Leaving Korea: A Guide for International Students

Recovering Your Lease Deposit

Your lease deposit is usually the largest sum of money involved in leaving Korea.

If you plan to move out when your contract ends, start by checking your lease agreement for the contract period and the notice period required to end the tenancy. Giving your landlord advance notice matters. Notice periods and accepted methods of communication vary by contract, so read your terms carefully and keep a written record (a text message or messenger conversation, for example) which may serve as a reference should a dispute arise later.

The refund is usually handled alongside a property inspection, the return of your keys, and a final settlement of maintenance and utility charges. It is advisable to agree with your landlord in advance on the move-out date, how the deposit will be returned, and what the final settlement will cover.

For foreign nationals, filing a report of change of residence (체류지 변경신고) generally serves a role equivalent to a resident's move-in report and, together with a fixed date stamp (확정일자), may support your protections under the Housing Lease Protection Act. Please keep the related documents until you depart.

If you have to leave without your deposit

The Housing Lease Protection Act sets occupation of the property and registered residence (for foreign nationals, the residence report) as requirements for opposing power. If you move out and clear your registered address while your deposit remains unpaid, you may lose the opposing power and priority right to repayment you had built up.

One measure available in this situation is a lease registration order (임차권등기명령). Where a lease has ended and the deposit has not been returned, an application may be made to the district court with jurisdiction over the property. Once the lease registration is completed, the opposing power and priority right are understood to be maintained even after the tenant moves out.

The sequence requires attention. Korean Supreme Court precedent has held that where a tenant loses possession before the registration is completed, the opposing power lapses and is not restored by a subsequent registration. The process takes time, so if repayment looks uncertain, it is advisable to look into it early with your departure date in mind.

This is a general description of how the system works, not legal advice. Whether it applies to you, and what effect it has, depends on the facts of your case, so it is worth speaking with a lawyer or another qualified professional before proceeding. The Korea Legal Aid Corporation (132) is one place to seek a consultation.

Settling Utilities, Health Insurance, and Automatic Payments

Moving out means closing off your final utility charges. Electricity, gas, and water are billed after use, so charges may still arise after you have left. Once your moving date is fixed, contact each utility provider or the building management office to confirm the final settlement procedure. A meter reading on the day you move is a common method, though this may differ depending on the building or your contract.

Health insurance also needs to be checked. International students have been subject to enrolment in National Health Insurance as regional subscribers since March 2021. Premium charges do not necessarily stop simply because you leave the country, so please check for any unpaid amounts and ask the National Health Insurance Service (1577-1000) how your departure should be handled. Treatment may vary by visa status and individual circumstances.

Next, review the automatic payments linked to your bank accounts and cards. Monthly charges for mobile plans, insurance, streaming services, and gym memberships may continue unless you cancel them yourself. Many banking and card apps allow you to view registered automatic payments in one place, which can help. If you hold a Korean credit card, it is also worth checking unbilled charges, remaining instalments, and any overseas transactions.

📝Sending Money Home and Closing Your Accounts

It is generally advisable to leave account closures until the final stage of your preparations. Money may still be on its way to you — your lease deposit, a final payment for part-time work, or an insurance refund. Once everything has arrived, settle any remaining payments in Korea and transfer the balance to your home country account.

Check the remittance procedure in advance. Sending money overseas generally requires registering a designated foreign exchange bank at a branch. Foreign nationals may ordinarily remit up to USD 50,000 per year without submitting documents showing how the funds were acquired. If you are sending income earned from work in Korea, proof of that income may be required, so it is worth preparing the relevant documents beforehand. Note that the USD 100,000 annual limit for remittance without supporting documents applies to Korean nationals residing in Korea and not to foreign nationals.

Foreign exchange regulations are subject to change, and limits, required documents, and the conditions for internet and mobile banking may differ by institution. Please confirm the details with your bank before making a transfer.

It is advisable to cancel your mobile phone service last. Overseas remittance, account closure, and electronic authentication often rely on identity verification through your Korean phone number. Cancelling it first may delay the steps you still need to complete. If you expect to use Korean financial services or electronic authentication after leaving, check in advance about number retention services and how identity verification works from overseas.

If you do not expect to use your Korean account again, you may be able to close it at a branch or, where available, through your bank's non-face-to-face procedure. If you may return to Korea or are still expecting refunds, keeping the account open is worth considering, though identity verification generally requires a valid Alien Registration Card. Managing an account from overseas may be restricted, so please ask your bank what applies in your case before you leave.

Some products, such as instalment savings or a housing subscription savings account (주택청약종합저축), may pay a lower rate of interest if closed early. Please confirm the product terms with your financial institution before deciding.

Sequence matters when preparing to leave: secure the money coming in, settle what you owe, then close your accounts and your phone line. That means starting with notice to your landlord, moving on to utilities, health insurance, and automatic payments, and finishing with your overseas transfer and account closures.

Once your departure date is set, it helps to put each item in your calendar. Handling these tasks remotely after you have left can take considerably more time and money than dealing with them while you are still in Korea.