Find the best way to send money to South Korea

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Looking for the best way to send money from Canada to family, friends or businesses in South Korea (or even to your own overseas bank account)?

Don't head straight to your Canadian bank – compare specialist money transfer services instead. They nearly always offer better KRW exchange rates and lower fees, so for the same amount of Canadian dollars you send, your recipient will receive more South Korean wons.

Of the companies we've compared, Remitly is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Wise (TransferWise) can get money to your recipient in South Korea within minutes.

Best ways to send money to South Korea from Canada

• Online money transfer provider. When buying Canadian dollars or South Korean wons , money transfer specialists typically offer better rates and cheaper fees than a local bank.
• Bank transfer. Bank transfers are an easy way to send money to South Korea, but they charge extra for the convenience and are often slower than other methods.
• Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you've sent when they collect it from their agent location in South Korea.
• Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
• Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.

Compare the best money transfer companies to send money to South Korea

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10 of 10 results

Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
Xe Money Transfers		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site View details Compare product selection Compare	loading
Xe Money Transfers		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site View details Compare product selection Compare	loading
Wise (TransferWise)		24 hours	From $0	Wise uses the mid-market rate and transparent fees to help you send money in 40+ currencies.	Go to site View details Compare product selection Compare	loading
RemitBee		Within minutes	From $0	Continue View details Compare product selection Compare	loading
Remitly		Within minutes	From $0	Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site View details Compare product selection Compare	loading
Remitly		Within minutes	From $0	Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site View details Compare product selection Compare	loading
Wise (TransferWise) Finder Award		Within minutes	From 0.48%	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site View details Compare product selection Compare	loading
MoneyGram		Within minutes	From $0	Go to site View details Compare product selection Compare	loading
Instarem		Within minutes	From $0	Instarem offers zero transfer fees on all transfers.	Go to site View details Compare product selection Compare	loading
Loop		Within an hour	$0	Loop has 1 day transfers and low FX rates.	Go to site View details Compare product selection Compare	loading

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How we picked these

Cheapest way to send money to South Korea

Bank transfers are typically the cheapest way to get your money to South Korea. Remitly and MoneyGram have some of the lowest bank transfer fees of the brands we've compared.

When you're hunting down the cheapest ways to send money to South Korea, it's more important to look at the overall cost of your transfer. This has a couple of elements:

• Transfer fees. While still cheaper than your Canadian bank, some money transfer services charge either a fixed or percentage-based fee for making your transfer.
• Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market CAD/KRW exchange rate.

Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many South Korean wons your recipient will end up with.

Fastest way to send money to South Korea

Many online providers can offer transfers to South Korea within minutes, although you're likely to pay a premium for the convenience.

• Wise (TransferWise) — within minutes
• Remitly — within minutes
• MoneyGram — within minutes

Actual transfer times from Canada to South Korea can depend on several several factors including transfer amount, payment method and currency.

Safest way to send money to South Korea

The safest way to get your money to South Korea is to use a provider registered with Canada's industry regulator, the Financial Consumer Agency of Canada. All the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Canada and South Korea.

A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.

How to send money to South Korea from Canada

1. Compare your options.
   
   Use our table to find a money transfer provider that sends funds to South Korea. One may be better for cash pickups, while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
2. Create an account.
   
   You'll need to give your name, address, contact details, proof of ID and method of payment.
3. Provide your recipient's details.
   
   Enter your recipient's name and contact information. If you're sending straight to their South Korean bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
4. Enter your transfer amount.
   
   Make sure you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total South Korean wons your recipient gets.
5. Complete your transfer.
   
   Send your money transfer to South Korea. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it, too.

Example: Minho transfers money to South Korea

Minho is working in Canada as a software engineer and he stays in regular contact with his elderly parents back home in South Korea. His parents need some funds to help pay off a mortgage, so Minho plans to send them $2,000 from Canada.

He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.

The money transfer company enables Minho to send an extra ₩32,499.98, which is transferred straight to his parents' Kookmin Bank account.

How to choose the best money transfer companies to send money to South Korea

Frequently asked questions

• How can I pay for my transfer to South Korea?

  There are multiple ways to pay for your money transfer to South Korea. The most common payment methods include bank transfer, credit card and debit card.

  How you pay can influence how quickly your South Korean wons arrive and the total cost of your transfer, so consider both when deciding.

• What details do I need to send money to South Korea?

  • Photo identification: Most providers require a driver's license, passport or other Canadian government-issued ID.
  • A way to pay: Your options depend on the provider's services. Popular methods include cash, debit or credit card and bank account transfers.
  • Recipient information: You'll need their name (matching their ID) plus contact details. If sending to a South Korean bank account, you'll need their account number, SWIFT and branch details.

• What is required to receive money in South Korea?

  • Transfer number: The reference number – sometimes called a PIN, MTCN or tracking number.
  • Government-issued ID: An official ID, such as a South Korean passport or driver's license.
  • The transfer amount: To know how much has been sent, usually to within 10% of the total.
  • Sender information: The sender's name and address and the transfer's country of origin.

• How much money can I send online to South Korea?

  This depends on your chosen provider, as each will have a sending limit. For example, services such as Wise (TransferWise) and Remitly allow you to transfer as little as $1, while others will have a significantly higher minimum threshold.

  Remember that some providers will have maximum transfer amounts as well, either as a result of Canadian tax policies or because their service is more limited. If you need to send a large transfer, look for a provider with higher or no sending limits to South Korea.

  Conversely, providers such as Taptap Send are better at sending smaller, regular amounts of money to South Korea rather than large, one-off transfers.

• How long will it take for my money to arrive in South Korea?

  The turnaround time for a money transfer to South Korea depends on the provider and how you pay for the transfer. Expect your transfer to arrive within minutes if you pay using cash or with a debit or credit card. Paying by bank transfer can take longer – usually 2–5 days.

• Can I send money to South Korea without a bank account?

  Yes, you can still send a money transfer if neither you nor your recipient in South Korea has a bank account. Look at cash transfer providers such as Remitly, where you can pay with cash, and your recipient can collect it as cash or as a mobile phone reload on the other end.