Finance guide for foreign tenants
Deposit protection, deposit guarantee insurance, remittance, banking, credit and paying rent: what to know when renting a home in Korea.
Protect your deposit: address report and fixed date
- For foreign residents, the equivalent of a Korean move-in report (jeonip singo) is the change-of-address report made after alien registration (or domestic residence report). It must be filed within a set period after moving, and to protect your deposit you should ideally file it on move-in day.
- A fixed date (hwakjeong ilja) is an official date stamp on your lease, available at a community service center or registry office. Moving in, filing the address report and getting a fixed date together form the basic requirements for deposit protection (opposability and priority repayment).
- Depending on the region and amount, your lease may need to be reported under the housing lease reporting system, which also gives you a fixed date. Ask your community service center whether this applies to you.
- Check with the office about required documents (residence card, original lease, etc.) and whether you can apply online.
Deposit return guarantee (guarantee insurance)
- A deposit return guarantee pays your deposit back if the landlord cannot. It is offered by institutions such as Korea Housing & Urban Guarantee Corporation (HUG), Korea Housing Finance Corporation (HF) and Seoul Guarantee Insurance (SGI).
- Whether foreign residents can apply, required documents, fees and housing conditions differ by institution and product, and may change. Always check the official guidance or customer center of each institution before signing.
- K Real Estate does not sell or broker guarantee products.
Sending money abroad: use registered providers
- Besides banks, you can use small-amount overseas remittance companies registered with the financial authorities.
- Before using one, check that it is registered on FINE, the financial consumer portal of the FSS.
- Sending money through unregistered individuals or businesses can be illegal, and you may get no protection if something goes wrong.
- Limits and required documents depend on the provider and your visa status, so check with the provider.
Bank accounts and building credit
- Opening an account usually requires your residence card and passport, and some banks also ask for proof of employment or enrollment.
- A new account may come with low daily transfer and withdrawal limits. Ask your bank how to raise them.
- Paying your phone bill and utilities on time and avoiding late payments is the basis of managing your credit.
- Credit assessment and loan eligibility differ by financial company.
Paying rent and maintenance fees
- Pay rent by transfer to the landlord's account named in the lease and keep the records. If you pay in cash, get a receipt.
- Before signing, check what the maintenance fee covers (water, electricity, gas, internet, etc.) and write it into the special terms.
- Setting up automatic transfers helps you avoid late payments.
Checklist before signing
- Did you check the real owner and any mortgages (debts) on the property register?
- Did you verify with ID that the person signing is the registered owner (or an authorized agent)?
- Is the deposit not too high compared with the home's value?
- Are you signing through a registered real estate agency?
- Are you ready to file your address report and get a fixed date on move-in day?
- Have you checked the lease and special terms in a language you understand?
Where to get help
- Immigration Contact Center 1345: multilingual help with immigration and stay matters
- FSS 1332: financial complaints and consultation
Rules and conditions can change. This is general information; confirm details with each institution.
Partner companies with foreign-language support
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K Real Estate does not broker or recommend financial products. Rates and other figures are based on Financial Supervisory Service (FSS) disclosures. Confirm actual rates and eligibility with the financial company.