Exchange rates and paying tuition: reading reference rates and sending study funds

This article is for parents who want to work out international school fees in won and get ready to send the money. It covers what a reference rate is, why it differs from what you actually pay, and what the process looks like when sending study funds from Korea. It draws on official material and one bank's guide, checked on 30 October 2026. Rules can change and banks can differ, so please confirm the details yourself at the end.

What a reference rate is

The European Central Bank (ECB) publishes euro reference rates around 16:00 CET on most working days. Central banks agree them in a concertation around 14:10 CET to reflect market conditions at 14:15. They show 29 currencies, including the US dollar, yen, pound and yuan, against the euro.

The key point is that the ECB itself says the rates are published for information purposes only. It strongly discourages using them for transactions. Treat a reference rate as a way to get a rough sense of scale.

Why your transfer rate differs

When you convert school fees into won, a reference rate is only a starting point for comparison. An actual transfer uses the rate quoted by your bank or provider, plus fees. That is why a number you saw online can differ from the amount that leaves your account.

No one can say for certain how exchange rates will move, and this article makes no forecast. Instead, compare two things before you send:

1. The rate the bank or provider applies
2. Any other fees

Count the costs beyond tuition

Hong Kong's Education Bureau publishes international school profiles that list annual tuition and separate 'other charges'. One school lists a capital levy and optional debentures. International school costs can include admission-related fees, facility levies and debentures on top of tuition, and whether they are refundable varies by school.

The Singapore Ministry of Education's AEIS (Admissions Exercise for International Students) page lists application fees of S$340 for primary and S$630 for secondary. They are non-refundable and attract GST. As of its last update on 17 July 2026, the page states that applications for the 2026 AEIS have closed. Costs are often quoted in the local currency and refund terms differ. When you do the maths, use the full fee schedule, not tuition alone.

The process of sending study funds

This summary is based on Woori Bank's guide for overseas students and residents. The guide defines an overseas student as someone studying at a foreign institution for six months or more.

• First transfer: You submit a passport, a designated foreign exchange bank application, a payment application and proof of study such as an admission letter.
• Every year: You give the bank a certificate of enrolment or transcript issued by the head of the foreign institution.
• Amount thresholds: Above USD 200,000 a year, transfers can be made only through a branch. The guide says the National Tax Service is notified when the yearly total of transfers and currency exchange exceeds USD 100,000.

This is one bank's guide. Confirm the details and the documents you need with your own bank and the relevant authorities. This article does not give any tax or legal verdict about your situation.

Checklist

• I have put tuition and other charges (facility levies, debentures and so on) into one fee table.
• I know which currency each charge is billed in.
• I use reference rates for comparison only, and I have asked my bank or provider separately for its actual rate and fees.
• I have prepared proof of study, such as an admission letter.
• I have checked how to designate a foreign exchange bank.
• I have noted in my calendar when to get the yearly enrolment certificate or transcript.
• I have checked whether my yearly amount reaches the thresholds in the bank's guide.
• I know which charges are non-refundable.

Ask the school

• Besides tuition, are there admission-related fees, facility levies or debentures, and can you give the amounts in writing?
• What are the refund rules for each charge?
• In which currency and on what schedule are fees paid?
• When and in what form can we get an enrolment certificate or transcript each year?
• When can we receive documents such as the admission letter that we need for the transfer?

Exchange and remittance rules change often and can differ by bank. For the final word, confirm with your bank, the relevant authorities and the school.