Send money to Korea

Safe, secure and cost-effective transfer options when you need to send money to Korea.

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While Korea is a land of ample opportunity, it’s also one of the most expensive countries in Asia. Luckily, when it comes to sending money to Korea, Canadians have a number of suitable options. Whether you need to make a transfer in an emergency, or simply have a hankering to save a buck or two, this useful guide will help you to compare your options and find the best international money transfer service to meet your unique set of needs.

TransferWise International Money Transfers

Send your money with TransferWise

TransferWise gives you the real exchange rate when you send money overseas.

  • Same or next-day delivery
  • Transparent fees
  • Easy to use
  • Secure and regulated by FINTRAC

    Compare Money Transfer Services

    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
    CAD 0 Within an hour CAD 3.99 895.129 KRW
    Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
    An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
    Go to site Show details
    CAD 1 1 - 2 days CAD 80.00 898.272 KRW
    Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details

    Compare up to 4 providers

    The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

    Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

    Banks vs money transfer companies or services

    Banks offer a wide range of financial services, boasting everything from loans and insurance to wealth management and debt consolidation. What banks don’t do, however, is specialize in international money transfers. While most banks will offer the service, it’s a tag-on to a laundry list of other services and products that they spend much more time developing.

    • Banks. When banks send money overseas, they turn a profit by charging a large margin of profit, which means you pay higher fees (sometimes as much as $50) and less competitive exchange rates.
    • Money transfer service. A dedicated money transfer service is able to offer more competitive exchange rates and fees since currency exchange is the only service they offer, meaning they can make a smaller amount of money on a greater number of transactions, and still come out on top.

    Case Study: Mi-Cha sends money home to Korea

    Before moving back to Korea, Mi-Cha’s mother helps her brother to open a restaurant in Toronto while Mi-Cha pursues a Bachelor in Economics at the U of T. Mi-Cha graduates four months after her mother’s departure, and begins to work as her brother’s accountant. Every month, she calculates her mother’s share of the restaurant’s profits, and transfers a lump sum back to Korea. Mi-Cha has an inkling that her bank will overcharge on exchange rates so she compares her branch to an international money transfer service to find the best deal.

    Canadian BankMoney Transfer Company
    Exchange rateCAD$1 = KRW 718.83CAD$1 = KRW 787.99
    Transfer fee$20$15
    Transfer timeUp to 2 daysWithin minutes
    Transfer optionsOnline transfer, overseas telegraph transferAccount to account, cash transfer
    Amount received for CAD$1,000 (in Korean Won)KRW 718,830KRW 780,788

    By choosing to send funds with the money transfer service, Mi-Cha pays a smaller transfer fee, the money arrives within minutes and her mother receives an additional KRW 60,000 (around $70).

    How do I compare transfer companies when transferring money to Korea?

    Mi-cha learned a lot by comparing her bank to a dedicated transfer service, and recommends hunting for the following features to find the best deal.

    • Competitive exchange rates. Don’t get bogged down by exorbitant rates. Search for the mid-market rate on Google and then try to find a transfer company that offers something comparable.
    • Minimal fees. Many transfer services cut their fees down to the bare minimum and make up the difference by conducting more transactions. Find a company that follows this model, with low to no fees.
    • Various transfer methods. Some transfer services specialize in bank-to-bank transfers while others are all about the cash pick-up. Figure out what works best for you and lock in a company accordingly.
    • Fast transfer times. Transactions that take a couple of days will often cost less than those that process in a couple of minutes. Determine whether time or money is more important to you, and if the latter, expect to wait a bit longer for cash in hand.
    • Reliable customer service. Reputation is everything when it comes to money transfer services. Look for a service that can guide you through the process from start to finish.

    Compare Money Transfer Services

    Money Transfer ServiceTransfer Fee (CAD)Exchange Rate MarkupTotal in KRW minus fees (from $1000.00)
    Canadian Forex$15$829.6133816,878
    XE Money Transfer$0$849.1680849,168

    Rates updated as of 25 February 2018

    Cash pick-up locations in Korea

    Whether you’re dealing with the aftermath of a stolen wallet or an over-zealous shopping trip, a cash pick-up option like Western Union or WorldRemit can be a lifesaver in an emergency. When you need to send money to Korea posthaste, these companies can complete transactions in as little as 10 minutes. Just remember, shorter wait times often drive up the price tag, so read the fine print before you decide on a service. When the transaction goes through, your recipient will just need to present with their passport at the location in question to pick up their money.

    Western Union


    • Cash is available to collect instantly from any branch of Suhyup Bank.
    Tips for picking up cash

    The Government of Canada recommends that Canadian visitors to Korea exercise a normal degree of caution (as of 30 September 2018). If you do need to collect cash, look for an agent location in a safe neighborhood and call ahead to make sure they’ll have cash on hand. Visit during daylight hours in the company of a good friend and return to your hotel to stow your cash in a safe place as quickly as possible.

    Background for South Korea

    Divided by a contentious border, the Korean Peninsula is a world unto itself, promising travellers and residents alike a remarkable range of experiences, along with jaw-dropping landscapes and nothing short of 5,000 years of embedded culture and history. From the peaks of its craggy mountains to the sprawl of the idyllic countryside, tourists and young professionals are flocking to this dream destination in droves.

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