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Money Transfer & Currency Exchange in Korea

Complete guide to sending money home, receiving money, and exchanging currency in South Korea

💰 Best Exchange Rates📱 Online Services🏦 Bank Transfers💳 Low Fees

📋 Quick Summary

Best for Sending Money Home:

  • • Wise (TransferWise): Best rates, lowest fees
  • • Bank transfer: Most reliable, higher fees
  • • Western Union: Fast, available everywhere
  • • Remitly/WorldRemit: Good for specific countries

Currency Exchange:

  • • Myeongdong: Best rates for cash exchange
  • • Banks: Safe but higher fees
  • • Airport: Convenient but worst rates
  • • ATMs: Okay for small amounts

💡 Pro Tip: Compare rates before sending! The cheapest option depends on the amount, destination country, and transfer speed you need.

💸 Sending Money FROM Korea (해외송금)

Why You Need to Send Money

Common reasons foreigners need to transfer money from Korea:

  • Supporting family back home
  • Paying bills in your home country
  • Saving money in home bank account
  • Sending money to yourself before leaving Korea
  • Paying for services (education, mortgage, etc.)

🏆 Best Money Transfer Services

1. Wise (TransferWise)

✨ RECOMMENDED - Best rates & transparency

BEST

Why it's the best:

  • Uses real exchange rate (mid-market rate)
  • Transparent fees shown upfront
  • Usually 3-8x cheaper than banks
  • Fast (1-3 days to most countries)
  • Easy to use app in English
  • Can hold multiple currencies

📱 How to use Wise from Korea:

  1. Download Wise app or visit wise.com
  2. Sign up with email (verification required)
  3. Connect your Korean bank account
  4. Enter amount to send and recipient details
  5. Pay via bank transfer or debit card
  6. Track transfer in app

✅ Pros:

  • • Best exchange rates
  • • Low, transparent fees
  • • Fast and reliable
  • • Great customer support
  • • Easy to use

❌ Cons:

  • • Needs ARC for verification
  • • Some countries not supported
  • • Daily/monthly transfer limits

💰 Example: Sending $1,000 USD to Philippines via Wise = ~₱55,000 (fee: $6). Same via bank = ~₱52,000 (fee: $30-40). You save ₱3,000!

2. Korean Bank Wire Transfer (은행 해외송금)

Best for: Large amounts, official documentation needed

🏦 How to send via bank:

  1. Visit your bank branch with ARC and passport
  2. Fill out overseas remittance form (해외송금신청서)
  3. Provide recipient bank details:
    • Full name (exact match to bank account)
    • Bank name and SWIFT/BIC code
    • Account number / IBAN
    • Bank address
    • Recipient address
  4. Declare purpose of transfer (family support, savings, etc.)
  5. Pay fee (usually ₩10,000-30,000 + exchange rate markup)
  6. Get receipt with tracking number
  7. Money arrives in 1-5 business days

Major Korean Banks for International Transfer:

  • • KB Kookmin Bank: KB Star Banking app (English available)
  • • Shinhan Bank: SOL app (some English support)
  • • Woori Bank: Good rates for some countries
  • • Hana Bank: Popular with foreign workers

✅ Pros:

  • • Most reliable and secure
  • • Can send large amounts
  • • Official documentation
  • • Available in person

❌ Cons:

  • • Higher fees (₩10,000-30,000)
  • • Poor exchange rates
  • • Must visit branch
  • • Korean forms can be confusing
  • • Staff may not speak English

3. Western Union

Best for: Urgent transfers, cash pickup needed

📍 Where to find Western Union in Korea:

  • Post offices (우체국) - Most locations have Western Union
  • Some convenience stores (CU, GS25)
  • Western Union website/app (online transfers)

How to send:

  1. Visit post office with ARC/passport
  2. Fill out Western Union form
  3. Choose bank deposit or cash pickup
  4. Pay cash or card
  5. Get MTCN tracking number
  6. Send MTCN to recipient

✅ Pros:

  • • Very fast (minutes to hours)
  • • Cash pickup option
  • • Available everywhere
  • • Reliable and trusted

❌ Cons:

  • • High fees (up to 10%)
  • • Poor exchange rates
  • • Expensive for small amounts

4. Other Services

Remitly

Good for: Philippines, India, Mexico, Central America

Fast transfers, competitive rates, easy app

WorldRemit

Good for: Africa, South Asia

Mobile money transfers, airtime top-up

Sentbe (센트비)

Good for: Korean nationals & long-term residents

Korean startup, good rates, Korean interface

Kakao Pay

Limited international transfers

Easy but not available to all countries

💰 Transfer Limits & Regulations

Korean Financial Regulations:

  • Under $5,000 per transaction: Usually no documentation needed (varies by bank)
  • $5,000-$50,000: May need proof of income or employment contract
  • Over $50,000: Requires approval, tax documents, proof of source
  • Annual limit: Generally $50,000-$100,000 for foreign workers (bank-dependent)

⚠️ Note: Limits vary by visa type, bank, and individual circumstances. Check with your bank for exact limits.

📬 Receiving Money IN Korea (송금 받기)

How to Receive International Transfer

Information you need to give sender:

Your details:

  • • Full name (exactly as on ARC)
  • • Korean bank account number
  • • Korean phone number
  • • Address in Korea

Bank details:

  • • Bank name (English)
  • • Bank SWIFT/BIC code
  • • Bank branch address

📋 Korean Bank SWIFT Codes:

KB: CZNBKRSE
Shinhan: SHBKKRSE
Woori: HVBKKRSEXXX
Hana: KOEXKRSE

Receiving from Western Union

  1. Get MTCN (tracking number) from sender
  2. Bring ARC/passport to post office
  3. Fill out receive form with MTCN
  4. Receive cash (or bank deposit if arranged)

⚠️ Receiving fees may apply (usually ₩3,000-10,000 depending on amount)

💱 Currency Exchange in Korea (환전)

Myeongdong Money Changers

BEST RATES

Why it's the best: Private money changers in Myeongdong offer the best exchange rates in Seoul, often 3-5% better than banks.

📍 Where to go:

  • Myeongdong area (명동) - Main street, many options
  • Chinese Embassy area - Also good rates
  • Look for signs saying "환전" or "Money Exchange"

What to bring:

  • Cash in original currency (USD, EUR, JPY, CNY, etc.)
  • Passport (sometimes required for large amounts)

💡 Pro Tip: Check rates at 2-3 shops before exchanging. Rates displayed on signs are negotiable for large amounts!

Banks (은행)

Best for: Security, official receipts, large amounts

How to exchange at bank:

  1. Visit any major bank branch
  2. Take a ticket for foreign exchange (외환)
  3. Bring passport and cash
  4. Fill out exchange form
  5. Receive KRW in cash or deposit to account

Fees:

• Usually 1-3% markup on exchange rate

• Some banks charge additional fee (₩1,000-5,000)

✅ Pros:

  • • Safe and secure
  • • Official documentation
  • • Can deposit directly

❌ Cons:

  • • Worse rates than Myeongdong
  • • May have waiting time
  • • Operating hours only

Airport Exchange

Best for: Emergency only, small amounts

• Incheon Airport: Multiple banks in terminals

• Gimpo Airport: Available but limited

⚠️ Warning: Airport rates are typically 5-10% worse than city rates. Only exchange what you need for immediate use (taxi, food).

ATM Withdrawal

Using foreign card to withdraw KRW:

  • Look for ATMs with "Global" or "Foreign Card" sign
  • Common ATMs: GS25, 7-Eleven, KB Bank, Woori Bank
  • Fees: ₩3,500-5,000 per transaction + your bank's fees
  • Daily limit: Usually $300-1,000 depending on bank

💡 Best cards for Korea: Charles Schwab (no ATM fees), Wise card, Revolut

💰 Exchange Rate Comparison Example

Exchanging $1,000 USD to KRW (assuming rate: 1,300 KRW/USD):

✅ Best Options:

• Myeongdong: ~₩1,295,000 (0.4% fee)

• Wise card ATM: ~₩1,290,000 (0.8% fee)

❌ Expensive Options:

• Bank: ~₩1,275,000 (2% fee)

• Airport: ~₩1,250,000 (4% fee)

• Hotel: ~₩1,220,000 (6% fee)

You can save ₩70,000-75,000 by choosing wisely!

💡 Money-Saving Tips & Important Warnings

✨ Money-Saving Tips

For Regular Transfers:

  • Set up Wise - saves 50-80% vs banks
  • Send larger amounts less frequently (save on fees)
  • Compare rates before every transfer
  • Avoid weekends (rates update Monday)
  • Use referral codes for fee discounts

For Currency Exchange:

  • Exchange in Myeongdong for best rates
  • Bring clean, new bills (old/damaged = worse rate)
  • Negotiate for amounts over $500
  • Check rates on xe.com first
  • Avoid exchanging on weekends/holidays

⚠️ Important Warnings

🚨 Scam Warning:

  • Never use unlicensed money changers - Only use shops with government license displayed
  • Count your money immediately - Some places short-change customers
  • Avoid "too good to be true" rates - If rate is 5%+ better than market, it's likely a scam
  • Don't exchange on the street - Counterfeit bills are common

📋 Tax & Legal:

  • Keep records of all transfers over $10,000 (for tax purposes)
  • Money sent abroad may be taxed in home country
  • Working illegally? You may have trouble sending money
  • Large transfers may trigger bank investigation

🔐 Security:

  • Never share OTP codes or banking passwords
  • Use official apps only (download from official stores)
  • Enable 2-factor authentication
  • Be cautious of phishing emails about transfers

🗣️ Useful Korean Phrases for Money Matters

At the Bank

해외송금 하고 싶어요

(Hae-oe song-geum ha-go ship-eo-yo)

I want to send money abroad

수수료가 얼마예요?

(Su-su-ryo-ga eol-ma-ye-yo?)

How much is the fee?

환율이 얼마예요?

(Hwan-yul-i eol-ma-ye-yo?)

What's the exchange rate?

언제 도착해요?

(Eon-je do-chak-hae-yo?)

When will it arrive?

Currency Exchange

환전하고 싶어요

(Hwan-jeon ha-go ship-eo-yo)

I want to exchange money

오늘 환율이 어떻게 되요?

(O-neul hwan-yul-i eo-tteo-ke doe-yo?)

What's today's exchange rate?

더 좋은 환율 안 돼요?

(Deo jo-eun hwan-yul an dwae-yo?)

Can you give me a better rate?

영수증 주세요

(Yeong-su-jeung ju-se-yo)

Please give me a receipt

📚 Related Guides

🏦

Opening a Bank Account

Set up your Korean bank account first

🪪

Get Your ARC

Required for most money transfers

📖

All Guides

Browse all Korea living guides

📅 Last Updated: November 2025

Exchange rates and fees change frequently. Always check current rates before making transfers. This guide is for informational purposes only and does not constitute financial advice.