10
MONEY & PROOF OF FUNDSPosted by Emma 🇦🇺 Australia · 1 month ago
Best way to bring money over without losing a fortune in fees?
i'll need to move tuition money and then monthly living costs.
bank transfer, wise, or bring cash? and is there a limit on how much you can bring in without declaring
bank transfer, wise, or bring cash? and is there a limit on how much you can bring in without declaring
8 comments
OFFICIAL ANSWER
KyaALLO TEAM
Founder & Head Consultant · Seoul
Split it: transfer the big amounts, carry a small buffer in cash.
For tuition and large sums:
1. Bank-to-bank transfer to the school's account is what schools expect and what produces the receipt you will need for the visa and for the extension. It costs 20,000 to 50,000 won in fees plus a spread. It is not the cheapest, but it is the cleanest paper trail, and for tuition that matters more than the fee.
2. Wise, Revolut and similar are noticeably cheaper for moving money to your own Korean account — usually 0.4 to 0.7 percent all-in versus 2 to 4 percent at a traditional bank. For monthly living costs over a year, that difference is real money.
3. One caution on transfer services: some Korean banks flag large incoming transfers from third-party services and will ask you to explain the source before releasing the funds. For tuition-sized amounts, a direct bank transfer avoids that conversation entirely.
On cash: you can bring up to 10,000 USD equivalent without declaring. Above that you must declare at customs — declaring is free and takes minutes, not declaring is a serious problem. Carrying 1,000 to 2,000 USD for your first week is sensible; carrying your tuition in cash is not.
The practical sequence most students use: pay tuition by bank transfer before you fly, land with about 1,500 USD in cash, open a Korean account in your first weeks, then move living costs across with Wise monthly.
One thing worth knowing: the exchange rate you get at Incheon airport is poor. Change a small amount there for transport, and do the rest at a bank or in Myeongdong where the rates are much better.
For tuition and large sums:
1. Bank-to-bank transfer to the school's account is what schools expect and what produces the receipt you will need for the visa and for the extension. It costs 20,000 to 50,000 won in fees plus a spread. It is not the cheapest, but it is the cleanest paper trail, and for tuition that matters more than the fee.
2. Wise, Revolut and similar are noticeably cheaper for moving money to your own Korean account — usually 0.4 to 0.7 percent all-in versus 2 to 4 percent at a traditional bank. For monthly living costs over a year, that difference is real money.
3. One caution on transfer services: some Korean banks flag large incoming transfers from third-party services and will ask you to explain the source before releasing the funds. For tuition-sized amounts, a direct bank transfer avoids that conversation entirely.
On cash: you can bring up to 10,000 USD equivalent without declaring. Above that you must declare at customs — declaring is free and takes minutes, not declaring is a serious problem. Carrying 1,000 to 2,000 USD for your first week is sensible; carrying your tuition in cash is not.
The practical sequence most students use: pay tuition by bank transfer before you fly, land with about 1,500 USD in cash, open a Korean account in your first weeks, then move living costs across with Wise monthly.
One thing worth knowing: the exchange rate you get at Incheon airport is poor. Change a small amount there for transport, and do the rest at a bank or in Myeongdong where the rates are much better.
Was this helpful?Updated 3 weeks ago
8 comments
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You can still post anonymously after signing in.wise for everything except tuition. tuition by bank transfer because you need the receipt with your name on it for immigration. learned that the annoying way
16
make sure the sender name matches YOUR name too. my dad sent it from his account and the school couldn't match the payment for a week
7
good point about the receipt, hadn't thought about that
6
myeongdong exchange booths beat the banks and destroy the airport. if you're changing anything meaningful go there
12
my bank held a large wise transfer for 3 days and asked for proof of source. not a disaster but don't do that with rent money due tomorrow
10
this is more common than people say. break big amounts into smaller ones if you can
5
declare if you're over the limit. it takes 5 minutes at customs and it's free. the alternative is genuinely not worth it
8
change like 100,000 won at the airport for the bus and a meal and do the rest properly later
4
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