๐ธ Cheapest Ways to Send Money to/from Korea (2026)
๐ธ Cheapest Ways to Send Money to/from Korea (2026)
Complete Guide to International Money Transfers with Lowest Fees
Sending money internationally can be expensive, but it doesn’t have to be. International students and workers in Korea often need to send money home or receive funds from family. However, traditional bank transfers can cost 3-5% in fees and poor exchange rates.
This comprehensive guide compares the cheapest and fastest ways to send money to/from Korea in 2026, including bank transfers, digital money transfer services, mobile apps, and cryptocurrency options. We’ll break down fees, exchange rates, speed, and which option is best for your situation.
Overview of international money transfer methods for Korea
1. Money Transfer Methods Compared
Comprehensive comparison of all money transfer methods
๐ฆ Bank Transfer (Traditional)
HIGH COST: $45-90+
Speed: 2-5 business days
Exchange Rate: Poor (2-5% markup)
How It Works:
- Go to your Korean bank or use online banking
- Initiate international wire transfer
- Provide recipient’s bank details (SWIFT code, IBAN)
- Pay bank fees (usually โฉ10,000-50,000)
- Money arrives in 2-5 days
โ Pros
- Familiar & traditional method
- Works with all banks
- Large amounts accepted
- Secure & regulated
โ Cons
- High fees (โฉ10K-50K)
- Poor exchange rates
- Slow (2-5 days)
- Not convenient for small amounts
Best For:
- Large amounts (โฉ1M+)
- Business transactions
- Formal payments (tuition, property)
- When other methods aren’t available
โก Wise (TransferWise) – BEST FOR MOST PEOPLE
LOW COST: $6-9
Speed: Often within 1 day (sometimes minutes)
Exchange Rate: Excellent (mid-market rate)
How It Works:
- Download Wise app or visit website
- Create account & verify identity
- Enter amount and recipient details
- See exact fee & exchange rate upfront
- Complete transfer (usually instant or 1 day)
โ Pros
- Lowest fees (0.35-1.0%)
- Mid-market exchange rates
- Fast (often instant or 1 day)
- Transparent pricing
- Mobile app convenient
โ Cons
- Requires identity verification
- May have limits for new users
- Not available in all countries
Best For:
- International transfers (expats, remote workers)
- Regular transfers to multiple countries
- Those who want best exchange rates
- Most international students
๐ก Tip: Wise is consistently the cheapest option for most international transfers from Korea. Use referral links to get bonuses on your first transfer!
๐ฑ PayPal
MODERATE COST: $29-65
Speed: Instant to minutes (for online purchases)
Exchange Rate: Poor (2.5-4% markup)
How It Works:
- Link your Korean bank account to PayPal
- Send money to recipient’s PayPal account
- Recipient can withdraw to their bank
- Fees vary by country and amount
โ Pros
- Instant for online purchases
- Works in most countries
- Buyer/seller protection
- Familiar platform
โ Cons
- Higher fees for transfers
- Poor exchange rates
- Requires recipient to have PayPal
- Not ideal for large amounts
Best For:
- Online purchases & shopping
- Freelance payments
- Small amounts to friends
- When both parties have PayPal
๐ Remitly
LOW COST: $19.99-$39.99
Speed: Minutes to 1 day
Exchange Rate: Good (0.5-2% markup)
How It Works:
- Download Remitly app
- Create account & verify identity
- Enter recipient’s bank details
- Choose delivery speed (fast = higher fee)
- Complete payment & transfer
โ Pros
- Fast delivery options
- Good exchange rates
- Mobile app convenient
- Supports many countries
โ Cons
- Higher fees than Wise
- Speed varies by country
- Not available everywhere
Best For:
- Sending money to family (emerging markets)
- When speed is important
- Regular remittances
- Philippines, Vietnam, other Asian countries
๐ณ Korean Mobile Apps (Kakao Pay, Naver Pay)
VERY LOW COST: โฉ0-10,000
Speed: Instant to minutes
Exchange Rate: Good (0.3-1% markup)
How It Works:
- Download Kakao Pay or Naver Pay app
- Link your Korean bank account
- Send money to friends/family in Korea
- For international: use linked international accounts
โ Pros
- Very low fees for KRW transfers
- Instant delivery
- Convenient & popular in Korea
- No separate account needed
โ Cons
- Limited to Korea-based transfers
- International transfers limited
- Not ideal for large amounts
Best For:
- Sending money within Korea
- Quick payments to Korean friends
- Daily transactions
- Those living in Korea long-term
๐ Cryptocurrency (Bitcoin, Ethereum) – FOR TECH-SAVVY USERS
VARIABLE: $3-15
Speed: 10 minutes to 1 hour
Exchange Rate: Market rate (varies)
How It Works:
- Create account on crypto exchange (Upbit, Binance)
- Buy cryptocurrency with KRW
- Send to recipient’s crypto wallet
- Recipient sells crypto for local currency
โ Pros
- Very low fees
- Fast transfers
- No intermediaries
- 24/7 availability
โ Cons
- Volatile prices
- Requires crypto knowledge
- Recipient must understand crypto
- Regulatory concerns
Best For:
- Tech-savvy users
- Large international transfers
- Cross-border without banks
- Privacy-focused transfers
โ ๏ธ Warning: Cryptocurrency is volatile and risky. Only use if you understand the risks and recipient is comfortable with crypto. Not recommended for beginners.
2. Fee Comparison by Destination Country
Fee comparison for sending โฉ1,000,000 to different countries
Example: Sending โฉ1,000,000 ($750)
| Destination | Bank Transfer Cost | Wise Cost | Remitly Cost | Cheapest Option |
|---|---|---|---|---|
| Philippines | โฉ10,000 (1.0%) | โฉ3,500 (0.35%) | โฉ8,000 (0.8%) | โ Wise |
| Vietnam | โฉ13,000 (1.3%) | โฉ5,000 (0.5%) | โฉ10,000 (1.0%) | โ Wise |
| USA | โฉ30,000 (3.0%) | โฉ6,000 (0.6%) | โฉ15,000 (1.5%) | โ Wise |
| UK | โฉ40,000 (4.0%) | โฉ7,000 (0.7%) | โฉ18,000 (1.8%) | โ Wise |
| Canada | โฉ25,000 (2.5%) | โฉ6,500 (0.65%) | โฉ14,000 (1.4%) | โ Wise |
| Australia | โฉ55,000 (5.5%) | โฉ8,000 (0.8%) | โฉ20,000 (2.0%) | โ Wise |
๐ก Key Insight: Wise is the cheapest option for almost all destinations. You can save 70-85% compared to traditional bank transfers!
3. Speed Comparison
Speed and convenience comparison of different transfer methods
Transfer Speed Guide
- Instant (Minutes): Kakao Pay, Naver Pay, PayPal (for online), Crypto
- Same Day (Hours): Wise (often), Remitly (express option)
- 1-2 Days: Bank transfer, Wise (standard)
- 3-5 Days: Traditional wire transfer, international bank transfer
When to Use Each Method:
- Need money ASAP? Use Kakao Pay, Naver Pay, or PayPal
- Want best rates & reasonable speed? Use Wise (1 day)
- Sending to family (emerging markets)? Use Remitly
- Large formal payment? Use bank transfer
4. Step-by-Step Guide: How to Send Money from Korea
Complete guide to sending money from Korea safely and cheaply
Using Wise (Recommended for Most People)
- Download the Wise app or visit wise.com
- Create an account with email & password
- Verify your identity (passport, ID card)
- Link your Korean bank account (won account)
- Enter transfer details:
- Amount in KRW
- Recipient’s name & bank account
- Country & currency
- Review the exchange rate & fees (locked in for 10 minutes)
- Confirm & complete payment from your Korean bank
- Money arrives in 1 day (usually faster)
Using Bank Transfer (For Large Amounts)
- Go to your Korean bank (online or in-person)
- Select “International Transfer”
- Enter recipient details:
- Full name
- Bank account number / IBAN
- SWIFT code
- Bank name & country
- Enter amount in KRW
- Confirm exchange rate & fees
- Complete payment (may require ID verification)
- Money arrives in 2-5 business days
5. Money Transfer Tips & Best Practices
๐ก Tips to Save Money
- Compare rates before sending: Small differences add up on large amounts
- Send on weekdays: Better rates and faster processing
- Avoid airport & cash exchange services: They have terrible rates
- Use apps with low transfer fees: Wise, Remitly, Kakao Pay
- Send larger amounts at once: Fewer fees overall
- Check for promotional offers: Wise often has referral bonuses
โ ๏ธ Avoid Scams & Fraud
- Never send money to someone you don’t know
- Be cautious of “too good to be true” offers – unrealistic rates are red flags
- Use official websites & apps only – don’t click links from emails/SMS
- Never share your OTP, password, or banking details with anyone
- Verify recipient details carefully – mistakes can cause delays or loss of funds
- Use established services only – Wise, Remitly, PayPal, major banks
โ Best Practices
- Keep records of all transactions – save receipts & confirmation numbers
- Allow extra time for international transfers – don’t wait until the last minute
- Double-check recipient information – especially bank account numbers
- Contact customer support if issues arise – legitimate services have good support
- Report large transfers as required by law – Korea has reporting requirements for amounts over $10,000
๐ก Pro Tip: Set up recurring transfers if you send money regularly. Most services offer discounts for scheduled transfers.
6. Quick Decision Guide
Choose WISE if:
- โ You want the cheapest rates
- โ You’re sending to any country
- โ You value transparency & speed
- โ You want a mobile app
Choose BANK TRANSFER if:
- โ You’re sending a very large amount
- โ It’s a formal payment (tuition, property)
- โ You need a paper trail for business
- โ Other methods aren’t available
Choose REMITLY if:
- โ You’re sending to emerging markets
- โ You need fast delivery
- โ You’re sending to family regularly
- โ You want cash pickup options
Choose KAKAO/NAVER PAY if:
- โ You’re sending money within Korea
- โ You need instant delivery
- โ You want to avoid international fees
- โ You’re already using these apps
Start Saving on International Money Transfers Today!
By choosing the right transfer method, you can save hundreds of dollars per year. Wise is the clear winner for most international transfers from Korea – it’s fast, cheap, and transparent.
Ready to send money? Download Wise and start saving today! ๐ฐ
