Send Money to South Korea: Fee Comparison Calculator (2026)
Compare Wise, Remitly, Western Union, bank wire & PayPal — see exactly how much KRW you receive after all fees
What is the cheapest way to send money to South Korea?
Wise is typically the cheapest option with fees around 0.43–1.5% compared to bank wire fees of $15–30. For a $1,000 transfer, Wise costs roughly $6–$10 total vs. $30–$50+ for a bank wire (after accounting for the exchange rate spread). Remitly Express is the fastest option at competitive rates. Western Union is best for cash pickup without a Korean bank account.
Money Transfer to South Korea Calculator
Enter the amount you want to send and see exactly how much Korean Won each service delivers
| Service | Fee | Rate | KRW Received | Speed |
|---|
* Rates are approximate. Actual amounts may vary. Always verify on the provider's website before transferring. Calculator uses current mid-market rates with estimated typical fees.
Table of Contents
1. Best Services to Send Money to South Korea in 2026
Sending money to South Korea has never been more competitive. A decade ago, your only options were expensive bank wire transfers or money order services with opaque fees. Today, dozens of fintech companies compete for your business with near-mid-market exchange rates, same-day delivery, and transparent fee structures.
South Korea is the world's 12th largest economy and home to over 50 million people. It is also one of the most connected countries for international money transfers, with a world-class banking infrastructure. Major Korean banks like KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup all accept international wire transfers, and the country has a sophisticated regulatory framework for foreign exchange under the Foreign Exchange Transactions Act.
Whether you are an expat sending money home to family, a business paying Korean suppliers, a student covering tuition at a Korean university, or a K-drama fan sending a gift, the right transfer service can save you $20–$100 or more per $1,000 transferred compared to a traditional bank wire.
2. Wise — Best Overall for Sending Money to South Korea
Wise (formerly TransferWise)
BEST OVERALL RATEWise uses the true mid-market exchange rate — the same rate you see on Google — with a single transparent fee on top. There is no hidden exchange rate markup. This makes Wise consistently the cheapest option for most currency corridors to South Korea.
How Wise Fee Works for South Korea:
For USD to KRW transfers, Wise charges a variable percentage fee (typically 0.43%–0.7% for standard bank transfers) plus a small fixed fee (around $0.42–$0.62). For a $1,000 transfer, expect to pay around $5.00–$7.50 total. The amount arrives in a Korean bank account within 1–2 business days.
Wise Best Practices for Korea:
- Fund with bank transfer (ACH/SEPA) rather than credit card to avoid extra card fees
- Use Wise at the start of the week (Monday–Wednesday) for fastest processing
- Verify your identity on Wise for higher limits and occasionally lower fees
- The Wise multi-currency account lets you hold KRW and transfer to your Korean bank account whenever the rate is favorable
3. Remitly — Best for Speed to South Korea
Remitly
FASTEST DELIVERYRemitly offers two service tiers for South Korea transfers: Express (fast, slightly higher fee) and Economy (lower fee, slower). The Express option often delivers within hours — making it ideal when timing matters.
Remitly frequently offers promotional rates for first-time users (often 0% fee and favorable rate), making it worth checking for your first Korea transfer. The app is available in the US, UK, EU, Canada, and Australia.
Remitly vs Wise for Korea: Wise wins on total cost for most transfers. Remitly wins when you need money in Korea within hours and cannot wait for Wise's 1–2 business day processing time.
4. Western Union — Best for Cash Pickup in Korea
Western Union
BEST FOR CASH PICKUPWestern Union has agent locations across South Korea, including in major cities like Seoul, Busan, Incheon, and Daegu. This makes it useful when the recipient does not have a Korean bank account or needs cash immediately. However, Western Union's exchange rate typically includes a 2–4% spread above mid-market, making it more expensive than Wise for bank deposits.
When to use Western Union for Korea: The recipient does not have a Korean bank account, the transfer needs to be available as cash within minutes, or you are in a country where Wise and Remitly are not available.
5. Bank Wire Transfer (SWIFT) to Korea
Traditional bank wire transfers using the SWIFT network remain an option for sending money to South Korea, particularly for large corporate payments or when other services are unavailable. However, they are the most expensive option for most individuals.
How Bank Wire Costs Break Down
The total cost of a bank wire to Korea includes multiple layers of fees that many senders are unaware of:
- Outgoing wire fee at your bank: $15–$30 (US banks), £15–£25 (UK banks), €15–€30 (EU banks)
- Exchange rate spread: 2%–4% above mid-market (hidden, not shown separately)
- Correspondent bank fee: $10–$20 deducted from the transfer by intermediary banks in the SWIFT chain
- Receiving fee at Korean bank: ₩5,000–₩15,000 (approximately $4–$11)
For a $1,000 transfer, total bank wire costs often reach $50–$80 once all layers are counted. This compares to $6–$10 with Wise.
When Bank Wire Makes Sense for Korea
- Transfers over $50,000 (banks sometimes offer preferential rates)
- Corporate payments requiring bank-level documentation trail
- Recipients at Korean banks that do not accept third-party fintech transfers
- Regulatory compliance requirements that mandate SWIFT reference numbers
6. How to Get the Best Exchange Rate When Sending to Korea
A service with zero fee but a 3% exchange rate spread costs far more than one charging 1% fee with the mid-market rate. Use the calculator above to see total KRW received.
Funding your transfer with a credit or debit card adds 1–3% in card processing fees on most services. Bank ACH/SEPA funding is always cheaper.
The USD/KRW rate fluctuates daily. A 1% improvement in the rate on a $5,000 transfer saves $50. Use FXKRW's live rate tracker to monitor the rate and set alerts.
Wise, Remitly, and other services regularly offer fee-free first transfers or boosted rates for new customers. Signing up via a referral link can get you additional savings.
Many services charge a fixed fee per transfer in addition to a percentage. By combining multiple small transfers into one, you eliminate repeated fixed fees. For example, Wise's $0.42 fixed fee on a $100 transfer represents 0.42% extra; on a $1,000 transfer it is only 0.042%.
7. SWIFT/BIC Codes for Major Korean Banks
When sending a bank wire to South Korea, you will need the SWIFT (BIC) code of the receiving Korean bank. Here are the SWIFT codes for the major Korean banks:
| Bank Name | SWIFT/BIC Code | Korean Name | Notes |
|---|---|---|---|
| KB Kookmin Bank | CZNBKRSE | 국민은행 | Largest retail bank in Korea |
| Shinhan Bank | SHBKKRSE | 신한은행 | Major commercial bank |
| Hana Bank | HNBNKRSE | 하나은행 | Merged with Korea Exchange Bank |
| Woori Bank | HVBKKRSEXXX | 우리은행 | Use XXX suffix for some transfers |
| NH Nonghyup Bank | NACFKRSE | 농협은행 | Agricultural cooperative bank |
| IBK (Industrial Bank) | IBKOKRSE | IBK기업은행 | Business-focused bank |
| Kakao Bank | KAKOKR22 | 카카오뱅크 | Digital-only bank; verify before use |
| KEB Hana Bank | KOEXKRSE | KEB하나 | Use for international transfers |
Always verify SWIFT codes directly with the receiving bank before initiating a large transfer.
8. Tax Considerations for Sending Money to South Korea
Understanding the tax implications of international money transfers to South Korea is important for both senders and recipients.
Gift Tax Exemptions (Korea)
South Korea has a comprehensive gift tax system. Key exemption thresholds:
- From spouse: Up to 600 million KRW (approx. $450,000) per 10 years, tax-free
- From lineal ascendant/descendant (e.g., parent to child): Up to 50 million KRW (approx. $37,000) per 10 years for adults; 20 million KRW for minors
- From other relatives: Up to 10 million KRW (approx. $7,500) per 10 years
- Above these thresholds: Gift tax of 10%–50% applies on the excess
Reporting Requirements
South Korea's Bank of Korea and Financial Supervisory Service require that:
- Incoming foreign transfers over the equivalent of $10,000 USD must be reported to the receiving Korean bank (automatic, done by the bank)
- Transfers that appear to be business income will be subject to Korean income tax
- US persons sending money abroad must file FinCEN Form 114 (FBAR) if Korean bank account balances exceed $10,000 at any point in the year
9. Frequently Asked Questions
What is the cheapest way to send money to South Korea?
Wise is typically the cheapest option with fees around 0.43–1.5% compared to bank wire fees of $15–30. For a $1,000 USD transfer, Wise typically costs $5–$8 total while a bank wire costs $30–$50+ after accounting for exchange rate spread. Remitly also offers competitive rates, especially for promotional first transfers.
How long does it take to send money to South Korea?
Transfer times vary by service: Wise is typically 0–2 business days (often same-day for USD from verified US accounts). Remitly Express delivers in minutes to hours. Western Union cash pickup is available within minutes. Bank wire (SWIFT) takes 3–5 business days. PayPal transfers are instant to 1 business day.
Do I need a Korean bank account to receive money in Korea?
Not always. Western Union and MoneyGram allow cash pickup at agent locations across South Korea. However, for the best exchange rates, a Korean bank account is recommended. Wise, Remitly, and bank wires all deposit directly into Korean bank accounts at KB Kookmin, Shinhan, Hana, Woori, or NH Nonghyup.
Is there a limit on how much money I can send to Korea?
Limits depend on the service and verification level. Wise allows $1,000,000+ per transfer for fully verified accounts. Remitly typically limits to $30,000 per transfer. Bank wires have no practical upper limit but amounts over $10,000 USD trigger mandatory AML reporting. South Korea requires declaration of incoming foreign transfers over $10,000 USD.
What information do I need to send money to a Korean bank account?
You need: (1) Recipient's full name as on their Korean bank account, (2) Korean bank account number (13–14 digits), (3) Bank name (e.g., KB Kookmin, Shinhan, Hana), (4) SWIFT/BIC code for the Korean bank. SWIFT codes: KB Kookmin: CZNBKRSE, Shinhan: SHBKKRSE, Hana: HNBNKRSE, Woori: HVBKKRSEXXX.
Can I send money to South Korea from Canada or Australia?
Yes. Wise, Remitly, and Western Union all support CAD and AUD to KRW transfers. Wise is available for Canadians and Australians and typically offers the best rate. Remitly also supports transfers from both countries. Use the calculator above and select your currency (AUD) to compare estimated amounts.
Are there taxes on money received in South Korea from abroad?
Receiving money from family abroad is generally not taxable in South Korea if it is a gift within exemption thresholds (50 million KRW from parent to adult child per 10 years; 10 million KRW from other relatives). For employment income or business payments, standard Korean income tax applies. Always consult a Korean tax professional.
How does Wise compare to my bank for sending money to Korea?
Wise uses the real mid-market exchange rate with a transparent fee on top. Most banks apply a 2–4% hidden spread on top of the interbank rate plus $15–30 fixed wire fee. On a $1,000 USD to KRW transfer, Wise typically saves $25–$45 compared to a bank wire. On larger amounts like $10,000, savings reach $250–$450 or more.
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