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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 overseas bank account)?
Don't head straight to your American bank – compare specialist money transfer services instead. They nearly always offer better KRW exchange rates and lower fees, so for the same amount of US dollars you send, your recipient will receive more South Korean wons.
Of the companies we've compared, MoneyGram is among the cheapest, with competitive exchange rates and fees starting from From $0. Need a really fast transfer? MoneyGram can get money to your recipient in South Korea within minutes.
Bank transfers are typically the cheapest way to get your money to South Korea. MoneyGram and OFX have some of the lowest bank transfer fees of the brands we've compared.When you're hunting down the cheapest ways to send money to South Korea, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many South Korean wons your recipient will end up with.
Many online providers can offer transfers to South Korea within minutes, although you're likely to pay a premium for the convenience.Here are some of the fastest average transfer speeds to South Korea:
Actual transfer times from the United States to South Korea can depend on several different factors including transfer amount, payment method and currency.
The safest way to get your money to South Korea is to use a provider registered with the United States's industry regulator, the Consumer Financial Protection Bureau. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both the United States and South Korea.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to South Korea, consider using a provider such as OFX or Dunbridge Financial to benefit from its expertise in handling larger transfer amounts.Using a large transfer specialist can have the following advantages:
To send money to South Korea, you'll need the necessary documentation, your recipient's details and a way to pay.
Minho is working in the United States as a software engineer and he stays in regular contact with his elderly parents back home in South Korea. His parents need some funds to help pay off a mortgage, so Minho plans to send them $2,000 from the United States.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
|Bank||Money transfer company|
|Exchange rate||1 USD = 0.98 KRW||1 USD = 1.00 KRW|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||1,954.18 KRW||1,987.51 KRW|
The money transfer company enables Minho to send an extra ₩33.33, which is transferred straight to his parents' Kookmin Bank account.
When choosing a money transfer provider to send money from the United States to South Korea, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Compared to a month ago, the US dollar is weaker against the South Korean won. Currently $5,000 is equivalent to ₩5,000.00, whereas a month ago, $5,000 was equivalent to ₩6,608,000.00. That's a decrease of 99.92% over the past month.
Similarly, compared to a year ago, the US dollar is again weaker against the South Korean won. A year ago, $5,000 was equivalent to ₩6,072,500.00. That's a decrease of 99.92% over 12 months.
What's more important, however, is where the strength of the US dollar against the South Korean won goes from here – which is harder to call. Based on those two quick glances back, your US dollars might not go as far as they would have, so shopping around for the best deal on your transfer is key.
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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?
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! 😊
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?
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.