Whether you’re a student, an expat, a digital nomad, or a family member supporting loved ones, there are many situations where you may need to send money to South Korea. But with so many transfer services, fluctuating exchange rates, and varying fees, it’s easy to get overwhelmed trying to choose the best option.
In this post, we’ll break down the most reliable and cost-effective methods for transferring money to South Korea from abroad. We’ll explain how each service works, what to watch out for, and how to avoid hidden costs. If you’re transferring from the US, Canada, Australia, the UK, or any other major country, this guide is tailored for you.
First Things First: What You’ll Need to Send Money to Korea
Before making any international transfer, make sure you have:
The recipient’s full name (as it appears on their bank account)
The recipient’s bank name and account number
SWIFT/BIC code of the recipient’s bank
Recipient’s address and phone number (required by some platforms)
The currency you want the recipient to receive (typically KRW)
Some services may also ask for the reason for the transfer, especially if the amount is large.
Top Services to Send Money to South Korea in 2025
Wise (formerly TransferWise)
Best for: Transparent fees and mid-market exchange rates
Wise is one of the most popular services for sending money to South Korea. It uses the real mid-market exchange rate and shows you the total fee upfront — no hidden charges.
Transfer type: Bank-to-bank
Delivery time: Same-day to 2 days
Fees: Low and transparent (flat fee + small percentage)
Requirements: Both sender and receiver must have bank accounts
Mobile app and web access
💡 Wise is ideal for frequent senders, remote workers, and those who want to save on fees without surprises.
Remitly
Best for: Fast transfers and delivery flexibility
Remitly offers two types of service — Express (for instant delivery with a higher fee) and Economy (cheaper, but slower).
Transfer type: Bank deposit or cash pickup
Delivery time: Minutes (Express) or 3–5 days (Economy)
Features: You can send money to Korean bank accounts or even enable recipients to pick up cash at participating locations
Tracking: Real-time SMS/email updates
Remitly supports payments via debit/credit card or bank transfer and is a favorite among users who value speed.
Western Union
Best for: Global availability and cash pickups
Western Union allows you to send money online, through the app, or in-person at an agent location. It’s widely used, especially where recipients may not have easy access to bank accounts.
Transfer type: Bank deposit or cash pickup
Delivery time: Minutes to 1 business day
Payment options: Bank transfer, card payment, or in-person cash
Availability: Thousands of pickup locations across Korea
Note: Exchange rates and fees vary significantly depending on payment method and destination — always check before sending.
WorldRemit
Best for: Small transfers and flexible delivery
WorldRemit supports multiple payout options — including bank accounts, mobile wallets (like Toss), and even airtime top-ups.
Transfer type: Bank deposit, mobile money, cash pickup
Delivery time: Same day to 3 business days
Transfer limits: Varies by sending country
Mobile app: Simple and easy to use
WorldRemit is great for users who want to send modest amounts conveniently.
Bank Wire Transfer (via SWIFT)
Best for: Large transactions and high-trust scenarios
Traditional wire transfers through your home bank are a secure option, but they’re not the most economical.
Transfer type: Bank-to-bank
Delivery time: 2–5 business days
Fees: Often high (20–50 USD per transfer), plus receiving bank may deduct fees
Exchange rate: Usually marked up by banks
For large sums (like tuition or real estate payments), wire transfers may still be appropriate due to security and documentation.
Currency Exchange and Hidden Costs: What You Should Know
No matter which service you use, there are two main costs involved:
Transfer fee (visible): A flat rate or percentage fee charged by the platform
Exchange rate margin (often hidden): The difference between the real exchange rate and the rate you’re offered
💡 Tip: Always compare the amount the recipient will receive in KRW, not just the sending amount in your currency.
Use comparison sites like monito.com or xe.com to check which provider gives you the best rate at any given time.
Can I Send Money to Korea Without a Bank Account?
Yes, in many cases. Here are options for unbanked senders or recipients:
Cash pickup services like Western Union or MoneyGram
Mobile wallet transfers through platforms like Toss or KakaoPay (available if recipient has these apps)
Prepaid debit cards or international payment apps (though less commonly used in Korea)
However, bank accounts remain the most reliable and widely accepted method, especially for long-term residents or students.
Special Cases: Sending Money for Tuition, Rent, or Business
If you’re sending money for specific purposes, like university tuition or corporate payments, keep in mind:
The recipient may need to provide documentation for incoming foreign currency
Universities in Korea often provide designated international banking details
Transfers over $10,000 may be reported to financial authorities for compliance
Korean banks such as KEB Hana, Shinhan, or Woori offer international remittance desks with bilingual staff
Always double-check with the receiving institution to ensure you’re using the correct bank details and purpose codes.
Tips to Keep in Mind When Sending Money to Korea
Avoid weekends: Transfers initiated on Friday may be delayed due to time zone and banking hours
Always verify recipient info: Typos in account numbers or names can lead to delays or failed transfers
Use 2FA and secure platforms: Stick to trusted apps and use strong passwords
Track your transfer: Most platforms offer tracking or confirmation receipts
Be mindful of regulations: Korea has strict anti-money laundering laws — stay within limits and keep records
Sending Money to Korea Is Easier Than Ever — If You Choose the Right Tool
Thanks to fintech innovation, sending money to South Korea is no longer a slow, confusing, or high-cost task. Whether you need speed, low fees, or flexible delivery options, there’s a solution for every use case. Platforms like Wise and Remitly offer real-time transfers with transparent pricing, while traditional wire transfers are still useful for high-value situations.
Ultimately, the best service for you depends on your transfer frequency, amount, country of origin, and recipient’s setup in Korea. So compare options, read reviews, and choose the one that gives both you and your recipient the smoothest experience.