South Korea money transfers

How to send money to someone in South Korea

Information verified correct on February 22nd, 2017

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.

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Rates last updated February 22nd, 2017

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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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  • Regular overseas payments
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Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
Wyre International Money Transfers
No transfer fees for finder... No transfer fees for finder.com readers. Make transfers with Bitcoin.
OnlinePhone
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
No-limit transfers with competitive exchange rates for more than 100 currencies.
USD 500 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
WorldRemit International Money Transfers
Use promo code FREE to ... Use promo code FREE to send your first transfer for no fee, to over 110 countries for bank-to-bank deposit, cash pickup or mobile top-up.
USD 1 Within an hour
OnlineCash Transfer
Rates are always
changing, click to check
your price today
Go to site More
TransferWise International Money Transfers
Enjoy high maximum transfers into ... Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
OFX International Money Transfers
Send safe... Send safe, no-limit transfers with no fees and competitive exchange rates.
USD 150 1 day
Online
Rates are always
changing, click to check
your price today
Go to site More
Payoneer International Money Transfers
Ideal for worldwide business payments ... Ideal for worldwide business payments to more than 200 countries and 150 currencies.
USD 20
Online
Rates are always
changing, click to check
your price today
Go to site More
RIA Money Transfer
No fees for bank account ... No fees for bank account transfers and cash pickup at 240,000 locations in 130+ countries.
3 - 5 days
Online
Rates are always
changing, click to check
your price today
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HiFX International Money Transfers
Transfer money into 20 currencies ... Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.
USD 100 2 days
Online
Rates are always
changing, click to check
your price today
Go to site More
Moneycorp Exchange Experts
Full-service specialist offering competitive exchange ... Full-service specialist offering competitive exchange rates on personal international money transfers.
USD 50 1 day
OnlinePhone
Rates are always
changing, click to check
your price today
Go to site More
TorFX International Money Transfers
No hidden fees and a ... No hidden fees and a best rate guarantee for 60 global currencies.
USD 150 1 day
OnlinePhoneAgent
Rates are always
changing, click to check
your price today
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Wells Fargo Bank
While more expensive than other ... While more expensive than other options, securely send money to 13 Latin American and Asian countries.
USD 1 1 day
Online
Rates are always
changing, click to check
your price today
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  • If the provider quotes a different rate to the one above please let us know

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.

    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

  2. Send money icon

    Initiate the transfer

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

  3. 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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US International Money Transfers Offers

Learn about our information service
HiFX International Money Transfers

Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000.

WorldRemit International Money Transfers

Use promo code FREE to send your first transfer for no fee, to over 110 countries for bank-to-bank deposit, cash pickup or mobile top-up.

World First Foreign Exchange

Exclusive offer: $0 transfer fee
No-limit transfers with competitive exchange rates for more than 100 currencies.

TransferWise International Money Transfers

Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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