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Hi everyone.  I know that for pension you have to go through the pension office.  But for severance pay, return flight allowance, security deposit, and the rest of the previous year's renewal allowance, that's all from your school.  My question is, where does your school send it?  Since most of these can't be given until you physically leave Korea, I was expecting to give my school a voided check for my USA account and have them send the money there.  However, my school says it is a complicated process and they want to send the money to my Korean bank account.  I'm unsure if I'll be able to access the funds outside of Korea.  I have NH Bank and I do have online banking but I've always done the transaction from an actual ATM...not on the phone. 

Do schools usually only send the money to Korean accounts?   Or do some schools send it to the home country?

Thanks.


  • lhelena
  • Veteran

    • 176

    • March 11, 2018, 01:57:14 pm
    • Anseong
Re: After contract bonuses/payments that your school is responsible for...
« Reply #1 on: January 02, 2020, 03:16:59 pm »
I would say if you provide them your SWIFT code for your bank back home, they should be able to do a transfer. They probably just don't want to because of time and costs. What I would do instead is set up a  remittance (auto or otherwise) with your Korean bank and transfer it that way once it's deposited. If you choose to go with an auto remittance you can set the amount in advance. I'm not sure how it works with NH though. You might want to ask your co or someone to go with you to set it up.


Re: After contract bonuses/payments that your school is responsible for...
« Reply #2 on: January 02, 2020, 03:17:38 pm »
Usually, I have heard it would be a Korean account. I have known people who have had it sent to the Korean account and then used online banking to transfer it out. Some have had the school send it directly to a remittance account so they don't have to do anything. A few rare cases have had the schools send to the home country account and a few have had the school actually send all of the money on the last day/a few days later before leaving Korea for good. It would be an arrangement you need to make with the school. If the school sends it directly they may wire transfer it and pass the fees along to you, so if you have a remittance account that might be the best option, if the school will not give you the money before you leave. They can/it is possible for them to calculate everything quickly enough to send it on the last day, assuming the housing deposit was given to them and not given directly to the landlord. The school could just check that you left the housing in good condition and check with the landlord for any remaining bills.


  • thunderlips
  • Hero of Waygookistan

    • 1990

    • June 07, 2012, 10:01:55 am
    • South Korea
Re: After contract bonuses/payments that your school is responsible for...
« Reply #3 on: January 02, 2020, 04:27:37 pm »
Open a remittance account and have them send it there.

Usually all that stuff is paid on your last day. But obviously it varies.


  • plan b
  • Super Waygook

    • 318

    • March 22, 2013, 11:53:06 am
    • Korea
Re: After contract bonuses/payments that your school is responsible for...
« Reply #4 on: January 03, 2020, 09:51:18 am »
It would be great if schools could get you your money to your bank account before you leave Korea, but that's not always the case. For severance pay, I believe they have 15 days to deposit the money in your account. With me, they took 14 days.

Due to exit allowance stipulations, you'll want to leave Korea withing 10 days of your last day at work to get your flight money. This may mean, that you get the money deposited into your Korean account after you have left Korea. In this case, just transfer the money to your home account.

Occasionaly, Korean banks need ARS verification when transferring money, and this can make things more difficult.