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

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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
Fee free

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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

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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  logo which links to company website

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

  1. 1

    Register for an account with your chosen provider online or on their app in minutes and select the currenct amount you want to send.

  2. 2

    Add recipient information including their bank details; the name on the recipient’s bank account, the account number, the 8-12 Character KR BIC Code (SWIFT) and address in Korea.

  3. 3

    Verify your ID. Sending from the US you’ll need a valid scanned government-issued photo ID.

  4. 4

    Pay for your transfer and you're done! Then you can track your transfer until it's received.

For more detail read our guide on how to send money abroad

What to know about sending money to South Korea

How do I make sure my money is safe when transferring 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

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By Justin Rampono Updated May 21st, 2021