Updates

Money changes that can affect your life in Korea

Policy shifts, banking and remittance changes, and scam warnings — what they actually mean for a foreign resident, with 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 — so you can tell what is still current.

Always a foreign-resident lens

Each update sticks to what you should check next — not predicting markets, picking providers, or confirming whether you personally qualify.

7 updates

Why this matters to you

Payroll systems that were never updated keep deducting last year’s rates — the error is small each month and 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 are 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.
A foreign resident files 체류지 변경신고 rather than 전입신고 — the same next-day rule applies, and 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 on the morning of the balance payment — not the copy from last week.
Whether your contract has a clause barring any new encumbrance until the day after you register, with the contract voidable if breached.
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 — it can be 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 commences.
This does not mean a 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), which 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 allowances that don’t count toward the minimum are excluded.
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, the Ministry of Employment and Labor is the place to go — foreign workers can file 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

The use deadline is days away, and unused balances are scheduled to expire after August 31, 2026.
Where and how the payment can be spent differs by local government and payment channel.
Support-payment messages are still a smishing hook — any "extend your funds" or "re-apply" link deserves suspicion.

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 — the region and store types where the payment can be spent.
The August 31, 2026 use deadline as it applies to your payment channel.
That any message about extending or re-applying links to an official site you found yourself, not a link in the message.

Sources checked

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 check →Safety →Health insurance →

Why this matters to you

Bank account setup is often the first money bottleneck after ARC, phone number, and local address setup.
A mobile residence card may reduce friction if the bank, branch, app, and identity-check flow support it.
Don't assume every bank, branch, or app flow accepts the mobile card the same way — ask the bank which ID, phone, app, and account-purpose documents it accepts before relying on one.

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 foreigner 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

FSC and HiKorea sources checked

What this does not mean

This does not mean every Korean bank accepts mobile foreigner residence cards.
This does not guarantee that your account will be opened, and it does not replace bank-specific KYC, AML, document, or transfer-limit rules.

Banking in Korea →Open a bank account →Scam safety →

Why this matters to you

A KRW amount may feel different once converted into your home currency, and rent deposits or move-in cash can be large one-time amounts.
Remittance providers may show different rates, fees, and quote validity periods.
A small exchange-rate difference can matter more for a rent deposit, tuition, family support, or moving budget, and rate stress can make scam messages feel more believable.

What to check

Use one current manual quote for salary, rent, and remittance comparisons, and check whether the rate is a card, cash, remittance, buy, sell, or reference rate.
Compare fee and exchange-rate quote together before assuming one provider is cheaper, and recheck the quote right before sending money or paying a large deposit.
Write down the quote time, rate type, transfer fee, sending amount, and expected receiving amount.
For housing money, verify the contract address, landlord or agent details, recipient account name, and payment deadline outside the chat where you got the request.

Sources checked

BOK exchange-rate background checked; provider quote still required

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 →

Why this matters to you

Real support programs may exist, which makes fake messages more believable.
Scam messages often ask for information that official pages should not request through random texts.
Foreign residents may not immediately recognize whether a Korean sender name, short link, or public-institution phrase is normal.

What to check

Whether the message asks for OTP, certificate password, card details, ID photo, app installation, or remote control.
Whether the link is shortened, unfamiliar, or different from an official domain you found independently.
Whether the sender pressures secrecy, urgent action, or immediate transfer.
Whether the same program exists on an official site you accessed independently.

Sources checked

KISA 118 and spam guidance checked; open support channels independently.

What this does not mean

This update cannot confirm whether a specific message is a scam.
This update does not provide emergency response or official investigation, and does not replace bank, police, or official support guidance.

Scam check →Safety →Glossary →

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