Find the best way to send money from South Korea

Sending money from South Korea is cheaper than from most countries, but the price still depends heavily on the channel you use. Korean banks keep only a narrow margin on the exchange rate, so the flat fee decides most of the cost, and on a small transfer a standard bank fee takes a big share of the money. Licensed remittance apps and the banks' own low-fee products usually cost far less.

Most of the money that leaves Korea is wages sent home by foreign workers, and Koreans send large sums to family and students abroad as well. Whichever group you are in, the channel you choose decides how much actually arrives.

This guide compares the real options for a money transfer from South Korea: the big banks, the post office, the internet banks and the licensed remittance apps. It covers what each costs, how long it takes, the annual limits and what you need before you start.

Who Sends Money From South Korea

Two very different groups send money from South Korea. Foreign workers send billions of dollars home every year, according to Bank of Korea data, most of it in regular monthly transfers from their wages. Korean residents send a similar amount for personal use, mostly to support family members and children studying abroad.

Each group gets hurt by a different part of the price. A worker sending a few hundred thousand won a month notices every fixed fee, because a standard bank fee can take more than 2 percent of the transfer on its own. A parent paying a child's tuition in dollars sends far larger sums, where a 1 percent exchange rate margin quietly costs more than any fee.

Foreign workers sending wages home

Over the last five years foreign workers have sent well over USD 15 billion home through Korea's formal channels, in millions of individual transfers. Most of it goes to neighbouring Asian countries, with smaller but steady flows to Central and South Asia.

The fastest growing flows come from the newest and largest communities of workers, many of them on E-9 work visas, who send money monthly around payday. For them a low flat fee, a fair exchange rate and a payout in local currency matter more than anything else, and small differences add up over a year of transfers.

Korean residents supporting family and studies abroad

Koreans send large sums too. Personal-use remittances, which cover living costs, gifts and support for relatives, run to several billion dollars a year across hundreds of thousands of transfers. Much of it is parents paying for children studying abroad, mostly in English-speaking countries, along with support for relatives and money moved to accounts overseas.

These transfers are bigger and less frequent, so the exchange rate matters more than the fee, and the annual limits and tax reporting rules come into play far more often than they do for a monthly remittance.

Professionals, returning expats and businesses

Foreign professionals, English teachers and expats leaving Korea move savings out in one or two large transfers, often in dollars or euros. Businesses paying overseas suppliers use bank SWIFT transfers almost exclusively, because remittance apps are built for personal transfers within fixed limits.

There is also a large informal flow. Bank of Korea figures only capture formal channels, and hundreds of thousands of undocumented workers often rely on brokers, overseas payment apps and stablecoins instead. Those routes sit outside the official figures and outside every protection described later in this guide.

What Korean Banks Charge to Send Money Abroad

Korean banks usually charge a flat sending fee plus a cable charge on a standard overseas transfer, according to the Korea Federation of Banks, and add a margin of about 1 percent to the exchange rate. That margin is narrow by global standards. On small transfers the flat fee does most of the damage; on large ones the margin does.

That combination makes Korean banks cheaper than banks in most countries. In World Bank price data, Korea is one of the cheapest G20 countries to send money from, with an average cost of around 3 percent on a mid-sized transfer. The catch is small amounts, where the fixed fee pushes the average cost up to roughly 5 or 6 percent.

World Bank Remittance Prices Worldwide, data collected 18 to 20 August 2025, transfers of USD 200 (KRW 240,000) to Vietnam and China. Each bank sells more than one product, so each range runs from its cheapest product to its standard SWIFT transfer.

KB Kookmin Bank

KB Kookmin charges a fee of several thousand won on its cheaper remittance products and around KRW 13,000 on a standard transfer, with an exchange rate margin of about 1 percent. On small transfers that adds up to roughly 4 to 6 percent of the money, which puts it among the dearer banks for small amounts.

On a mid-sized transfer its cheaper product costs closer to 2 or 3 percent, which shows how much of the price is the fixed fee rather than the rate. If you send small amounts with KB, combining two months into one transfer roughly halves the fee as a share of the money.

Shinhan Bank

Shinhan is one of the cheaper banks. Its low-fee product costs a few thousand won with a margin of about 1 percent, which comes to around 3 percent of a small transfer and under 2 percent of a mid-sized one. Its standard transfer costs around KRW 13,000, which takes the cost of a small transfer above 6 percent.

Shinhan's SOL app is widely used by foreign residents, and the bank runs Sunday branches for foreign customers, including in Daegu and Busan, which helps workers who cannot reach a branch during the week.

Woori Bank

Woori has the cheapest bank product on the main routes: a fee of a couple of thousand won with a margin of about 1 percent, around 2 percent of a small transfer and well under 2 percent of a mid-sized one. Its standard transfer costs around KRW 13,000, or roughly 6 to 7 percent of a small transfer.

The gap between the two products is the whole story: same bank, same route, about three times the cost. Woori customers can now also pay extra foreign exchange charges, such as intermediary bank fees, in the app instead of at a branch.

Hana Bank

KEB Hana charges a few thousand won on its cheaper products and up to around KRW 13,000 on a standard transfer, so a small transfer costs roughly 3 to 6 percent depending on the route and the product. Its exchange rate margin is the widest of the big banks, a little over 1 percent.

Hana runs Hana EZ, an app built for foreign residents, which now lets customers update their passport details and apply for remittances without visiting a branch. It has also added Fast Fit, a dollar transfer service with a flat fee and real-time tracking.

Korea Post, IBK, NH and the internet banks

Korea Post charges a few thousand won with a margin of about 1 percent, around 3 percent of a small transfer, but takes several days. IBK prices its cheaper product much like Shinhan, while NH Bank and Citibank cost roughly 4 to 7 percent on small amounts, and ICBC Korea more than that.

Korea's internet banks are the newer challengers. Toss Bank launched an overseas remittance service with no transfer fee for its first year and no intermediary bank deductions, and says its customers have already saved large sums in fees.

The exchange rate margin they do not show

The mid-market rate is the midpoint between what buyers and sellers pay for a currency. Korean banks publish a base rate, then sell foreign currency for remittances at a higher rate and keep the difference. At the big banks that gap is usually around 1 percent, much narrower than the 3 percent common at banks in many other countries. You can check it yourself against the mid-market exchange rate at the moment you send.

One percent sounds small, but it is not nothing. On a year of tuition worth tens of millions of won, a 1 percent margin costs hundreds of thousands of won before any fee. Banks often offer an exchange rate preference, a discount on that spread, for app transfers or regular customers, so ask which rate applies to you. Our guide to foreign exchange for money transfers shows how the check works for any currency.

Hidden extras on a SWIFT transfer

A standard SWIFT transfer can pass through one or more intermediary banks, and each can deduct a flat fee, often the equivalent of a few tens of dollars, before the money arrives. The receiving bank can charge an incoming fee too, and choosing to pay every charge yourself costs extra at the counter. Our guide to international wire transfer fees explains each layer.

The Best Ways to Send Money From South Korea

For most transfers the best way to send money from South Korea is a licensed remittance app or your bank's low-fee remittance product, paid from a Korean account. Wise, Remitly and Xe do not serve Korean senders, so the real choice is between Korean apps such as Hanpass, GME Remit and E9pay, the internet banks and the big banks.

Korea regulates remittance apps as small-amount overseas remittance businesses, registered with the financial authorities and listed by the Financial Supervisory Service. The FSS register holds a few dozen companies, from long-standing names registered when the system opened to newcomers added recently. Most are built for foreign workers, with multilingual apps, funding from a Korean bank account and payouts to bank accounts, cash agents and mobile wallets.

Licensed remittance apps: Hanpass, GME Remit, E9pay and others

Hanpass, one of the first companies registered under the system, says it sends to more than 200 countries in a few minutes and has handled millions of transfers. GME Remit, E9pay and Sentbe were registered at the same time, and WireBarley soon after. The apps charge flat fees of a few thousand won and set their own exchange rates, so compare the amount that arrives, not just the fee.

The limits are the main constraint. For foreign residents, apps can send up to USD 5,000 per transfer and USD 50,000 per person per year. That covers wages comfortably, but not a deposit on a flat or a year of university fees, which go through a bank with documents.

Internet banks: Toss Bank and KakaoBank

Korea's internet banks have pushed prices down. Toss Bank's overseas remittance charges no transfer fee for now and avoids intermediary bank deductions, and the number of transfers it handles has grown several times over since launch. KakaoBank also sells overseas transfers in its app.

Both need a Korean account in your name, opened with your Korean ID or ARC, and both pay out to bank accounts rather than cash agents. They suit Korean residents and settled foreign residents better than newly arrived workers.

MOIN: a Korean app on Wise's network

MOIN, a Korean cross-border payment company, sends international transfers for individuals and businesses through Wise's infrastructure, from its own app. MOIN says most of its transfers arrive within seconds. It is the closest thing to Wise for people living in Korea, but you sign up with MOIN, under Korean limits and rules.

Why Wise, Remitly and Xe are not options

Wise sends money into Korea from dozens of countries, but its help centre lists KRW only as a currency you can send to. It says you can send from won only if you already hold won in your Wise account, and that adding won from a bank account or another payment method is not currently possible. Some expat guides still describe paying Wise in won by bank transfer, so check the help centre before you rely on it.

Remitly also pays out into Korea from many countries without offering a Korean sending service, and Xe's list of countries you can register from does not include South Korea. If you move abroad, all three become available from your new country of residence, and our guide to the safest way to send money internationally compares them.

Which option for which transfer

The right channel depends on how much you send, where it goes and how your recipient wants to receive it. This is how the options line up on the jobs people do most often.

How Much Does It Cost to Send Money From South Korea?

Sending a small amount from South Korea usually costs anywhere from about 2 to 10 percent of the money, depending on the channel, and a larger transfer much less. Flat fees make small transfers dearer, so the same product can cost almost twice as much, as a share, on a smaller amount.

The table below lines up the same providers on two of the biggest routes for an international money transfer from South Korea, at two amounts. Total cost is the fee plus whatever the exchange rate took, measured against the mid-market rate, as a share of the amount sent.

World Bank Remittance Prices Worldwide, South Korea to Vietnam and South Korea to China, data collected 18 to 20 August 2025. USD 200 is KRW 240,000 and USD 500 is KRW 595,000 in the survey. Not shown means the provider did not appear in the published data we could read for that route and amount.

Small monthly transfers

On a typical monthly remittance the fixed fee is the cost. A standard bank fee of around KRW 13,000 on a few hundred thousand won is more than 5 percent before the exchange rate is counted, which is why standard bank transfers end up at around 6 percent. The low-fee products at Woori, Shinhan and IBK cost a half or a third of that, and app fees of a few thousand won sit in the same range.

Western Union is the most expensive option on the main routes, close to 10 percent on a small transfer, almost all of it a flat fee. You pay that for cash pickup within an hour. MoneyGram offers the same speed for around 3 percent on some routes.

Larger transfers: tuition, savings and deposits

As the amount grows, the fee fades and the margin takes over. On a mid-sized transfer the cheapest bank products cost under 2 percent, and on bigger sums the cost approaches the margin itself, roughly 1 percent at the big banks. On a large tuition or deposit payment that still means hundreds of thousands of won, so asking for an exchange rate preference is worth more than shaving the fee. Our guide to sending large sums internationally covers the extra checks.

Large transfers also run into the limits covered below. Above USD 50,000 a year for foreign residents, or USD 100,000 for Korean residents, a bank will ask for documents before the money moves, so plan a property deposit or tuition payment well ahead of the deadline.

What the gap adds up to over a year

Take a regular monthly remittance home. A standard bank fee plus a 1 percent margin can add up to a few hundred thousand won a year. A low-fee bank product or a licensed app plus the same margin costs roughly half of that, so switching saves more than KRW 100,000 a year on one modest remittance.

How Long Does It Take to Send Money From South Korea?

Most bank transfers from South Korea arrive in about 2 working days, and Korea Post takes several days. Remittance apps are usually faster, often minutes on the main routes, and cash services such as MoneyGram and Western Union usually pay out within an hour. Your first transfer with a new provider can take longer.

Bank, post and cash transfer times from the World Bank survey of August 2025; app times are the companies' own figures.

How long each option takes

A SWIFT transfer passes through your bank, sometimes an intermediary bank, then the recipient's bank, and each hop adds time. A transfer sent on a Friday afternoon may not move until Monday, and public holidays in Korea or the destination pause it. Our guide on how long a wire transfer takes breaks down each stage.

Apps are faster because they hold money in partner accounts in each country and pay out locally, so a transfer from Seoul to a bank abroad becomes two domestic payments. Mobile wallet and cash pickup payouts are usually the quickest of all.

What slows a transfer down

Most delays come from a few causes. Bank cut-off times, weekends and holidays stop the clock. Your first money transfer from Korea with a new app can take longer while it checks your ARC, phone number and account. Transfers near your annual limit, or a pattern of repeated small transfers, can be held for checks, and anything above the limit needs documents before it moves.

Mistakes in the recipient's details cause the longest delays. A wrong account number, or a name that does not match the bank's record, can send the money back days later, minus fees. Our guide to money sent to the wrong account explains how to recover it.

How to Send Money From South Korea, Step by Step

To send money from South Korea, choose a bank or a licensed app, verify your identity with your ARC or Korean ID and a Korean phone number, add the recipient's details, then pay in won from your Korean account. The app or bank converts the money and pays it out to a bank account, wallet or cash agent.

What you need before you start

You need your Alien Registration Card if you are a foreign resident, or your Korean resident registration if you are Korean, plus a Korean mobile number in your name and a Korean bank account to pay from. Apps verify you online with your ID and often a selfie. Some bank services accept a passport, but most remittance products expect the ARC.

For the recipient you need their full name exactly as it appears on their account, their bank name and account number, and the SWIFT code for a bank transfer. Wallet payouts need a mobile number, and cash pickup needs a name that matches the recipient's ID. Our guide to the bank details needed for a money transfer lists what each country asks for. If you will go over the annual limit, have your income documents ready, such as your earned-income withholding tax statement.

With a licensed remittance app

1. Check the company on the FSS register of small-amount overseas remittance businesses.
2. Download the app, register with your ARC or Korean ID and verify your phone number.
3. Enter the amount and compare the fee and the amount your recipient will get.
4. Add the recipient's bank, wallet or cash pickup details.
5. Pay by transfer from your Korean bank account, often to a virtual account the app gives you.
6. Track the transfer and share the reference with your recipient.

Stay within the app limits: USD 5,000 per transfer and, for foreign residents, USD 50,000 a year in total across every app and bank.

From your bank account

To transfer money from Korea through your bank's app, choose overseas remittance, pick the low-fee remittance product if it covers your route, and enter the recipient's name, address, bank, SWIFT code and account number. Check the fee, the cable charge and the exchange rate before you confirm. Hana EZ works in many languages, and Shinhan SOL and the other big banks' apps offer English.

At a branch, post office or agent

You can still send from a bank branch, a Korea Post office or a MoneyGram or Western Union agent, and for some workers that is the easiest way. It is usually slower or more expensive: Korea Post takes several days, and Western Union is the dearest option on the main routes.

If you go to a counter, take your ARC and the recipient's full details, and ask for the low-fee remittance product and any exchange rate preference before you hand over the money.

Limits, Tax and Reporting When You Send Money From South Korea

Korean residents can send up to USD 100,000 a year abroad without documents, counted across every bank, app and securities firm, and foreign residents up to USD 50,000. Remittance apps also cap each transfer, typically at USD 5,000. Larger amounts need documents showing where the money came from.

How much you can send

The no-documentation limit for residents was doubled to USD 100,000 a few years ago, the first rise in more than two decades. A government system built on the Bank of Korea's foreign exchange network, ORIS, now tracks each person's total in real time across banks and non-bank providers. Use most of your limit through one bank and only the rest is left everywhere else.

For foreign residents the annual figure is USD 50,000 across all institutions. The recent reform also scrapped the designated bank system for residents' undocumented transfers, though some banks still ask foreign residents to designate one, so check with yours. Above the limit you can still send money you have earned, with documents such as your earned-income withholding tax statement and account records.

Is there a tax on sending money from South Korea?

There is no tax on the transfer itself, and wages you have already paid income tax on can be sent home within the limits. What matters is reporting. Any single remittance over USD 10,000, or a yearly total above USD 10,000, is reported automatically to the National Tax Service, and repeated transfers just under USD 5,000 can be flagged to the tax and customs authorities.

Gift tax is the rule Korean residents need to watch. Money sent to children or relatives abroad can count as a gift, and lawmakers have raised concerns that some of the trillions of won sent abroad each year for personal use avoids gift tax. This is general information rather than tax advice, so check with a Korean tax adviser before large or unusual transfers.

Splitting transfers and other checks

Breaking one large transfer into several small ones to stay under the reporting lines does not avoid them. ORIS now sees your total across providers, and unusual patterns, such as repeated transfers over a short period, can be flagged for review. If the money is legitimate, send it in one go with documents, and keep your bank's confirmation receipt.

Is It Safe to Send Money From South Korea?

Sending money from South Korea through a bank or a registered small-amount overseas remittance business is safe. Remittance apps must register with the financial authorities and appear on the Financial Supervisory Service register, which you can check before you sign up. The bigger risk is a scam that persuades you to send the money yourself.

Who regulates money transfers in South Korea

Banks are supervised by the Financial Services Commission and the Financial Supervisory Service, and foreign exchange rules are set by the government under the Foreign Exchange Transactions Act. Remittance apps are registered as small-amount overseas remittance businesses and listed on the FSS register with their registration date and status. A company marked as cancelled there should not be taking your money.

Registered companies show their numbers openly. Hanpass, for example, displays its small-amount overseas remittance registration number on its website. Compare a number like that with the register rather than trusting an app store listing or an advert.

Scams that target senders in Korea

The risk is rarely the licensed provider. Voice phishing calls impersonating prosecutors, banks or delivery companies are common in Korea, and foreign residents are targeted with fake job offers, loans that demand an upfront fee and messages pretending to be from a remittance app. Hanpass itself warns customers about scams that use its name.

Brokers who offer to send money cheaply outside the official channels are another risk. If something goes wrong there is no regulator to complain to, and the money can be frozen or lost along the way.

The Routes People Send on Most From South Korea

Most money sent from South Korea goes to the home countries of its largest foreign worker communities, and a smaller share to family and students in English-speaking countries. Each route has its own payout options, from bank deposits to cash pickup and mobile wallets, so the details below matter as much as the price.

South Korea to Vietnam

Vietnam has overtaken Thailand as the biggest route for foreign workers. The cheapest bank products cost around 2 percent of a small transfer, against about 6 percent for a standard bank transfer, and most apps pay into Vietnamese bank accounts and wallets. See the South Korea to Vietnam page for live prices.

South Korea to Thailand

Thailand took the largest share of foreign workers' remittances over the last five years, though flows have dipped recently. Most licensed apps pay into Thai bank accounts. Compare options on the South Korea to Thailand page.

South Korea to China

Transfers to China cost around 3 percent of a small transfer at the cheapest banks and close to 10 percent at Western Union. ICBC Korea, the Korean branch of the Chinese bank, is one of the dearer options and takes several days. Check today's options on the South Korea to China page.

South Korea to Indonesia, Nepal and the Philippines

Indonesia takes a small but steady share of foreign workers' transfers, and Nepal and the Philippines are regular routes served by the remittance apps, several of which have payout partnerships in those countries, such as Hanpass's agreement with Nepal Remit. Start with the South Korea to Indonesia and South Korea to Nepal pages.

Bottom Line

The cheapest way to send money from South Korea is usually a licensed remittance app or a bank's low-fee remittance product, paid from your Korean account. Korean banks keep a narrow margin of about 1 percent, so the fixed fee decides most of the price on small transfers, and the standard SWIFT fee is what to avoid. Wise, Remitly and Xe do not serve Korean senders yet, so compare the apps on the FSS register, stay within the annual limits and keep documents for anything larger.

Sources

• World Bank Remittance Prices Worldwide: South Korea to Vietnam, Q3 2025
• World Bank Remittance Prices Worldwide: South Korea to China, Q3 2025
• World Bank Remittance Prices Worldwide main report, Q1 2025 (G20 sending countries)
• Wise Help Centre: What currencies can I send to and from?
• Wise Help Centre: Guide to KRW transfers
• Xe Help Centre: Can I register to send money from my country?
• Wise: MOIN partners with Wise Platform in South Korea (April 2024)
• The Fact: Bank of Korea data on foreign workers' remittances, 2020 to 2024
• Korea JoongAng Daily: Overseas remittances for personal use top 4 trillion won annually
• Financial News: Korea to track overseas remittances across banks and fintechs (ORIS)
• KED Global: Korea doubles undocumented overseas remittance limit to USD 100,000
• Economist Korea: Toss Bank overseas remittance and bank fee comparison (August 2026)
• Digital Today: Hana Bank launches Fast Fit remittance (July 2026)
• The Korea Times: Hana Bank strengthens online platform for foreign customers (January 2026)
• Financial Supervisory Service: register of small-amount overseas remittance businesses
• Hanpass: company and licence information
• GME Remit