Send money to South Korea

What is the best KRW exchange rate today?

Send money internationally to South Korea (KRW) using the mid-market exchange rate. Check and compare the rates from the major financial providers.

The true cost of sending USD to KRW

How much does it cost to send money to South Korea?

  • International money transfers shouldn’t be expensive.
  • Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
  • You should choose a provider that uses the mid-market exchange rate to convert your money.

What are the payments methods to send money to South Korea?

The available payment methods for your international transfer may vary. Most of the times these should be:

  • Debit Card.
  • Credit Card.
  • Bank Transfer.

How long does it take to send money to South Korea?

How long does an international transfer take? It mostly depends on:

  • Countries you send from and to.
  • Public holidays or weekends.
  • Payment methods.
  • Potential security checks.

A few figures about demographics and remittances in the Republic of Korea

How many South Koreans are abroad? 2,6 millions of South Koreans actually live outside the Republic of Korea, of which more than one million are in the United Stated of America. Then the countries where the Chinese are the most present are Japan, China, Canada and Australia.

How many foreigners are in South Korea? Around 1 million foreigners live in the Republic of Korea, mainly from China. Since 2004, the EPS was introduced: the Employment Permit System. It allows employers that have failed in their attempt to hire local workers to employ a foreign worker legally in labor shortage industries such as agriculture and stockbreeding, fisheries, construction, and manufacturing. Employers are only eligible to hire migrant workers under the EPS if they employ fewer than 300 local workers. Each year the Government of the Republic of Korea decides on the quota of foreign workers allowed into the country depending on domestic labor market circumstances.

According to the World Bank, South Korea's inbound remittances totaled 6,5 billions $ in 2015 with money primarily sent from the United States, Japan, China, Canada and Australia. This is explained by the large number of South Koreans living in the US who send money back home. Despite these big figures the remittances to Korea have decreased by 40% compared to 2012. Outbound remittances totaled nearly 5,8 billions $ in 2015 with funds almost entirely sent to China (4,1 billions $).

What solutions exist to send money to the Republic of Korea?

Like some other Asian countries, it might be difficult to get your money out of the Republic of Korea as the government put restrictions on money transfers. However there are several solutions to send money to the country.

The first place many people go when they need to send money abroad is to their bank. While banks can certainly send money overseas for you, they unfortunately charge huge fees for doing so and offer exchange rates far below the mid-market rate.

You better have to look at a money transfer company to send money to South Korea. These companies are specialized in international transactions and can offer much better exchange rates than any major bank. They usually also charge lower fees and guarantee fast and secure transfers. The best is to compare the solutions with a comparison service for international money transfers.

The impact of the Won's volatility on the country's economy

The Won remains one of the few Asian currencies to float freely. During years its value was pegged to the value of the US dollar and allowed to appreciate against the US dollar only within a certain range determined by the government. But to receive the help of the International Monetary Fund, South Korea had to open its currency market. So that now the Won can float freely against the US dollar and other currencies.

At the same time, the Won's volatility can reveal a big issue for the country for several reasons: it exports a lot, it imports a lot (70% of food is imported) and thousands of students study abroad. So businesses and parents' students have to wait for a good day to transfer money abroad. In 2008 the Won lost so much value that the Central Bank of the country had to sell dollars to slow down the decline of the Won's value. As a consequence the foreign-exchange reserve of the country fell notably to a point to worry about the country's ability to cover its short-term borrowings. Since then the country has recovered its foreign exchange reserves.