You may also need money for unexpected things during your study in South Korea.However, anyone would be uneasy about bringing a large amount of money into South Korea in cash.In this article,I tried to find out how to bring your money to South Korea in the most effective way.
Recommend WISE for overseas transfers to South Korea
160+ countries, 40 currencies, one account. Save when you se…
Have you heard about the international money transfer called “WISE”?
When you make an overseas transfer at a bank, a “foreign currency exchange fee” is added to the “overseas transfer fee.
In addition, when a bank that relay overseas transfer is added , “relay fee” may be charged.
In contrast, Wise does not charge such a fee.
Therefore, WISE charges are MUCH LOWER than the bank’s overseas money transfer charges.
To be precise,“WISE” IS NOT AN INTERNATIONAL MONEY TRANSFER.
How Wise Money Transfer Works
- ①Your bank account in your country
- You send money to Wise’s bank in your country
⇓
- ②Wise’s bank account in your country
- Receiving money from you
- ③Wise Bank accounts in other countries
- After confirming payment of ②, transfer the money to ④
⇓
- ④Your bank account in another country
- Receives money in local currency
Flow of bank transfer to South Korea using WISE
- Register as a member at WISE WEB SITE.
- Apply for money transfer to South Korea on the WISE WEB SITE.
- Transfer the money to the bank account shown on the WISE WEB SITE. (Wise Bank account in your country)
- Wise confirms your money transfer.
- Money is transferred to Korean account in the local currency.
- If you want to use WISE remittance while you are in South Korea, you can ask your family or friends to transfer the money of ②.
- Even if you don’t have a bank account in South Korea, it is convenient to use it for transferring rent to your landlord, paying college tuition, etc.
Time required for transfer
From the time you request a money transfer to South Korea on the website to the time the money is transferred to a Korean account in the local currency, it can take as little as 30 minutes or as long as a few days.
The money seems to be transferred very quickly within the business hour in both countries.
How to get local currency immediately after entering Korea.
No matter how convenient Wise is, without a Korean bank account, you will not be able to receive transfers for living expenses.
You will need the money as soon as you enter South Korea.
Because you will need money to shop, eat, pay rent, and so on, by the time you open your bank account in South Korea
So, bring the cash you need immediately after entering South Korea
However, it may be dangerous to keep cash at home.
So I recommend you to make the following card.
WOWPASS CARD
A card that combines prepaid card, currency exchange, and transport card
- WOWPASS CARD recently became popular with international students and travelers in South Korea.
- WOWPASS CARD is accepted like a local credit card in south Korea.
（※Some food stalls and private stores are not available.） - You can even exchange money at the same time use at the WOWPASS Exchange machine.
You don’t have to go to a currency exchange or a bank and pay high fees to exchange money.Location of WOWPASS Exchange machines
WOWPASS exchange machines are located at major subway stations such as Myeongdong, Hongdae, Sinchon ,Gongdeok ,Gangnam,as well as hotels.
With your passport and foreign currency, you can exchange money and get a WOWPASS CARD immediately!
If you already have KRW, you can also charge KRW to that WOWPASS CARD.
WOW Exchange machines with the English screen.
- If you need a WOWPASS CARD, touch “WOWPASS Card“
- If you only want to exchange foreign currency into Korean Won, touch “Buy KRW‘
Card issued with a passport and cash
Touch “Get a New Card” 
Select currency to convert to Korean Won 
Scan your passport （Refer to the video that plays on the screen.） 
Follow the machine’s instructions to insert the foreign currency to be charged. - The card issuance fee of 5,000 KRW will be deducted from the amount charged.
- When the card comes out, be sure to insert it into the machine to activate it.
WOW PASS CARD includes Tmoney function.
In South Korea, there is a transport card called Tmoney.
WOWPASS CARD also includes T-money functionality, so You do not need to buy a Tmony ( transport card)
WOWPASS Smart phone App
Download the WOWPASS smartphone app, register your WOWPASS CARD with the app, and you can check your balance and payment results on your smartphone!
Great card for foreigners
If foreigners use a foreign credit card in South Korea, it will be much more expensive due to the low exchange rate.
For international students with a student visa, there is a “check card” issued by the bank, but you won’t get a check card unless you create a bank account.
Foreigners have difficulty opening an account without an alien registration card or college certificate,
so it is difficult for foreign students to have a check card immediately after entering South Korea.
A WOWPASS card and your smartphone are all you need for your…
A summary of this article
- Create a Wise account before coming to Korea.
- When you enter Korea, bring the necessary money in cash, and after entering Korea, make a WOAPASS card.
- Use your WOWPASS card until you open your bank account in South Korea.
*When paying large amounts of money, such as rent, use Wise to transfer the money to the landlord’s account in Korea. - After opening your bank account in Korea, use Wise to transfer money from your country to your account in Korea.
After the pandemic, automated teller machines,called kiosks, became widespread in stores, restaurants, and cafes in South Korea.
Sometimes it is not possible to pay cash at an automatic teller machine.
With the WOWPASS Card, you will not have this inconvenience.
If you know how to use WISE TRANSFER and the WOWPASS CARD, your life in Korea will be more convenient than you can imagine.
