Send money to Korea

Send Money to Korea Securely

Information verified correct on January 20th, 2017

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

Rates last updated January 20th, 2017

Enter your details to speak to a foreign exchange expert

By submitting this form, you agree to finder.com privacy policy
Ofx Logo

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
  • Emigrating
  • Regular overseas payments
  • Risk management
  • Forecasting

Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
Payoneer International Money Transfers
Send Mass Payments To Your ... Send Mass Payments To Your Payees Worldwide
USD 20
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
WorldRemit International Money Transfers
An online money transfer service ... An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
USD 1 Within an hour
OnlineCash Transfer
Rates are always
changing, click to check
your price today
Go to site More
World First Foreign Exchange
Exclusive offer: $0 transfer fee ... Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.
USD 500 2 days
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
Transferwise International Money Transfers
Make online transfers in a ... Make online transfers in a range of currencies and enjoy high maximum transfer amounts.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
HiFX International Money Transfers
Transfer money between 20 currencies ... Transfer money between 20 currencies and enjoy scheduled regular transfers. No fee for transfers over US $5,000.
USD 100 2 days
OnlinePhoneAgent
Rates are always
changing, click to check
your price today
Go to site More
Currencies Direct International Money Transfers
$0 online transfer fee that ... $0 online transfer fee that you can access 24/7.
USD 100 2 days
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
OFX International Money Transfers
Exclusive offer: Special exchange rates ... Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering finder.com exclusive exchange rates and $0 transfer fee on all transfers.
USD 150 1 day
OnlinePhoneAgentInternational Money Order...
Rates are always
changing, click to check
your price today
Go to site More
TorFX International Money Transfers
TorFX guarantee to beat any ... TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply
USD 150 1 day
OnlinePhoneAgent
Rates are always
changing, click to check
your price today
Go to site More
Back to top

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.   

BankMoney Transfer Company
Exchange rate1 USD = 718.83 KRW1 USD = 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 wons)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 .

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.
Back to top

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.
Back to top
Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the U.S dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Back to topFind a money transfer location near you

Back to top

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.

Back to top

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

Related Articles

Back to top
Was this content helpful to you? No  Yes

US International Money Transfers Offers

Learn about our information service
WorldRemit International Money Transfers

An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.

OFX International Money Transfers

Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering finder.com exclusive exchange rates and $0 transfer fee on all transfers.

World First Foreign Exchange

Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.

Transferwise International Money Transfers

Make online transfers in a range of currencies and enjoy high maximum transfer amounts.

feedback