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Send money to South Korea

Find the best way to transfer money from the United States to South Korea.

Looking for the best way to send money from the United States to family, friends or businesses in South Korea (or even to your own bank account)? Don't head straight to your American bank - turn to online money transfer services instead. They nearly always offer better exchange rates and lower fees - which means for the same amount of dollars you send, the recipient will receive more koreans.

Compare ways of sending money to South Korea

Use our table below to compare services that send money from America to South Korea. Compare the money transfer providers' fees and speeds, then click "Go to site" when you've found the best one to send your US Dollars to South Korea.

Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
24 hours
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
XE
Within minutes
$3

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XE has fast transfers with low fees and a range of foreign currency tools.
Wise (TransferWise)
Within an hour
From $2.26

View details
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Remitly
Within minutes
From $0
SPECIAL OFFER ✓ Free transfers and better exchange rates available for new customers

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Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within an hour
From $1.99

View details
Use code Take10USD to get $10 off when you spend $20. Valid till 31 January 2022. T&Cs apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Dunbridge Financial
Dunbridge Financial
24 hours
$0

View details
Dunbridge Financial offers competitive exchange rates and zero fees on transfers to more than 120 countries.
OFX International Money Transfers (Business)
24 hours
$0

View details
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
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Compare up to 4 providers

How to send money to South Korea from the United States

Here's our simple process for sending a money transfer to South Korea as a cash pickup or bank transfer - the two options are similar:

  1. Compare your options. Use our table above to find a money transfer provider that sends USD to South Korea. One may be better for cash pickups while another might be better suited to a bank transfer. Once you've found the best one for your requirements, click Go to site.
  2. Register for an account. You'll need to give your name, address, contact details, proof of ID and method of payment.
  3. Provide recipient details. Enter your recipient's name and contact information. If you're sending straight to their South Korean bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
  4. Enter the transfer amount. Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Many services give the amount of South Korean Won your recipient should receive, so double check this.
  5. Complete your transfer. Send your money transfer to South Korea. Keep any reference number safe so you can track your transfer - your recipient may need it too.

If you send to a South Korean bank account, your recipient just needs to wait for the funds to arrive. For a cash pick up, your South Korean recipient will need to show some form of photo ID in order to pick up the funds. It's also important that you give them the transaction reference number to streamline the process.

For larger transfer amounts, you may need to phone the agent location to ensure it has enough cash available.

Ways to send and receive money

How to decide which option is best for you to send money to South Korea.
  • Bank deposit. Most major banks in America let you wire money to banks in South Korea. However, you might get weaker exchange rates and pay higher fees all for the privilege of a slower transfer.
  • Online money transfer services. Online companies like OFX and XE make international money transfers to South Korea easy with bank transfers or cell phone top ups often offered as easy delivery options.
  • Transfer agents across America. Many transfer providers have locations dotted all across America, making it easy for you to send money that can be easily picked up in similar agent locations in South Korea.
  • Checks and money orders. If speed is not an issue, you can always pick up an international check from your bank or the US Postal Service to send to South Korea.
  • Cash pick-up. Remitly and WorldRemit allow you to collect cash, even if you don't have a bank account in South Korea.
  • Bank deposit. If you have a South Korean bank account, you can have money transferred directly into this without having to make any trips to a money transfer agent location.
  • PayPal. The Xoom app allows you to receive money from the United States onto your cell phone, into your South Korean bank account, or as a cash pick-up.
  • Checks and money orders. Both personal checks and money orders can be sent directly to you where you live but these tend to be the slower options.

What documents do I need to transfer money to South Korea?

To send money from the United States to South Korea, you'll need the following:

1. Photo identification

Most providers require a driver's license, passport or other American government-issued ID. You can send transfers without ID but may need to give your instead.

2. Payment method

Your options depend on the provider's services. Popular methods include cash, debit or credit card payments, bank account transfers and personal checks.

3. Recipient information

You'll need their name (matching their ID) plus contact details. If sending to a South Korean bank account, you'll need the a/c number, SWIFT and branch details.

What documents do I need to receive money in South Korea?

To collect money in person in South Korea, the recipient will need:

1. Transfer number

The reference number - sometimes called a PIN, MTCN or tracking number.

2. Government-issued ID

A official ID, such as an South Korean passport or driving license.

3. The transfer amount

To know how much has been sent, usually to within 10% of the total.

4. Sender information

The sender's name and address and the country from where the money was sent.

How much does it cost to send money to South Korea from America?

The cost of sending money to South Korea from the United States depends on the exchange rate between USD to KRW, the fees, how you want your recipient to receive your transfer and the turnaround time:

  • Exchange rates. The mid-market rate is the rate banks and transfer services use to trade between one another. It is the best rate that you can get. But not all money transfer providers offer you this mid-market rate so compare the exchange rate you're offered to the mid-market rate and look for the smallest difference.
  • Transfer fees. Are you being charged a flat fee or a percentage of your transfer amount? For example, a provider offering to transfer your money to South Korea for a flat or low fee might work out better if you plan to send a large amount.
  • Transfer speed. If you need your transfer to arrive quickly, you can pay for a quick delivery. Companies such as Remitly and WorldRemit offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services can offer the best value, usually getting your money to South Korea faster and cheaper than banks.
  • Transfer limits. Find out how much you can send with each service. For example, one provider may have a send limit of $10,000 while another may allow you to transfer up to $1 million. For smaller transfers, check the fees. For large transfers, look harder at the exchange rate. Some providers encourage large transfers with low fees.
  • Transfer type. Does your recipient have a South Korean bank account or is cash or cell phone top up the better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
  • Discounts. Some providers may offer you a free transfer simply for signing up while others may offer you a discount if you transfer more than a certain amount.
Looking for the best exchange rate? Discover the USD/KRW exchange rate rates and historical changes

Frequently asked questions

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4 Responses

    Default Gravatar
    SusanMay 2, 2019

    Hello! Is there a way to send yourself money in won so that when I get to Korea, I can cash it or withdraw it though paying any fees?

      Avatarfinder Customer Care
      MaiMay 2, 2019Staff

      Hi Susan,

      Thank you for reaching out to Finder.

      You may want to check with the money remittance companies listed on this page if they can allow it as they may have limitations if the money sender and receiver are the same people.

      If your intention is to have Korean won when you get to Korea, you may want to check on our article and guide on Travel money guide: South Korea to check on how you would want to spend while in Korea.

      Hope this helps! 😊

      Kind Regards,
      Mai

    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?

      Default Gravatar
      ArnoldJuly 25, 2017

      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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