Transfer Money to South Korea

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About Money Transfers to South Korea

We make it our mission to offer you the best exchange rates when sending money to South Korea, and ensure that the service we supply is incomparable. Listing leading currency specialists, and using only FCA regulated companies; you can rest assured that your money is safe with us.

Whether you are importing goods from Busan or planning an overseas work placement in Seoul, our comparison table will find you the products to suit your needs, saving you up to 85% on your money transfer.

Last updated: May 08, 2014 Our methodology

Quick Facts: South Korea

Key information for sending money to South Korea

Transfer Speed
2 working days
Local Currency
KRW
Income Tax Rate
6.6-41.8%
Avg. Property Price/m²
7,083,517.59 KRW
Avg. Monthly Rent (3 bed)
2,483,480.00 KRW
IBAN Required
No

Money Saving Tips for South Korea

Expert advice for your international transfer

Foreigners buying property must report the transaction to the appropriate district office, within 60 days of signing the purchase contract.

It is extremely common to rent and apartments are the most common types of property provided by employers to foreigners.

People who have entered Korea, registered as aliens and stayed legally for more than two years, qualify for citizenship.

Swiftly becoming the business hub of East Asia, South Korea is home to many international companies and in turn, very good employability prospects.

What You Need to Send Money to South Korea

Checklist of recipient bank details required

Routing Number e.g.
Bank routing number
SWIFT/BIC Code e.g. BANKKRXX
Bank identifier for international transfers
Account Number
Recipient's bank account number
Account Holder's Name
Full name as it appears on the bank account

Popular Banks in South Korea

Citigroup Korea Korea Exchange Bank Hana Financial Group Woori Bank Shinhan Bank KB Kookmin Bank

"When sending money to South Korea, always compare multiple providers. The exchange rate is important, but don't forget to factor in transfer fees and delivery times. For larger amounts, even small rate differences can translate to significant savings."

— MyCurrencyTransfer Editorial Team

Frequently Asked Questions

Common questions about sending money to South Korea

What is the cheapest way to send money to South Korea?

The cheapest way to send money to South Korea depends on your transfer amount. For larger transfers (over £1,000), specialist providers like Wise or OFX typically offer better rates than banks. Compare providers above to see which offers the best deal for your specific amount.

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

Most transfers to South Korea are completed within 1-3 working days. Some providers offer same-day or next-day delivery for an additional fee. The exact time depends on the provider, payment method, and whether the recipient's bank processes weekend transfers.

What information do I need to send money to South Korea?

You'll typically need: the recipient's full name (as it appears on their bank account), their bank account number, the bank's SWIFT/BIC code, and for some countries an IBAN. You may also need the recipient's address and the bank's name and address.

Are money transfer services safe to use?

Yes, the providers we compare are regulated by the Financial Conduct Authority (FCA) or equivalent regulators. They must keep your money in segregated accounts and follow strict anti-money laundering procedures. Always check a provider's regulatory status before sending money.

Should I use my bank to send money to South Korea?

Banks are generally more expensive for international transfers due to higher exchange rate margins and fees. Specialist money transfer providers typically offer rates 2-4% better than banks. Use our comparison to see how much you could save.

How to Transfer Money to South Korea

  1. Compare providers

    Use the comparison table above to find the best exchange rate and lowest fees for your transfer amount.

  2. Create an account

    Click through to your chosen provider and register for a free account. You'll need your email address and basic personal details.

  3. Verify your identity

    Upload ID documents as required (passport, driving licence, or national ID). Most providers verify within 1-2 business days.

  4. Enter recipient details

    Add your recipient's bank account details including their name, account number, and SWIFT/BIC code.

  5. Fund and track your transfer

    Pay by bank transfer or debit card, then track your money until it arrives. Most transfers complete within 1-3 working days.