Send Money to Korea Securely

Information verified correct on December 5th, 2016

Send more money to Korea with the right transfer service.

Korean-Australian diplomatic relations extend all the way back to the Korean civil war of the early 1950s. In response to a UN resolution to end hostilities, Australia sent troops to support their South Korean counterparts against the Soviet-backed North Koreans. Troops stayed an additional four years to ensure a peaceful transition, and since then, the two countries have shared an interwoven social and economic history.

Those looking to send Korean Won (KRW) to Korea can get a lot more value for money when using a dedicated money transfer service. This is because these services process a larger volume of transfers than a regular bank, and therefore can secure you a more competitive margin and fees. You can compare some of these services below.

Compare Money Transfer Services

Rates last updated December 5th, 2016
Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
Western Union International Money Transfers
Send money online to friends ... and family around the world with Western Union.
AUD 1 Same day
OnlinePhoneCash TransferAgentInternational Money Order...
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changing, click to check
your price today
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AUD 250 1 day
OnlinePhoneAgent
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changing, click to check
your price today
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Banks vs money transfer companies or services

How you choose to send money to Korea depends on what you need from the transfer service. Whether you’re looking to save on transfer fees or if speed is a top priority, choosing the right service means carefully considering the pros and cons before making a choice. Most people consult their banks first to see which transfer services they offer their customers. In most cases, banks do international money transfers, but they’re strict about how much they allow you to send, and may have inferior rates and high fees. An online banking service like Westpac offers its customers online and telegraphic transfers to recipients’ bank accounts or for pick-up at an agency. If you’re looking for a combination of low to zero transfer fees and no limit on the sending amount, you may be better off with a money transfer service like Western Union or MoneyGram. Transfers are instantaneous and they have branches all over South Korea. That said, it’s still a good idea to weigh your options.

Case study: Mi-Cha sends money home to Korea

Before moving back to Korea, Mi-Cha’s mother helped her brother open a restaurant in Sydney. Mi-Cha stayed to pursue her studies in economics and then joined the restaurant’s staff as the resident accountant. Before transferring her mother’s share of the profits to Korea every few months, Mi-Cha compares exchange rates, transfer fees and delivery time.   

BankMoney Transfer Company
Exchange rate1 AUD = 718.83 KRW1 AUD = 787.99 KRW
Transfer fee$20$15
Transfer timeUp to 2 daysWithin minutes
Transfer optionsOnline transfer, overseas telegraph transferAccount to account, cash transfer
Amount received for $1,000 (in Korean Won)718,830 KRW780,788 KRW

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 60,000 KRW .

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

Taking the time to compare transfer-service options helped Mi-Cha save on fees, cut down on delivery time and ensure that her mother benefitted from the best possible exchange rate. Before settling on a service, it’s important to consider the following factors:

  • Exchange rates. Choosing the best possible exchange rate means that your recipient gets more money in their own currency. Make sure that a high exchange rate is not cancelled out by high transfer fees.
  • Transfer fee. Ideally the service you choose charges little or no transfer fees. Sometimes transfer services will waive the fee if you send a big enough amount.
  • Transferring within the same bank. Some Australian banks have international branches which may offer free or quick transfers.
  • Transfer methods. Check whether the service offers online transfers, cash transfers, international cheques – choose the service with the best transfer methods to suit your needs.
  • Turnaround time. A transfer can be instantaneous or take up to five days to reach its destination. Consider your needs and how urgently your recipient needs the money before making a decision.
  • Pick-up methods. Consult with your recipient about how they’d like to receive the money: direct deposit into their account or via cash collect at an agency or designated pickup point.
  • Minimum transfer amounts. Most transfer services are clear about the maximum amount you can send, but they don’t always stipulate whether there’s a required minimum. This isn’t always convenient for people sending small amounts at a time.
  • Customer service. It’s important that the transfer service’s customer relations staff can assist with any problem you might have with the transfer. They should be easily contactable, whether by email, online chat or direct telephone line.
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How do I send money to Korea from Australia?

There are several transfer methods from which to choose, including:

  • Bank to bank transfers. If you’re happy with the exchange rate and transfer fees offered by your bank, you can send money from your account to your recipient’s account.
  • Cash pick-up. Money transfer companies like MoneyGram and Western Union have agencies all over Korea, so your recipient can easily collect the cash in person.
  • Money transfer companies. Many companies offer international transfers to Korea at various exchange rates and fees.
  • PayPal. Paypal is operational in Korea, so if you and your recipient have Paypal accounts, you can send money online.
  • International money order. Most banks accept deposits in exchange for an internationally bank-guaranteed cheque that your recipient can deposit into his or her bank account.
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Emergency cash transfers in Korea

Whether you’re holidaying in Korea and need cash in a hurry, or a family member needs an emergency transfer, money transfer companies offering delivery within minutes could be your best bet. Despite the urgency, take the time to compare exchange rates and transfer costs – sometimes a quick delivery comes at the price of higher fees. If your bank has a branch close to where you are, simply pop in and explain your situation. In the case of theft or an accident during a holiday, you can claim from your travel insurance, but this may take too much time. If you have an emergency cash replacement linked with your credit card insurance or debit card, you can also utilise that by calling the emergency hotline provided by your bank.

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Cash pick-up locations in Korea

Western Union and MoneyGram have locations all over Korea, so whether your recipient is located in the city or in the countryside, they’d be able to find an agency close by.

Western Union

  • Seoul Hana Bank Munrae dong Branch

    24 Munrae Dong 2GA Yeong

    deungpo Gu 150092 Seoul

    +82 2 2672 1111

    Open Monday to Friday 9am to 4pm

  • Kookmin Bank

    Hanvit Plaza 1f 7 17 Shinchon Dong Song

    p Jamsil Yeok Branch Seoul,

    138728 +82 2 34340 2125

    Open Monday to Friday 9am to 4pm

  • Busan Busan Bank

    Jungang Dong 4ga

    82 1 Jung Gu Busan 600816

    +82 5 1463 6461

    Open Monday to Friday 9am to 4pm

  • Busan Bank

    Nopodong 133 Jonghap Bus Terminal

    3f Geumjeong Gu Busan

    +82 5 1504 4701

    Open Monday to Friday 9am to 4pm

MoneyGram

  • Seoul Woori Bank

    #200088 Mugyo-Dong

    JUNG-GU Seoul 100-170

    +82 7 775871

    Open Monday to Friday 9:30am to 4:30pm

  • Shinhan – Pyeonchang dong Branch

    158-1 Pyeongchang-Dong

    Jongno-Gu Seoul 110-847

    +82 7 3217 9540

    Open Monday to Friday 9am to 4pm

  • Busan Woori Bank

    #202044 1146 Chol yang

    3-Dong Dong Dong Busan 601-013

    +82 5 1468 7051

  • Woori Bank

    #2064477 458 5 Yangjeong

    1-Dong Dong Busan

    jin-Gu Busan 614-857

    +82 5 1852 9001

    Open Monday to Friday 9:30am to 4:30pm

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Tips for picking up cash in Korea

Korea is relatively safe for travellers, but as in any foreign country, it’s important to be vigilant and aware of your surroundings. Foreigners should be particularly aware of the traffic: motorists, taxis and buses drive aggressively. Korean authorities stage civil emergency drills on the 15th of every month, which involves sirens, interrupted traffic and people taking shelter. The rates of violent crime are low in general, but incidents of burglary and purse-snatching still occur in the cities. If you’re collecting cash at an agency, take someone along and be sure to get there during opening hours. Australia’s Smartraveller guide advises ‘normal safety precautions’ when travelling in Korea.

Find Citibank ATMs in Korea

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How to send money to Korea

Sending money to Korea can be easy and convenient when you find the right transfer service to suit your needs. Most online services require that you sign on as a member before allowing the transfer. You’ll need to provide your contact details, the amount you’d like to send and the recipient’s account information. Select the transfer method and the pick-up option most convenient for your recipient, and hit send. The transfer service will confirm your transaction with an email. A tracking number helps you keep an eye on your money as it makes it way to your recipient’s account. Thanks to a shared sociopolitical history and the strong Korean presence in Australia today, there are several money transfer services available to send funds to Korea. Varied options allows you to compare rates and fees to find the best combination to suit your transferring needs.

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