Korea-side admin checklist before your working holiday

When your working holiday visa comes through, it's easy to focus entirely on what you need at the destination and forget the loose ends back in Korea. Leaving without sorting your National Pension, health insurance, or banking setup can mean ongoing charges, locked internet banking, or failed authentication when you need it most. The ideal window is two to four weeks before departure — here's what to work through.

National Pension: apply for a contribution exemption

If you have no domestic income while living abroad, you can apply to pause your National Pension contributions (납부예외). For most working holiday makers who won't be earning a Korean salary during their trip, this applies automatically.

Exempted periods are excluded from your total contribution record, which reduces the pension you will eventually receive. However, Korea's 'retroactive payment' (추납) scheme lets you pay back the missed months after you return and restore those years to your record — worth considering if you plan to draw a pension in later life.

• How to apply: 'My National Pension' app (내 곁에 국민연금), nps.or.kr website, phone (1355), fax, or branch visit
• Required document: copy of your passport showing departure
• Timing: officially by the 15th of the month after the exemption reason arises — applying before departure is simplest
• The exemption ends automatically when you return to Korea

Health insurance: suspend your premium

If you plan to be abroad for three months or more, you can apply to suspend your National Health Insurance (급여정지) and stop paying premiums for that period. A working holiday is typically a year or longer, so most people qualify.

You can apply before departure at a local NHIS branch, or after leaving by calling 1577-1000 — the agent will check departure records electronically and process it immediately, no paperwork required.

Since July 2025, returning to Korea automatically lifts the suspension the day after you arrive and premiums resume. If you make a brief visit home and then leave again for more than three months, you will need to reapply.

• Locally enrolled (지역가입자): eligible after three months abroad
• Employer-insured (직장가입자): working holiday trips fall under the three-month rule — confirm with your employer before leaving
• Short home visits: no premium charged if you stay under one month and don't use medical services; one month charged if you receive medical treatment
• Contact: 1577-1000 or nhis.or.kr

Banking: set up for overseas use before you fly

Many Korean expats abroad find their internet banking locked because their certificate has expired, their OTP is missing, or a transfer limit is too low. Sort the following before departure.

• Digital certificate (공동인증서 / 금융인증서): check the expiry date — renew it now if it falls within your working holiday period; back it up to a USB drive
• OTP: get a hardware OTP card or activate a digital OTP before you leave; large overseas transfers often require it
• Transfer limits: raise your daily and per-transaction internet banking limit so you can move larger sums if needed
• Overseas card payments: confirm your debit card has foreign payments enabled — many Korean bank apps have an on/off toggle
• Register your destination account: once you open a local account abroad, register it as a recipient in your Korean banking app to make top-ups easy
• Prevent dormant account status: make a small transaction on any inactive accounts before departure to keep them active

Phone number: keep it, don't cancel it

Cancelling your Korean number cuts off SMS authentication for internet banking, KakaoTalk verification (including Kakao Pay), and most government identity checks. If you later need to reissue a certificate or handle banking remotely, a Korean number is often a hard requirement.

All three major carriers (SKT, KT, LGU+) and most MVNOs offer a long-term suspension option that keeps your number alive for a small monthly fee — typically far cheaper than the hassle of re-acquiring a number after your trip.

• Long-term suspension: apply through your carrier's app or customer service (most allow up to three years; terms vary by carrier)
• MVNO users: conditions differ by provider — check before departure
• Kakao setup: the Kakao app works on Wi-Fi and data abroad, but number-based authentication still requires a live Korean number

Money prep: exchanging and sending funds

Bring a small amount of foreign cash — equivalent to roughly KRW 300,000–500,000 — for the first day or two (SIM card, transport, groceries). Exchange this before flying, since airport kiosks charge the highest rates.

For larger sums, wait until you have a local account and transfer from Korea directly. Setting up a rate alert a few days before you leave can help you exchange at a better moment rather than paying whatever rate is on the day.

• Airport exchange: convenient but expensive — avoid for large amounts
• Bank app exchange + overseas ATM withdrawal: check your bank's overseas ATM fee before relying on this
• Direct international transfer to your local account: lowest-cost option, available once your local account is open
• First-day cash in Australia: 100–200 AUD in cash is useful for a SIM card and transport on arrival

How Tern helps

Tern is a financial service built for working holiday makers. You can open your destination account from Korea before you leave, so you arrive with a real account number ready to hand to your employer on day one. Top up from Korea at the live exchange rate, and use your card overseas with no ATM fees.

Tern is pre-launch — but eliminating first-day settlement friction is exactly the problem we are building to solve. Join the waiting list and we will let you know as soon as we are live.