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KOREA

Send Money To Korea

Ever since the partition of South Korea from the communist North Korea in 1948, South Korea has become one of the most affluent countries in the world. The post second world war period has seen South Korea become the World’s fifth largest exporter.   

Whilst the North’s economy remains weak, South Koreas embrace of free market principles have facilitated an enormous amount of economic progression through to the 21st century. South Korea has become one of the strongest competitors in Asia, as a technologically advanced developed country with a highly skilled and educated workforce. South Korea’s technological strength was seen fully in 2005 when it became the first country in History to transition to high speed internet. 
Korea

Popular money transfer services that send to
korea

  • HiFX
  • CurrencyCart
  • Rational FX

Currency Used

The currency of South Korea is the South Korean Won, which is issued and monitored by the Bank of Korea. A single Won is divided into 100 Jeon. The Jeon is only seen on foreign exchange rates and isn’t used to everyday transactions. The symbol for the South Korean Won is ₩. Its interesting to note that the Won wasn’t established as the currency of South Korea until 1945. Up until 1997, the Won was pegged to the US dollar before it begun to float in the international market. With regards to foreign currencies in South Korea, it is possible to use USD in Korea although this is very much reliant upon the location and institution you are attempting to pay in. In well developed areas this won’t be a problem but its probably not a good idea to try to pay with dollars in a village!

Send Money with Bank Deposit

One of the best ways to transfer money with a bank deposit is through telegraphic transfer. This works with many countries around the world and is an ideal choice when transferring to a South Korean account. All you’ll need to do is pick up the phone or pop in to your nearest branch to provide some information about your transaction. The majority of international banks will offer services that enable you to transfer money around the world so the market is quite diverse. However, many banks will place a limit on the money you can transfer. To transfer the money over, you’ll need to bring your passport, as most banks will want to stamp it. Some banks will offer you the opportunity to transfer money online so it’s worth looking for a bank that provides this service. You’ll be charged transfer fees and subjected to less than desirable exchange rates.

Send Money Through Cash Pickup

One way to transfer money via cash is to use a Money sending bureau to move money to South Korea. These can be found on high streets and allow you to send cash internationally. Companies like Moneygram enable you to send money abroad for your recipient to pick up in person. Transfer fees can be as high as 10 to 15 percent, so this can be quite expensive if your transferring money regularly. One way to mitigate this cost is to do a fewer larger transactions to cut down on the transfer fees you’ll be subjected to. Despite this cost, the money can be ready within less than an hour, so its worth using for emergency transfers.   

In building on this service, companies like Xoom allow people to send money from their computers to any bank account in South Korea. Of course this transfer is also subject to bank fees but the process is generally completed in less than one working day. Services like Xoom offer a much more convenient way to send money abroad then going into a branch. 

Money Transfer Regulations

South Koreas money transfer regulations are quite loose, with South Korea routinely permitting the repatriation of funds but reserving the right to limit or stop capital outflows in exceptional circumstances. These exceptional circumstances refer to situations where uncontrolled outflows might harm the balance of payments, cause excessive fluctuations in interest or exchange rates or threatens the stability of domestic financial markets.   

For money transfer services, Korean regulations limit the amounts that can be send to individual recipients to $2,000 per transfer and $20,000 per year. It’s also worth noting that several banks will put a limit of 60% of your total earnings to be wired home. Others are more lenient and may allow you to transfer 80% or all of your money.