Find the best way to send money to South Korea
Sending money to South Korea from the United States can be confusing and expensive, banks can charge over 5% per transfer. We want to help you to find cheaper and easier ways to transfer, thats why our team of experts test, review and rate each provider service to find the best (and safest) options out there. Here are 4 of our experts favourite services, don't forget to use the comparison to find the cheapest deals!
4 of the best companies to sending money from the US to South Korea
Best exchange rate
Same exchange rate you see on Google with no margins added. Transfer Fees of 0.45% up to US$135,000 or 0.35% above, plus a flat fee of US$1.09. Licensed in each state and partnered with the Financial Institution Community Federal Savings Bank
- Best rates up to $10,000
- No hidden fees and charges
- Super simple and fast to use
Specialised in sending smaller sums to Asia. They're very fast, if paying by debit card transfers can often be same day. They have no transfer fees over $1,000 and only $3.99 if sending less. They're currently offering a special rate on the first $1000 you send.
- No fixed fee over $1,000
- 24/7 customer service
- Super fast if paying by card
Best for over $10,000
A good option for those who can wait 1-2 business days as they don't charge a fixed transfer fee. Rates are on average 0.5-2% more than the market exchange rate or that you see on Google. Licensed by the Department of Financial Services.
- No fixed transfer fees
- No minimum transfer limit
- Better rates over $10,000
Best for cash
Xoom is a PayPal service. Although not one of the cheapest options they are a large reputable and safe brand with a a money back guarantee. Xoom offers bank deposits to all major banks, including Kookmin Bank, Woori bank and Shinhan Bank.
- Same day transfer
- Easy to use mobile app
- Regulated by PayPal
How to transfer money to Korea in 4 easy steps
What to know about sending money to South Korea
All of the providers on our site are financially regulated in the countries they operate and hold the necessary Financial Services Licences. They have the highest security measures in place for fraud prevention and identity protection. However, it's still better to be safe than sorry. Here are some additional ways you can transfer funds safely:
- Double check privacy policies and the tracking process for your money transfer provider
- Use a strong, long and unique password with a combination of uppercase and lowercase letters, numbers and symbols when you set-up your account
- Ensure your money transfer service provides two-factor authentication, including SMS or email-based security code
Different companies charge you different fees. When you send money abroad using your bank or international money transfer company, you could be charged fees in several ways:
- They may offer a slightly worse currency exchange rate, also known as the exchange rate markup or margin.
- They may charge a fixed fee.
- They may charge a commission or service charge, also known as a percentage-based fee.
Something else to bear in mind — if you’re sending money to someone else’s bank account, their bank may charge receiving or processing fees. A money transfer company has no influence on these fees, and you should speak to the receiving bank to understand how much they might charge. Find out how much it really costs to send money internationally.
Potentially. It really depends on which service provider you use. Some providers like XE or OFX give better exchange rates or remove their fixed transfer fees for larger transfers above $10,000. Others providers like TransferWise already offer the market exchange rate you see on Google for smaller transfers, which is the best rate you can get.
Limits will vary depending on how much you wish to transfer, the countries you send money to, and what method of transfer you are using (be it a bank deposit, mobile payment, or cash pick-up). Many providers have a minimum of $250 and a few providers have a maximum transaction amount up to $2 million.
- For very small amounts our recommendation is Transferwise. They are available in most countries and have no minimum transfer amount and one of the most competitive services around.
- For larger amounts (over $20,000) we recommend OFX who specialise in this size of transaction and can offer great rates and service.
- You can transfer using your bank to another bank account - watch out this can be very expensive!
- Pay with a bank transfer to an International money transfer provider service
- Some money transfer services offer debit card transfers such as TransferWise, TorfX, Currencies Direct, WorldRemit, Remitley, Currency Fair, InstaReM and Xoom
- A select few offer credit card payments (usually a more expensive option) such as Transferwise, WorldRemit, Remitly and Xoom.
- You can send PayPal transfers but this is a costly option when sending anything more than very small amounts
- You can pay in cash in store for Western Union, and MoneyGram
Read our guides for more details about how to send funds
- Into your bank account from an international money transfer provider transaction, this is the most cost effective way with the most provider options available.
- Transfer money for a cash pick-up with worldRemit, Remitly, Xoom, MoneyGram and Western Union. Note that cash option may not be available in all countries.
- Into a PayPal from another Paypal account, this is a costly option when sending anything more than very small amounts
- Other options include e-wallets and airtime topup with companies such as WorldRemit, Remitly and Xoom. Note that cash option may not be available in all countries.
However, some are easier to use than others, check out our guide on which providers have the best apps.
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