Send more money to Korea with the right transfer service.
When you need to get money to a loved one overseas, the last thing you want to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Korea doesn’t have to be expensive. Compare the transfer fees and exchange rates of the options available to you to get the best deal.
From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Korea is easy. But do your research and shop around for the best available deal.
Compare Money Transfer Services
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Korea. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.Back to top
Banks vs. money transfer companies or services
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
You can often save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. This translates to big savings for you.Back to top
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 Savannah. 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.
|Bank||Money Transfer Company|
|Exchange rate||1 USD = 718.83 KRW||1 USD = 787.99 KRW|
|Transfer time||Up to 2 days||Within minutes|
|Transfer options||Online transfer, overseas telegraph transfer||Account to account, cash transfer|
|Amount received for $1,000 (in Korean wons)||718,830 KRW||780,788 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 .Back to top
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 ensured that her mother benefited 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 canceled out by high transfer fees.
- Transfer fee. Ideally the service you choose charges little or no transfer fee. Sometimes transfer services will waive the fee if you send a large enough amount.
- Transferring within the same bank. Some U.S. banks have international branches that may offer free or quick transfers.
- Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
- 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 cash pickup at an agency.
- 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 easy to contact, whether by email, online chat or telephone.
What are my options for sending money to Korea from America?
There are several transfer methods from which to choose, including:
- Bank to bank transfers. If you’re happy with the exchange rate and transfer fee offered by your bank, you can send money from your account to your recipient’s account.
- Cash pickup. 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 via PayPal.
- International money order. Most banks accept deposits in exchange for an internationally bank-guaranteed check that your recipient can deposit into his or her bank account.
Tips for picking up cash in Korea
Whether you’re picking up cash in Korea or any other country, take a safety-first approach. Use common sense, such as keeping your cash hidden and depositing it with your bank as soon as possible. Taking a friend along when you to collect funds may also be a good idea.Back to top
How safe is a money transfer?
When processed through a reputable provider, your funds are safely tracked until in the hands of your recipient. When sending money internationally, federal protections are in place that require banks, credit unions and money transfer companies to, for example, disclose all fees upfront and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.
Follow the money to Korea
Whichever method you use, keep a record of the transaction reference number and other details so you can track the transfer and follow up if your recipient has any issues.
For a more comprehensive look at sending money overseas, see our guide to sending money overseas.Back to top
- Using Bitcoins for international money transfers
- Buying a boat from overseas using a money transfer
- How to Buy a Car Overseas with an International Money Transfer