or those who stay overseas for less than
6 months for training. When conducting your first remittance transaction from Korea,
you are expected to bring with you the following documents:
Overseas Residents
No limit on the amount
Any annual remittances exceeding US$100,000 in total shall be reported to the National Tax Service. You will need to bring your passport and a dispatch order issued by your company or by an overseas training institution. You also need to designate one of Woori Bank's branches for your foreign exchange transactions.
Overseas remittance by students studying abroad
"Students studying abroad" are defined as Korean citizens who are residing overseas for
6 months or more for the purpose of studying at educational institutions or training facilities.
Students studying abroad
No limit on the amount
Any annual remittances exceeding US$100,000 shall be reported to the National Tax Service. You need to bring your passport as well as proof of admission issued by the school to be attended. You also need to designate one of Woori Bank's branches for your foreign exchange transactions.
* Students studying abroad must present documents such as proof of enrollment or academic records on a yearly basis to Woori Bank.
Remittances by overseas emigrants
Emigrants
No limit on the amount
If the total cost of emigration exceeds US$100,000, it must be declared to the local tax office; furthermore, confirmation from the tax office regarding the source of such funds is also required. You need to bring your passport; a copy of your visa, an emigrant report confirmation issued by the Ministry of Trade and Foreign Affairs, and a fund source confirmation certificate issued by your local tax office (should funds exceed US$100,000).
Information needed for overseas remittances
For overseas remittances, the following information is required:
Recipient Information: name, address, telephone number
Recipient account number
Recipient Bank Information: Bank name, branch name, address, telephone number, exact SWIFT Code
Tips
If you know the corresponding bank codes, your remittance will be greatly expedited for the following countries
U.S.A.: ABA No.(Routing No.), CHIPS No.
Canada: TRANSIT No.
England: SORT Code
Germany : BLZ No.
Information for receiving remittances from abroad
If you would like to receive remittance from overseas, give the following information to the remitter.
The exact spelling of Woori Bank in English
Our address
Our SWIFT Code : HVBKKRSEXXX
Your name in English
Your account number with Woori Bank
If you do not have an account with Woori Bank, give the remitter the name of the Woori branch nearest to you.
In general, money is received in 2 to 3 bank working days from the date of remittance. However, this can differ according to the system of the remitting bank.
Non-residents may receive remittances equal to or less than US$20,000 without presenting any additional documents.
