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South Korea remains as one of top 25 destination countries for overseas Filipino workers, according to the Department of Foreign Affairs. The Bureau of Immigration likewise identified South Koreans as the country’s top tourists, with almost 1.5 million inbound South Koreans every year. There has also been a growing number of Koreans calling the Philippines their home, with the emergence of “Korea towns” in many parts of the country.
While your local bank branch may be the most obvious option for sending funds to South Korea, you can save on fees and get a more favourable exchange rate with a specialised money transfer company.
Compare minimums, speed, fees and more when converting Philippine pesos to South Korean won.
Sign up and send money with a digital money transfer specialist in four steps:
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to South Korea. ACH transfers through banks, account-to-account transfers through PayPal and other options are available but come with high fees, weak rates and long turnaround.
Companies like WorldRemit specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer a variety of options for your recipient to receive their money, including to bank accounts as well as in person.
Services like MoneyGram allow you to transfer cash for pickup at a local branch in South Korea — often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak rates and high fees. If a cash pickup is necessary, look to digital services like WorldRemit or Remitly.
If your local bank does support won, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Let’s say you need to send ₱10,000 to family in South Korea. Here’s what you might face as far as fees and exchange rates as of 16 May 2020.
| Digital money transfer service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | ₱0 | ₱400 | Equivalent of US$30 + additional correspondent bank fees |
| Exchange rate | 1 PHP = 24.3267 KRW | 1 PHP = 23.93 KRW | 1 PHP = 24.15 KRW |
| Transfer speed | 1-2 day | Minutes | 2-5 days |
| Amount received | KRW 243,267 | KRW 230,567 | KRW 205,131 |
| Verdict |
|
|
|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with a digital money service, your recipient ends up with KRW 38,136 more than the bank offers.
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to South Korea to meet your needs:
When it’s more important to get your money to South Korea quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. The South Korean won often fluctuates when compared to the Philippine peso, so expect exchange rates today to be different than those you’ll see tomorrow. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Track how the South Korean won trades against the Philippine peso in our historical rate chart.
To send money to South Korea from the Philippines, you’ll need government-issued ID and other documents, while documents needed to pick up money in South Korea may be different by company.
To send money from the Philippines to South Korea, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
When sending money to South Korea from the Philippines, any amount over US$10,000 will be reported to the Bangko Sentral ng Pilipinas, similar to how large amounts in the US are tracked by the Report of Foreign Bank and Financial Accounts.
Sending your hard-earned money to South Korea shouldn’t cost a fortune. Compare transfer companies that specialize in foreign for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country-specific guides the next time you need to make a transfer.
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Make simple and small transfers to the Philippines through the IREMITX app.
