Looking for the best way to send money from the United Kingdom to family, friends or businesses in South Korea (or even to your own overseas bank account)?
Don't head straight to your British bank – compare specialist money transfer services instead. They nearly always offer better KRW exchange rates and lower fees, so for the same amount of pounds you send, your recipient will receive more South Korean wons.
Of the companies we've compared, Remitly is among the cheapest, with competitive exchange rates and fees starting from £0. Need a really fast transfer? Remitly can get money to your recipient in South Korea within minutes.
Please note: You should always refer to quotes you receive from transfer services themselves directly for exact amounts as they may vary from our estimates.
Bank transfers are typically the cheapest way to get your money to South Korea. Remitly and Revolut 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 Kingdom 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 Kingdom's industry regulator, the Financial Conduct Authority (FCA). 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 Kingdom 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 TorFX or Wise (TransferWise) 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 Kingdom 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 Kingdom.
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 GBP = 0.98 KRW||1 GBP = 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 Kingdom 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 pound 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 ₩8,308,694.00. That's a decrease of 99.94% over the past month.
Similarly, compared to a year ago, the pound is again weaker against the South Korean won. A year ago, £5,000 was equivalent to ₩7,799,550.00. That's a decrease of 99.94% over 12 months.
What's more important, however, is where the strength of the pound against the South Korean won goes from here – which is harder to call. Based on those two quick glances back, your pounds 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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