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How to send money to South Korea

Find out about safe, secure and cost-effective transfer options when you need to send money to South Korea.

Updated . What changed?

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Whether investing in high-tech Seoul or helping a family member visit a UN-designated cultural heritage site, sending money to South Korea shouldn’t be a headache or huge expense.

Compare several transfer providers to find the one that fits your needs, and you can get funds to friends, family members or colleagues in South Korea easily.

Send money to South Korea with SingX

你首兩次港幣$15,000或以下的匯款,手續費全免。Pay no fees on your first two transfers, up to HK$15,000.

象徵式收費以及中間價匯率,可匯款至高達30多個國家。
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.

  • Pay no fees on your first two transfers, up to HK$15,000
  • Most transfers take 1 business day
  • Regulated by Hong Kong Customs and Excise Department
Promoted

Compare money transfer services to South Korea

Use the table below to see what your transfer could look like at different companies.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 10 1 - 2 days HKD 250.00 142.034 KRW
1,384,836
以透明的匯率,低收費及低最低金額的網上服務作匯款。 TransferWise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 1 1 day HKD 50.00 142.034 KRW
1,413,243
你首兩次港幣$15,000或以下的匯款,手續費全免。Pay no fees on your first two transfers, up to HK$15,000.
象徵式收費以及中間價匯率,可匯款至高達30多個國家。 SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
USD 50 1 day HKD 35.00 142.034 KRW
1,415,373
快捷又簡單的國際匯款服務,大部分匯款收取固定的0.5%手續費。部分貨幣更不設保證金率。 InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies. Go to site Show details
GBP 5,000 1 - 2 days HKD 0.00 139.904 KRW
1,399,041
可匯款至20+個國家,無手續費。 CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

What’s the best way to send money to South Korea?

Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to South Korea. Wire transfers through banks, account-to-account transfers through PayPal and other options are available but come with high fees, weak rates and long turnaround.

Digital money transfer specialists

Companies like SingX and TransferWise specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer a variety of options for your recipient to receive their money, including to bank accounts as well as in person.

Cash transfers

Services like MoneyGram allow you to transfer cash for pickup at a local branch in South Korea — often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak rates and high fees. And currently for cash transfers, the recipient can only get the money in USD rather than the local currency.

Banks

South Korean won aren’t a popular currency, which means banks may not offer them. If your local bank does support won, beware of high fees and wide margins on the exchange rate compared to digital and other options.

Crunching the numbers: Sending $10,000 to South Korea

Let’s say you need to send $10,000 to family in South Korea. Here’s what you might face as far as fees and exchange rates as of 4 Jan, 2021.

Digital money transfer serviceBank transfer
Fee60.00 HKD65.00 HKD + additional correspondent bank fees
Exchange rate1.00 HKD = 139.7601 KRW KRW1.00 HKD = 136.05 KRW
Transfer speed1-2 day2-5 days
Amount received1,389,215.39 KRW1,351,701 KRW
Verdict
  • Better than a bank
  • Slowest and most expensive

The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the cash transfer service, your recipient ends up with 37,514.1 KRW more than the bank offers and your transfer to South Korea may arrive in as little as 15 minutes.

How to send money to South Korea online

Sign up and send money with a digital money transfer specialist in four steps:

  1. Sign up for a free account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
  2. Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their South Korean bank account details.
  3. Confirm transfer details. Double-check your payment method, expected fees and destination.
  4. Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to South Korea. Some money transfer providers send a text or email when your transfer is complete.

How to get the most out of your money transfer to South Korea

Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to South Korea to meet your needs:

  • Exchange rates. The HKD-KRW relationship fluctuates, but for the last few years it has remained relatively stable. Still, locking in an exchange rate when possible may save you money in the future if the rates shift quickly.
  • Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger exchange rate.
  • Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the number of South Korean won you’re sending.
  • Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to South Korea.
  • Maximum limits. When exchange rates are favorable, sending more money can save you money in the future. If you plan to send large amounts of money to South Korea, be sure to pick a provider that won’t limit you.
  • Transfer methods. Whether you want money sent to a South Korean bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.

Emergency cash transfer to South Korea

When it’s more important to get your money to South Korea quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.

How to send money to South Korea without a bank account

Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.

South Korea’s exchange rates explained

The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. The South Korean won often fluctuates when compared to the HK dollar, so expect exchange rates today to be different than those you’ll see tomorrow. Factors that influence the exchange rate include interest rates, economic stability and inflation.

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Updated: 20 Jan 2021 01:11:56 UTC

Documents needed for sending to and receiving money in South Korea

To send money to South Korea from Hong Kong, you’ll need government-issued ID and other documents, while documents needed to pick up money in South Korea may be different by company.

Documents to send money from Hong Kong

To send money from Hong Kong to South Korea, you’ll need documentation and details that include:

  • Identification. Most services require a driver’s license, passport or other government-issued ID.
  • Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal checks.
  • Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, South Korean bank account and routing number if sending to their bank.

Documents to receive money in South Korea

To pick up money in person, documentation can include:

  • Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
  • Government-issued ID. A South Korean Resident ID, a South Korean Passport or any other government-issued ID that has your photo in addition to your address can typically be used to pick up money in South Korea.
  • Amount sent. You may need to know how much was sent, usually within 10% of the total.
  • Sender’s information. Take along your sender’s full name, the sending country and their address, if known.

What to watch out for

When sending money to South Korea, any amount over US$10,000 will be reported to the Financial Supervisory Service. Additionally, any individual sending or receiving more than US$50,000 in one year will need to provide evidence of income and proof for the purpose of sending.

Bottom line

Sending your hard-earned money to South Korea shouldn’t cost a fortune. Compare transfer companies that specialize in foreign for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.

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