New
Oct 13·Climate Card 30-day pass endedAug 28·2026 payroll rates: three went upAug 28·Tenant protection: the one-day gapAug 25·2027 minimum wage: ₩10,700/hrOct 13·Climate Card 30-day pass endedAug 28·2026 payroll rates: three went upAug 28·Tenant protection: the one-day gapAug 25·2027 minimum wage: ₩10,700/hr
See all →
Updates

Money changes that can affect your life in Korea

Policy shifts, banking and remittance changes, and scam warnings. Each one explains what it means for you, and links to the official sources we checked.

How we handle updates
Sourced before you rely on it

Anything that hinges on a rule, deadline, or public notice carries at least one official source you can open yourself.

Status changes over time

A time-limited program is marked Active while its window is open, and Past once it closes. That way you can tell what is still current.

Always a foreign-resident lens

Each update sticks to what you should check next. We do not predict markets, pick providers, or confirm whether you personally qualify.

8 updates

Why this matters to you
  • If you commuted on the monthly pass, nothing is being discounted right now: you are back to paying per ride until you register for Everyone’s Card.
  • Everyone’s Card is open to foreign residents aged 19 or over who live in a participating city or province (the official site says “외국인도 OK”), but only after you sign up on its website or app. The card alone earns nothing.
  • Refunds need at least 15 rides in a month (the first month is exempt) and arrive through your card company the following month, so the saving shows up with a delay.
What to check
  • Sign up at korea-pass.kr or in the app with a card from a participating card company. Existing K-Pass and 알뜰교통카드 cards are accepted, so most members need no new card.
  • Seoul residents: the Climate Card Plus extras are applied automatically once your Seoul address is verified at sign-up. There is no separate application.
  • The temporary cut to the refund threshold ended on October 1, 2026. The official site now lists the standard thresholds (30,000–62,000 won a month for the basic type, depending on the region), so check your region’s figure before counting on a refund.
  • Visiting Seoul for a few days? The 1–7 day Climate Card passes work as before. The transit card picker compares them with T-money.
Sources checked

Seoul Metropolitan Government, the Everyone’s Card site and Tmoney’s FAQ, read on October 13, 2026

What this does not mean
  • This is not a fare rise. Base fares and T-money are unchanged; only the monthly pass product changed.
  • It does not mean every foreign resident qualifies: you need to live in a participating city or province and be 19 or over, and refund amounts differ by region and card type.
  • This update does not calculate your refund. The thresholds and extras come from the official sites linked below.
Transit cards guide →Transit card picker →First 30 days →
Why this matters to you
  • Payroll systems that were never updated keep deducting last year’s rates. The gap is small each month, so it is easy to miss for a whole year.
  • The pension ceiling also moved: only income up to ₩6,590,000 a month counts, so the most that can come out for pension is ₩313,025.
  • Expect take-home to dip slightly every January through 2033 as the pension rate steps up another half point.
What to check
  • Health insurance on your payslip should be 3.595% of pay, and long-term care 13.14% of that health figure.
  • National pension should be 4.75% of pay up to the ₩6,590,000 ceiling.
  • Employment insurance should be 0.9%. If it is higher, you may be paying the employer’s share too.
  • Industrial-accident insurance (산재보험) should not appear as a deduction at all; the employer pays 100% of it.
Sources checked

Ministry of Health and Welfare announcements checked against the statutes

What this does not mean
  • This does not mean your employer is at fault. Most wrong payslips come from a payroll system that was never updated for a rate change.
  • This update does not calculate your own deductions, and the exact figures depend on your pay and enrollment.
Read your payslip →Net salary calculator →Salary & tax →
Why this matters to you
  • On the day you pay the balance, move in and register, a loan registered that same day still ranks ahead of your deposit.
  • As a registered foreign resident you file a 체류지 변경신고 (change-of-residence report) instead of the Korean 전입신고 (move-in report). The same next-day rule applies, and so does the same gap.
  • Immigration allows 15 days to report a move; your deposit gets no grace period at all. Every day before you file is unprotected.
What to check
  • Pull a fresh 등기부등본 (the property register) on the morning of the balance payment — not the copy from last week.
  • Whether your contract bars the landlord from putting any new mortgage or other debt on the home until the day after you register — and whether breaking that clause lets you cancel the contract.
  • That you can file the address report the same day you move in, rather than later in the 15-day window.
  • Whether you already hold 확정일자, the official date stamp on your lease. You can get it stamped as soon as the lease is signed.
Sources checked

Government announcement and the statute’s own revision history checked

What this does not mean
  • This does not mean the rule has changed. As of the date above the bill was not in force, and we will update this entry when it takes effect.
  • This does not mean same-day registration is unsafe in itself. It means one specific window exists, and there are concrete ways to close it.
Protecting your deposit →Deposit protection self-check →Housing →
Why this matters to you
  • The minimum wage is a floor, not a suggestion. It applies to foreign workers on the same terms, whatever your visa says.
  • The official monthly conversion is ₩2,236,300 (based on a 40-hour week / 209 hours a month). That is the number to compare your contract against.
  • It is a gross figure: national pension, health insurance, employment insurance, and income tax still come out before the money reaches your account.
What to check
  • Whether your 2027 contract or payslip meets ₩10,700 an hour once you take out the allowances that don’t count toward the minimum.
  • How your monthly pay compares with the ₩2,236,300 conversion if you work a standard 40-hour week.
  • What your take-home actually becomes after the four insurances and income tax.
  • If you think you are being underpaid, take it to the Ministry of Employment and Labor. Foreign workers can file a complaint too.
Sources checked

Ministry of Employment and Labor announcement checked

What this does not mean
  • This does not mean your pay automatically rises. It sets the legal floor from January 1, 2027.
  • This update does not calculate your own wage, contract, or allowances, and it does not replace the Ministry of Employment and Labor’s guidance.
Net salary calculator →Salary & tax →First 30 days →
Why this matters to you
  • That August 31 deadline has now passed, so a balance that still shows in the app may already be unusable.
  • Where and how the payment can be spent differs by local government and payment channel.
  • Support-payment messages are still a smishing hook. Treat any “extend your funds” or “re-apply” link as suspect.
What to check
  • Whether you received the payment, on which channel (card app, local pay card, prepaid card), and how much is left unused.
  • Your local use restrictions: which region and which kinds of stores accept the payment.
  • The August 31, 2026 use deadline as it applies to your payment channel.
  • Any message about extending or re-applying: check it on an official site you found yourself, not through the link in the message.
Sources checked

Ministry of the Interior and Safety (MOIS) notices checked. The Seoul Foreign Portal Q&A we also read has since been taken down.

What this does not mean
  • This update does not show your personal balance or deadline. Check the app or card you received the payment on.
  • This update does not replace the official guidance pages, local-government decisions, card-company processes, or local office help.
Scam checker →Scams & Safety →Health insurance →
Why this matters to you
  • Once you have your ARC, a phone number, and an address, the bank account is usually the next thing that stalls.
  • If the bank, branch, app, and identity check all support it, a mobile residence card may make this easier.
  • Don’t assume every bank, branch, or app flow accepts the mobile card the same way. Ask the bank what it accepts before you rely on one document: which ID, which phone number, which app, and what proof of why you want the account.
What to check
  • Whether the bank you plan to use is Shinhan, Hana, iM, Busan, Jeonbuk, Jeju, or another bank that added support later.
  • Whether the exact flow you want is supported: branch visit, account opening, mobile banking setup, or non-face-to-face account opening.
  • Whether your mobile residence card is issued, active, and available in the official mobile ID app on a smartphone under your own name.
  • Whether you should still bring your plastic Residence Card, passport, Korean phone number, address, and school/employer or account-purpose documents.
Sources checked

Financial Services Commission (FSC) and HiKorea sources checked

What this does not mean
  • This does not mean every Korean bank accepts the mobile residence card.
  • This does not guarantee that your account will be opened, and it does not replace each bank’s own identity-check (KYC), anti-money-laundering (AML), document, or transfer-limit rules.
Banking in Korea →Open a bank account →Scams & Safety →
Why this matters to you
  • The same won amount can feel different once you convert it to your home currency. A rent deposit or move-in cash is often one large payment.
  • Remittance providers may show different rates and fees, and their quotes stay valid for different lengths of time.
  • A small exchange-rate difference can matter more on a rent deposit, tuition, family support, or a moving budget. When the rate leaves you feeling rushed, a scam message can be easier to fall for.
What to check
  • Look up one current quote yourself, and use that same quote for salary, rent, and remittance. Check which rate it is: card, cash, remittance, buy, sell, or the reference rate.
  • Look at the fee and the rate together before you decide one provider costs less, and recheck the quote right before you send money or pay a large deposit.
  • Write down the quote time, rate type, transfer fee, sending amount, and expected receiving amount.
  • For housing money, check the contract address, the landlord or agent, the name on the receiving account, and the payment deadline. Do that outside the chat the request came from.
Sources checked

Bank of Korea (BOK) exchange-rate background checked; check each provider’s quote yourself

What this does not mean
  • This update does not predict exchange rates or recommend a bank, card, or remittance provider.
  • This update does not confirm that a transfer will be completed.
Remittance cost check →Exchange & remittance →Jeonse/wolse calculator →

These are plain-language summaries for foreign residents, not official or legal advice. Always confirm the details through the official source before you act.

Written and maintained by one person

This comes from more than three years in Korean retail banking — at the branch counter and building financial software. No bank or institution has a say in what is written here. Who makes this, and how →