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.
Popular money transfer services that send to
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