The cheapest, fastest way to send money to Korea for most people is a specialist transfer app such as Wise, Remitly or WorldRemit, which converts close to the mid-market rate and deposits Korean won straight into the recipient's bank account — often within minutes to a couple of business days. A traditional bank SWIFT wire still works and can suit very large or business transfers, but it usually costs more once you add the exchange-rate margin and intermediary-bank fees. The right choice depends on how much you are sending, how fast it must arrive, and how the recipient wants to collect it.
There are four practical routes, and the difference between them is mostly cost, speed and convenience:
In almost every case the money arrives as Korean won (KRW) deposited into a Korean bank account. You send your home currency (USD, EUR, GBP, JPY and so on); the provider converts it to won and credits the recipient's account at a KB Kookmin, Shinhan, Hana, Woori, NH NongHyup or other domestic bank. With a specialist app the deposit is automatic once the transfer clears. With a bank SWIFT wire, the recipient's bank receives the funds and may ask the recipient to confirm the purpose of the transfer before releasing larger amounts, which is part of Korea's foreign-exchange monitoring rather than a fault with your transfer.
The total cost of sending money to Korea has two parts, and the second one is the one people miss:
To judge the real cost, compare the total amount of won the recipient actually receives for the same amount sent. The provider that delivers the most won — after both the fee and the rate margin — is the cheapest, regardless of how the headline is worded.
The table below summarises the typical trade-offs. Exact fees and speeds vary by provider, country and amount, so always confirm current terms before you send.
| Method | Typical speed | Typical cost | Best for |
|---|---|---|---|
| Bank wire (SWIFT) | 1–3 business days | Higher — flat fee + 2–4% rate margin + possible intermediary fees | Very large or business transfers where the bank relationship matters |
| Wise | Minutes to 1–2 days | Low — mid-market rate + small transparent fee | Everyday transfers where the best rate matters most |
| Remitly-type apps (Remitly, WorldRemit) | Minutes to 1 day | Low–medium — small fee, near mid-market rate; promos common | Fast delivery and first-transfer promotions |
| Cash pickup | Often minutes | Higher — wider rate margin and pickup fee | Recipients without a Korean bank account |
Before you start, gather the recipient's details exactly as their Korean bank holds them — a name mismatch is the most common reason a transfer is delayed or returned:
Korea operates a foreign-exchange transaction framework that monitors inbound and outbound transfers. For ordinary, modest remittances you usually need nothing beyond the standard recipient details. For larger inbound transfers, the recipient's bank may ask them to declare the purpose of the funds, and documentation requirements can differ depending on whether the recipient is a Korean resident, a foreign resident, or a company. Keeping a clear record of the source and reason for the money — a contract, invoice, payslip, or gift letter — makes any bank query straightforward. Rules and thresholds change, so confirm the current position for the recipient's situation; our Korea overseas remittance limit guide covers the foreigner angle in more detail.
For most people a specialist app such as Wise, Remitly or WorldRemit is cheapest, because they convert close to the mid-market rate and charge a small transparent fee. Traditional bank SWIFT wires usually cost more once you add the exchange-rate margin and intermediary-bank fees. Always compare the total landed amount in won, not just the headline fee.
Specialist apps often deliver KRW to a Korean bank account within minutes to a few hours, and at most one to two business days. A traditional bank SWIFT wire typically takes one to three business days, sometimes longer if it routes through intermediary banks or hits compliance checks on larger amounts.
Korea monitors inbound foreign-exchange transfers, and banks may ask the recipient to declare the purpose of larger amounts under foreign-exchange transaction rules. Limits and documentation depend on the recipient’s status (resident, foreigner or company) and the reason for the transfer. Check current thresholds and keep proof of the source of funds for larger transfers.
You generally need the recipient’s full legal name exactly as held by their Korean bank, the bank name, the account number, and for international wires the bank’s SWIFT/BIC code. The recipient’s address and a short purpose-of-transfer note may also be requested, especially for larger amounts.
Wise supports sending Korean won to bank accounts in Korea from many countries, and recipients can receive KRW into a local account. Availability of every feature can vary by country and over time, so confirm current support and any local requirements on Wise’s own site before relying on it.
Ordinary payments such as wages or invoice settlements are handled through normal income rules, but a genuine gift can fall under Korea’s gift-tax rules once it exceeds the tax-free allowance for the relationship, with the recipient potentially liable. This is general information, not tax advice; for larger gifts confirm current thresholds and see our overseas remittance limit guide.