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Pension refund send to Korean bank?
« on: September 20, 2019, 12:05:45 am »
I am looking to get my pension refund even though I don't actually plan on leaving Korea permanently. Will be out of the country for a couple months at least so hope to receive the refund within that time frame. Can I request that the refund be sent to my Korean bank rather than my home country's?


  • JNM
  • The Legend

    • 4118

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Pension refund send to Korean bank?
« Reply #1 on: September 20, 2019, 04:05:32 am »
I did this in March.

You do need a one-way ticket out to apply for the pension refund.

I had already purchased a return ticket, so I got the cheapest fully refundable ticket to Japan for the application.





  • thunderlips
  • Hero of Waygookistan

    • 1581

    • June 07, 2012, 10:01:55 am
    • South Korea
Re: Pension refund send to Korean bank?
« Reply #2 on: September 20, 2019, 07:43:34 am »
It may depend on your visa too. F visa shouldn't be a problem, E2 may be an issue. But otherwise yes you can have it sent to a Korean bank, do you have an automatic remittance account? Also there is the airport pickup option too.


Re: Pension refund send to Korean bank?
« Reply #3 on: September 20, 2019, 10:56:01 am »
Yep. Got the one-way ticket already. Also on an F visa. Thanks guys.


  • KoreaBoo
  • Expert Waygook

    • 572

    • May 25, 2014, 04:00:42 pm
    • Korealand
Re: Pension refund send to Korean bank?
« Reply #4 on: September 20, 2019, 08:40:20 pm »
Absolutely no issues with them doing that.

In fact I just had the entirety of my pension contributions deposited in my Korean bank account last week.

If you want to get the best exchange rate and pay no transfer fees, I'd suggest you use your Korean credit cards while back home until the money in your bank accounts are depleted (thought it may take some time)


  • Mezoti97
  • The Legend

    • 2675

    • April 14, 2011, 03:02:50 pm
    • South Korea
Re: Pension refund send to Korean bank?
« Reply #5 on: September 24, 2019, 07:43:46 am »
In order to receive your pension refund, I think you also have to show proof that you are no longer employed by a Korean employer -- there's a form that your last Korean employer has to fill out and fax to the pension office (basically verifying that you no longer work for them) in order for the pension office to be able to process your pension refund and deposit it into your bank account.


Re: Pension refund send to Korean bank?
« Reply #6 on: September 24, 2019, 11:50:35 am »
Speaking of pension...(this is probably a stupid question)

When we got the money we can use it, right?  It's not like we have to wait until we're like 65 to use it? 



  • thunderlips
  • Hero of Waygookistan

    • 1581

    • June 07, 2012, 10:01:55 am
    • South Korea
Re: Pension refund send to Korean bank?
« Reply #7 on: September 24, 2019, 12:32:14 pm »
You can use it but only for items you will need in retirement. So preparation H and denture cream. Adult diapers probably ok too.


  • JNM
  • The Legend

    • 4118

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Pension refund send to Korean bank?
« Reply #8 on: September 24, 2019, 10:39:10 pm »
Speaking of pension...(this is probably a stupid question)

When we got the money we can use it, right?  It's not like we have to wait until we're like 65 to use it? 


Correct.
There is no “locked in” rule. They even deduct a bit of income tax, so if you have a tax treaty it is “after tax” money.


Re: Pension refund send to Korean bank?
« Reply #9 on: September 26, 2019, 07:14:39 am »
It may depend on your visa too. F visa shouldn't be a problem, E2 may be an issue. But otherwise yes you can have it sent to a Korean bank, do you have an automatic remittance account? Also there is the airport pickup option too.

Little confused by this or maybe I'm being a bit thick.  Are you saying that if you're on an F-visa, which is still valid, you can leave the country for a couple of months and can collect your pension each time you leave, IF you're from a country that has a lump-sum agreement with Korea? 


  • thunderlips
  • Hero of Waygookistan

    • 1581

    • June 07, 2012, 10:01:55 am
    • South Korea
Re: Pension refund send to Korean bank?
« Reply #10 on: September 26, 2019, 07:43:13 am »
It may depend on your visa too. F visa shouldn't be a problem, E2 may be an issue. But otherwise yes you can have it sent to a Korean bank, do you have an automatic remittance account? Also there is the airport pickup option too.

Little confused by this or maybe I'm being a bit thick.  Are you saying that if you're on an F-visa, which is still valid, you can leave the country for a couple of months and can collect your pension each time you leave, IF you're from a country that has a lump-sum agreement with Korea? 

Yes as long as you are not currently employed.


  • JNM
  • The Legend

    • 4118

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Pension refund send to Korean bank?
« Reply #11 on: September 27, 2019, 01:59:24 am »
It may depend on your visa too. F visa shouldn't be a problem, E2 may be an issue. But otherwise yes you can have it sent to a Korean bank, do you have an automatic remittance account? Also there is the airport pickup option too.

Little confused by this or maybe I'm being a bit thick.  Are you saying that if you're on an F-visa, which is still valid, you can leave the country for a couple of months and can collect your pension each time you leave, IF you're from a country that has a lump-sum agreement with Korea? 

Yes as long as you are not currently employed.

I have a D9 visa. I specifically asked if I needed to surrender my ARC. Answer = no.


  • KoreaBoo
  • Expert Waygook

    • 572

    • May 25, 2014, 04:00:42 pm
    • Korealand
Re: Pension refund send to Korean bank?
« Reply #12 on: September 27, 2019, 02:11:57 am »
F-5 visa here

Applied for the pension refund.

Was not required to be out of country when I applied.

Was deposited approx 1 month after putting in the paperwork.

KTPF pension.

Extremely happy it was seamless.


  • Mezoti97
  • The Legend

    • 2675

    • April 14, 2011, 03:02:50 pm
    • South Korea
Re: Pension refund send to Korean bank?
« Reply #13 on: September 27, 2019, 12:57:55 pm »
F-5 visa here

Applied for the pension refund.

Was not required to be out of country when I applied.

Was deposited approx 1 month after putting in the paperwork.

KTPF pension.

Extremely happy it was seamless.

You mean, you never had to leave Korea (or at least show proof of a one-way plane ticket out of Korea) and stayed in Korea the whole time when you received your pension refund?


Re: Pension refund send to Korean bank?
« Reply #14 on: September 27, 2019, 01:25:13 pm »
Koreaboo was with the Korean Teachers Pension Fund and not with the NPS which is what Public School and hagwon teachers pay into.

Seems like leaving the country is not a requirement for the KTPF refund


  • KoreaBoo
  • Expert Waygook

    • 572

    • May 25, 2014, 04:00:42 pm
    • Korealand
Re: Pension refund send to Korean bank?
« Reply #15 on: September 27, 2019, 06:25:14 pm »
Corre
F-5 visa here

Applied for the pension refund.

Was not required to be out of country when I applied.

Was deposited approx 1 month after putting in the paperwork.

KTPF pension.

Extremely happy it was seamless.

You mean, you never had to leave Korea (or at least show proof of a one-way plane ticket out of Korea) and stayed in Korea the whole time when you received your pension refund?

Correct