South Korea money transfers

How to send money to South Korea

Here’s how to send a quick, affordable and secure money transfer to South Korea.

When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to South Korea doesn’t have to be expensive. Compare the transfer fees and exchange rates of the many options available to you to get the best deal.
TransferWise International Money Transfers

TransferWise International Money Transfers

When you need to send money overseas, benefit from competitive exchange rates and low transfer fees with TransferWise.

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    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:

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    • Forecasting
    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
    OFX International Money Transfers
    USD 150 1 day USD 0.00 1126.815 Online, Bank Account to Bank Account KRW 5,634,073 Send safe, no-limit transfers with no fees and competitive exchange rates. Go to site View details
    MoneyGram International Money Transfers
    USD 1 Same day USD 8.00 1092.196 Online, Phone, Bank Account to Bank Account, Cash Transfer KRW 5,452,240 Easily transfer cash to more than 350,000 locations around the world. Go to site View details
    RIA Money Transfer
    USD 1 3 - 5 days - - Online, Agent, Cash Transfer No fees for bank account transfers and cash pickup at 240,000 locations in 130+ countries. Go to site View details
    Do you send money often? Track this rate with tailored alerts direct to your inbox

    Compare up to 4 providers

    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, South Korea. This can be done in person or oftentimes online. You can use cash or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account are made available as cash for them to pick up at a location in their country.

    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.
    Live USD > KRW exchange rates

    How to send money to South Korea

    in just 3 steps
      1. Locating a service icon

        Find a Service

        Select a transfer service that works for you from the comparison table above

      1. Send money icon

        Initiate the transfer

        Fill out the required information with the service and provide the funds

      1. Money arrives icon

        Receive the money

        Your recipient receives their money in the bank account or picks up their cash

    Banks versus money transfer companies

    The first place many people go when they need to send an international money transfer is to their bank. While banks can certainly send money overseas for you, their fees are often higher compared to companies that specialize in international money transfers. These money transfer companies focus on international transactions and can offer much better exchange rates than most major banks. This means that you save money, and your recipient ends up with more South Korean wons in their pocket.

    How to compare transfer companies when sending money to South Korea

    • Exchange rates. How do each company’s exchange rates compare to the competition?
    • Fees. How much will you have to pay every time you send a transfer? Can you avoid a transfer fees if you send a larger amount?
    • Transfer methods. Can transfers be placed online, over the phone, by visiting a branch and/or by using a mobile app?
    • Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule reoccurring payments, or does the company only provide one-off spot orders?
    • Turnaround time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive?
    • Minimum transfer amount. What is the minimum transfer limit imposed by each company, and will this affect the size of your transfers?
    • Pickup methods. Can your beneficiary pick up the cash from their nearest transfer agent, or will the funds be deposited into their bank account?
    • Customer service. What sort of customer support is offered and during what hours can you receive assistance?
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    Case Study: Cliff Sends Money to South Korea

    Cliff is buying a collectible baseball card from a private seller based in Seoul. Having agreed on a price of $1,000, Cliff looks for the most affordable way to send this sum to the seller. But when he sees the poor exchange rate offered at his large U.S. bank, he decides to compare the features, benefits and costs of two money transfer companies to see which one comes out on top. Both of the companies he compares send U.S. dollars instead of the Korean won, as U.S. dollars are accepted in some parts of Korea.

    Money transfer company 1Money transfer company 2
    Transfer fee$16$70
    Transfer methodCash pickup onlyBank deposit or cash pickup
    Transfer optionsOne-off spot orders onlyOne-off spot orders only
    Payment methodBank deposit, credit card, debit card or cashBank deposit, credit card or debit card
    Processing time10 minutesUp to four business days for bank deposit, 15 minutes for cash pickup
    Difference in feesThis company is $54 cheaper

    As you can see, the fee charged by the second company is substantially higher than that charged by the first, allowing Cliff to save more than $50.

    How can I send money to South Korea from America?

    • Bank transfers. Bank-to-bank transfers may cost more than other options but they are a secure way to send money to South Korea.
    • Online money transfer providers. A reliable online money transfer company can offer fast and cost-effective transactions.
    • Money transfer companies with cash pickup options. MoneyGram and Western Union are the world’s two largest providers of this service.
    • PayPal. PayPal offers secure international money transfers to South Korea and many other destinations around the world.
    • Checks. International checks can be obtained from U.S. banks and then sent overseas.
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    How to send money to South Korea through an independent transfer provider

    When sending funds to South Korea, you’ll be asked to provide the following information:

    • Your name, address, contact information and valid photo ID.
    • Your beneficiary’s name, address and information, along with their bank account info if you’re sending a bank transfer.
    • How much money you’re sending, in what currency and which country you’re sending it to.
    • If you are not using cash for this transaction, you will need to provide your banking info in order to have funds drafted from your account.

    Once you have completed your transaction, you will be given a tracking number. Make a note of this number so you can monitor the progress of your money transfer.

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    Sending or receiving cash in South Korea

    MoneyGram and Western Union operate extensive worldwide transfer networks. If you send money for your recipient to collect from a MoneyGram or Western Union agent in South Korea, make sure they take along a valid ID and a transaction reference number when they go to collect the funds.

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    Emergency cash transfers in South Korea

    There are certain situations when you might need to send a transfer as quickly as possible. When you do need to send an emergency transfer, remember that you will usually have to pay extra in order to get your funds to your beneficiary ASAP. Make sure to check the exchange rate and fees that apply so you know exactly how much it will cost.

    Tips for picking up cash in South Korea

    Picking up cash from a transfer agent in South Korea? Follow a few simple steps to ensure that you and your money stay safe:

    • Avoid any areas where crime is known to be a problem.
    • Keep your wallet and/or bag safe and secure at all times.
    • Take a friend along to provide additional security and peace of mind.
    • Don’t flash your cash around in public.
    • Don’t carry large sums of money around for any longer than is absolutely necessary.
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    Cash pickup locations in South Korea

    Moneygram

    SHINHAN BANK – TRUSTEE & CUSTODY DEPARTMENT
    Address: 23-2 Youido-Dong Youngdungpu-Gu Seoul
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-2-1517812

    SHINHAN BANK – #1236 – SEOUL – SINWOLDON
    Address: 163 Sinwol-Ro Sinwol-Dong Seoul, 08031
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-2-6958001

    SHINHAN BANK – #1127 – SEOUL – BORAMAEYE
    Address: Sinhanneunheng 1 Sangdo-Ro Seoul, 06955
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-2-8121558

    Western Union

    NH BANK
    Address: 25 Taepyeongro 1 Ga Jung Gu Gwanghwamun Jijeom Seoul, 100-745
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-2-7305391

    HANA BANK
    Address: 99 Seorin Dong Jongro Gu Sk Center Branch Seoul, 110 728
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-2-7301111

    BUSAN BANK
    Address: Ulji Ro 1ga 16 Jung Gu Seoul, 100842
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-2-7776191

    Moneygram

    SHINHAN BANK – #2164 – BUSAN – MORUNDAE
    Address: Lotte Castle Morundae Shopping Complex 100 Dadaenakjo 2 (I) Dadae-Dong Lotte Castle Morundae Aapartments Busan, 49497
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-51-2624211

    SHINHAN BANK – #2114 – BUSAN – YEONGDO
    Address: 107 Taejong-Ro Yeong-Gu Yeongson-Dong 1-Ga Busan, 49036
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-51-4150331

    SHINHAN BANK – #2119 – BUSAN – SASANG BA
    Address: Sinhaneunheng 223 Saebyok-Ro Busan, 46972
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-51-3257001

    Western Union

    BUSAN BANK
    Address: Yeonsan Dong 1000 Yeonje Gu Busan, 611735
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-51-8520066

    NH BANK
    Address: 1000 Yeongsan Dong Yeonje Gu Busan Sicheong Jijeom Busan, 611-735
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-51-8688710

    BUSAN BANK
    Address: Geoje Dong 583 16 Yeonje Gu Busan, 611804
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-51-8630122

    Moneygram

    SHINHAN BANK – #7195 – INCHEON – INCHEON
    Address: 41 Seochangnam-Ro Namdong-Gu Incheon, 21617
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-32-4724225

    SHINHAN BANK – #5403 – INCHEON – INCHEON
    Address: 557 Baekbeom-Ro Sipjeong-Dong Icheon, 21449
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-32-5821112

    SHINHAN BANK – #7127 – INCHEON – INCHEON
    Address: 1/F. Incheon Gwangyeok City Hall 29 Jeonggak-ro Namdong- Guwol-dong Incheon, 21554
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-32-4236611

    Western Union

    NH BANK
    Address: 1138 Guwol Dong Namdong Gu Incheon Sicheong Jijeom Incheon, 405-750
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-32-4262700

    KOOKMIN BANK
    Address: 40 Mansu 4 Dong Namdong Gu Mansu Dong Branch Incheon, 405854
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-32-46412026

    NH BANK
    Address: 1137 Guwol Dong Namdong Gu Incheonsi Gyoyukcheong Chuljangso Incheon, 405-730
    Hours: 9:00 AM – 4:00 PM
    Phone: +82-32-4231822

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    2 Responses

    1. Default Gravatar
      SuesApril 1, 2017

      I want to send US money via PayPal to friend in South Korea, but PayPal does not support the South Korean currency; so then my friend will receive US dollars into her PayPal account. Do these funds get converted to local currency when she transfers the funds from her PayPal account into her South Korean bank account?

      • Staff
        ArnoldJuly 25, 2017Staff

        Hi Sues,

        Thanks for your inquiry.

        Yes, it is possible. First, your friend must have her bank account linked to her PayPal account. After you send the money she will then transfer the money to her linked bank account (with corresponding fees) in order to withdraw the money.

        Hope this information helped.

        Cheers,
        Arnold

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