Leaving Korea? Here's How to Get Your Money Out

This article provides general information about financial procedures for foreigners departing Korea. It is NOT financial or tax advice. Verify all procedures with the relevant institutions before acting.

Why This Needs a Checklist

"My money is trapped in Korea."

That sentence appears in foreigner Facebook groups more than almost any other. Someone left without closing their bank account, and now they can't access it from abroad. Someone didn't claim their NPS pension refund, and now the paperwork requires notarized documents mailed from overseas. Someone stopped paying attention to NHIS, and bills kept arriving for months.

All of this is avoidable. Every step below has a deadline, and most of them are earlier than you think.

This is the reverse side of the Korea Arrival Checklist. That one gets you set up. This one gets you out clean.

D-90: Three Months Before Departure

Check Your NPS Pension Refund Eligibility

Not every foreigner qualifies for a lump-sum refund. Eligibility depends on your nationality and how Korea categorizes it:

By social security agreement (24 countries): US, Canada, Germany, France, Australia, Belgium, Bulgaria, Poland, Czech Republic, Hungary, Slovakia, Romania, Austria, India, Turkey, Switzerland, Brazil, Peru, Luxembourg, Slovenia, Croatia, Uruguay, Philippines, Argentina.

By reciprocity (25 countries): Thailand, Malaysia, Indonesia, Hong Kong, Cambodia, Sri Lanka, and others. Some require a minimum insured period (6 months or 1 year).

By visa type: E-8, E-9, and H-2 visa holders are automatically eligible.

One deadline most people miss: you have 5 years from the date you become entitled to apply. After that, the claim expires. Check NPS for any reapplication options that may apply to your situation. For the full deep dive on claim methods, airport logistics, and country-specific eligibility, see our Korea NPS Pension Refund Guide.

Check eligibility by nationality: NPS English page

Link Your Passport to Your Bank Account

This one is easy to forget and painful to miss. When you return your ARC at departure, your ARC number deactivates. If your bank account is linked only to that ARC number, you lose access.

Visit your bank and request that both your ARC number and passport number be linked to the account. Do this now, not the week before you leave.

Investigate Phone Number Options

Korean carriers (KT, LG U+, SKT) allow temporary suspension (일시정지) for up to 1 year. Beyond that, termination is the better option. Visit the carrier store and ask about suspension fees and conditions.

If you're keeping your Korean phone number for 2FA and banking access, suspension may be worth the cost.

D-30: One Month Before Departure

Apply for NPS Refund at a Local Branch

Required documents:

• Application form (available at any NPS office)
• Passport
• ARC (Alien Registration Card)
• Bank account proof (Korean or foreign)
• Evidence of departure within 1 month (flight ticket)

Before you walk into NPS: your employer must report your resignation/loss of coverage first. If they haven't reported it, NPS cannot process your claim. Confirm with your employer before visiting.

What you get back: total contributions + interest (calculated at the 3-year fixed deposit rate from the month after each contribution).

Tax withholding: NPS classifies the lump-sum refund as retirement income (퇴직소득), not pension income. The effective withholding rate is approximately 6.75% (retirement income tax + 10% local income tax), though this is not a fixed statutory rate. The actual amount depends on your contribution period and total refund size. Only contributions made after January 1, 2002 (plus accrued interest) are taxable. If your country has a tax treaty with Korea, the rate may be lower.

Payment options:

• Korean bank account: processed in approximately 4-6 weeks
• Foreign bank account: 16 currencies available (USD, EUR, JPY, CNY, etc.). Requires SWIFT/BIC code. Processing time is longer than domestic transfers (timeline not officially specified)
• Airport cash: see D-Day section below

Since 2024, online applications are available via simplified authentication (Naver, KakaoTalk, bank certificate).

Cancel NHIS (National Health Insurance)

Call the number on your monthly bill and notify them of your departure date. Confirm you won't re-enter within 30 days. Cancellation procedures are described on the NHIS foreign resident page.

If you don't call: NHIS coverage auto-cancels after 30+ days of departure, but bills continue to be issued. You remain liable for the full amount even if you're out of the country.

Handle Your Tax Obligations

Salary income only: your employer handles the year-end settlement. No individual filing required before departure. Submit your settlement documents to your employer.

Non-salary income (freelance, investment, rental): you must file a personal tax return before departure for the period January 1 to your departure date.

If you have taxable assets or income remaining in Korea after departure (rental property, business income, pending refunds), appointing a 납세관리인 (tax representative) is legally required under the Framework Act on National Taxes Article 82(1). This person handles post-departure NTS inquiries on your behalf, including receiving refunds. If you don't appoint one, the tax office can designate your property or business manager as one. For workers with only salary income and no remaining Korean assets, the obligation has no practical effect. A 세무사 can advise whether your situation requires one.

For how tax treaties interact with your departure: Korea Double Tax Treaty Guide.

Transfer Your Money Out

The Wise surprise: Wise cannot send money out of Korea. It's receive-only for KRW. For outbound transfers, you must use a Korean bank wire. Plan accordingly, especially for large amounts.

For amounts over $50,000, gather your employment contract, tax payment certificates, and proof of purpose before visiting the bank. The bank may authorize higher amounts matching your documented income level.

D-7: Final Week

Decide: Close Your Bank Account or Leave It Open

Option A: Close it. Visit the bank with your passport, ARC, bankbook, and debit card. Takes 10-15 minutes. No fees. Must be done before your ARC expiration date. Some banks refuse to process closures after ARC expiry.

Option B: Leave it dormant. Withdraw your funds but keep the account open. After 1-2 years of no transactions, banks suspend the account (거래중지계좌), disabling online transfers. After 5 years of inactivity, remaining funds are transferred to the Korea Inclusive Finance Agency (서민금융진흥원, KINFA) under the Act on Support for Financial Life of the Common People. Your right to reclaim those funds never expires, but recovering them from abroad is difficult: the KINFA online system requires Korean mobile verification, so you would need a proxy in Korea with a notarized power of attorney (위임장). ARC expiration does not trigger automatic account closure, but it effectively locks you out of online banking.

You cannot close a Korean bank account from abroad. If you leave it open and later want to close it, you must physically visit a branch in Korea.

The decision comes down to whether you're returning. Returning within a year or two? Leave it open with passport linkage. Not returning? Close it now.

Confirm NPS Airport Eligibility (If Using Cash Option)

If you plan to collect your NPS refund in cash at the airport, confirm two things:

1. Your employer has reported your resignation to NPS
2. You have the Certificate of Application Acceptance from your NPS branch visit

Without both, the airport service won't process your claim.

D-Day: At the Airport

Return Your ARC

Hand your ARC to the immigration officer at departure. Failure to return it may result in a fine.

Re-entry permit: if you're departing temporarily (not final), no re-entry permit is needed if returning within 1 year (or within your remaining stay period, whichever is shorter). Applies to most visa types including A, D, E, F (except F-4/F-5), G, and H.

NPS Airport Cash Refund (Incheon Terminal 1 Only)

This is the fastest way to get your pension money, but it has strict conditions:

Step 1: NPS Center between Exits 1-2 (09:00-18:00). Present passport and acceptance certificate. Receive decision notice.

Step 2: Woori Bank currency exchange. Amounts ≥$10,000: B1F, 09:00-16:00. Under $10,000: 3F, 09:00-21:00.

Step 3: Woori Bank booth after immigration. Collect cash in your selected currency.

If your departure falls on a weekend or holiday, apply at a local NPS branch at D-30 instead and receive the payment via bank transfer.

D+30: After You've Left

NPS Application from Abroad (If You Missed the Window)

Required documents (all must be notarized + apostilled for Hague Convention countries):

• Application form
• Passport copy
• Bank account proof
• Overseas remittance application form

Processing time: not officially stated, but expect longer than the 4-6 week domestic timeline.

Six countries have MOU institutions for simplified applications: Mongolia, Uzbekistan, Thailand, Sri Lanka, Kyrgyzstan, Indonesia.

Verify No Surprise Bills

• NHIS: confirm cancellation took effect. If bills appear, contact NHIS immediately.
• Phone: confirm service is terminated or suspended. Unpaid bills may result in penalties.

Banking Access from Abroad

Shinhan, Hana, and KB banking apps often fail from abroad due to Korean phone verification requirements. If you kept an account open, test the app before departure. Some functions may work with passport-linked authentication, but full functionality typically requires a Korean phone number.

Tax Refund Collection

If you're owed a tax refund, it will either be deposited to your Korean bank account (if still open) or handled through your 납세관리인. Filing from abroad is possible via NTS Hometax (hometax.go.kr), but the interface is primarily Korean.

The Full Timeline

FAQ

Can I get my NPS refund at the airport?

Yes, but only at Incheon Terminal 1, on weekdays (excluding holidays and the last business day of December). You must visit the Terminal 1 NPS Center regardless of your departure terminal. Bring your passport and the Certificate of Application Acceptance from your NPS branch visit. Allow at least 2 hours before your flight.

What if I'm from the US, Canada, Germany, or France?

These countries have totalization agreements with Korea. You have two options: lump-sum refund (get your contributions back in cash) or pension credit transfer (combine Korean and home-country contribution periods toward your home pension eligibility). The right choice depends on your age and total contribution history. Consult a pension specialist.

Can I keep my Korean bank account after leaving?

Yes, but with limitations. You cannot close it remotely. Banking apps often fail from abroad due to Korean phone verification. After 1-2 years of inactivity, the account is suspended (거래중지). After 5 years, funds transfer to KINFA. Your right to reclaim never expires, but the process from abroad requires a Korean proxy. If you plan to return within 1-2 years, keeping it open (with passport linkage) is usually the better option.

Related reading:

• Korea Arrival Checklist
• 183-Day Tax Trap: Korea, Japan & Taiwan
• Korea 5-Year Rule: When Foreign Income Gets Taxed
• Filing 종합소득세: Freelancer's Guide
• Korea Crypto Tax 2027: What Digital Nomads Need
• Korea Double Tax Treaty Guide
• Korea F-1-D Workation Visa