- Use promo code 3FREE to get three free transfers
- Easy to use with round-the-clock help
- Get cash to family and friends in minutes
Updated . What changed?
While your local bank branch may be the most obvious option if you need to send money to South Korea, you can save on fees and get a more favourable exchange rate with a specialised money transfer company.
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 OFX and TransferWise 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 weaker rates and high fees. If a cash pickup is necessary, look to digital services like WorldRemit or Remitly.
South Korean won aren’t a popular currency, which means banks may not offer them. 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 £2,000 to family in South Korea. Here’s what you might face as far as fees and exchange rates as of 3 May 2020.
|Digital money transfer||Cash transfer||Bank transfer|
|Fee||£3||£4||£20 + additional correspondent bank fees|
|Exchange rate||1 GBP = 1,516 KRW||1 GBP = 1,495 KRW||1 GBP = 1,368 KRW|
|Transfer speed||Same day||Minutes||2-5 days|
|Amount received||KRW 3,027,654||KRW 2,986,643||KRW 2,737,669|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the online transfer service, your recipient ends up with KRW 289,985 more than the bank offers. And if you need to get the money there as quickly as possible, a cash transfer may arrive in as little as 15 minutes.
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 send 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.
If you don’t have a bank account, you can still use cash transfer services to get the money to its destination. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account.
These cash transfer services are widely available around the world and although they’ll typically not be the cheapest available service they can be fast, convenient and can be used without bank accounts.
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 pound sterling, 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 pound sterling in our historical rate chart.
To send money to South Korea from the UK, 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 UK 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, any amount over £10,000 will be reported to the Financial Supervisory Service. Additionally, any individual sending or receiving more than £50,000 in one year will need to provide evidence of income and proof for the purpose of sending.
It shouldn’t cost a fortune to send money to South Korea. Compare transfer companies that specialise 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.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.