SGD to KRW: Singapore Dollar to Korean Won Exchange Rate Guide (2026)
Live rate, conversion table, and expert guide for Singapore-Korea transfers and remittances
Table of Contents
- Current SGD/KRW Rate & Conversion Table
- The Singapore-Korea Financial Corridor
- Factors That Affect the SGD to KRW Rate
- Best Services to Send SGD to KRW
- Transfer Method Comparison Table
- DBS Remit vs Wise: Detailed Comparison
- Step-by-Step: How to Send Money from Singapore to Korea
- Frequently Asked Questions
1. Current SGD to KRW Rate & Conversion Table
The Singapore Dollar (SGD) to Korean Won (KRW) exchange rate reflects the robust economic partnership between two of Asia's most advanced economies. Singapore serves as the regional headquarters hub for dozens of Korean conglomerates — Samsung, LG, Hyundai, SK, and Lotte all maintain major Singapore operations — while Korea is one of Singapore's top trading partners. The SGD/KRW corridor sees consistent flows from Korean expatriates in Singapore, Singaporean businesses investing in Korea, and Korean tourists visiting Singapore's financial and hospitality sectors.
As of May 15, 2026, the interbank mid-market rate is approximately 1 SGD = 1,170.96 KRW. Unlike many Asia-Pacific currency pairs, the SGD is fully convertible and highly liquid, making SGD-to-KRW transfers more straightforward and cost-effective than corridors involving restricted currencies. Both the Monetary Authority of Singapore (MAS) and the Bank of Korea (BOK) maintain active foreign exchange frameworks that keep this pair well-serviced by the market.
SGD to KRW Conversion Table
The table below shows live approximate conversions for common Singapore Dollar amounts:
| Singapore Dollar (SGD) | Korean Won (KRW) — Approx. | Context |
|---|---|---|
| S$100 SGD | ₩117,096 KRW | Small test transfer |
| S$500 SGD | ₩585,480 KRW | Travel spending money (2–3 days Seoul) |
| S$1000 SGD | ₩1,170,960 KRW | One week budget in Korea (hotel + meals) |
| S$2000 SGD | ₩2,341,920 KRW | Monthly remittance / bill payment |
| S$5000 SGD | ₩5,854,801 KRW | Significant transfer (tuition partial payment) |
| S$10000 SGD | ₩11,709,602 KRW | Large transfer (property deposit, investment) |
Rates are approximate mid-market rates as of May 15, 2026. Actual amounts vary by provider and transfer method. Use our live SGD/KRW calculator for real-time precision.
Historical Context: SGD/KRW Rate Trends
Over the past five years, the SGD/KRW rate has generally traded in a range of approximately 850 to 1,200 KRW per Singapore Dollar. Key drivers of this movement include:
- MAS exchange rate policy: Unlike most central banks, the MAS manages monetary policy through the SGD nominal effective exchange rate (S$NEER) rather than interest rates. MAS slope adjustments — tightening or easing the appreciation pace — directly affect SGD strength against the KRW and all other currencies.
- Korea's semiconductor cycle: When Korea's semiconductor and electronics exports boom (2021, 2024), KRW strengthens and SGD/KRW falls. During down-cycles (2022–2023), KRW weakens and SGD buys significantly more won.
- Global risk sentiment: Both SGD and KRW are risk-sensitive Asian currencies, but SGD is considered a safe-haven within Asia due to Singapore's AAA credit rating and large foreign reserves. During regional volatility, SGD tends to outperform KRW, pushing SGD/KRW higher.
- USD/KRW correlation: The Korean Won is heavily influenced by USD moves. A strengthening USD (global tightening cycle) tends to weaken KRW more than SGD, so SGD/KRW often rises during periods of US dollar strength.
2. The Singapore-Korea Financial Corridor
Singapore and South Korea have cultivated one of the most economically productive bilateral relationships in Asia. Singapore is Korea's largest ASEAN trade partner, with bilateral trade exceeding $25 billion USD annually, and Singapore serves as the gateway for Korean companies expanding across Southeast Asia.
Korean Expatriate Community in Singapore
Singapore hosts one of Asia's largest Korean diaspora communities, with an estimated 20,000–30,000 Korean nationals residing in the city-state. These include executives at Korean multinational regional HQs (Samsung Asia, LG Electronics Asia, Hyundai Motor Asia Pacific), Korean bankers and finance professionals at Korean banks' Singapore branches (KB Kookmin, Shinhan Financial, Hana Financial), and Korean families accompanying corporate assignees. This community generates significant and regular SGD-to-KRW transfer flows: salary savings, school fees payments to Korea, and family support.
Samsung Electronics Singapore and Korean Corporate Presence
Samsung Electronics' Asia-Pacific regional headquarters is based in Singapore, employing thousands of Korean and local professionals. LG Electronics, SK Telecom, Lotte Shopping, and dozens of smaller Korean technology and consumer goods firms maintain Singapore regional offices. These corporate presences create business payment flows — intercompany transfers, supplier payments, and dividend repatriation — in both SGD-to-KRW and KRW-to-SGD directions.
K-Culture, Tourism, and the Korea-Singapore Lifestyle Link
South Korea is one of the top tourist destinations for Singaporeans. The K-pop and Korean drama wave has made Seoul, Jeju, and Busan highly desirable travel destinations. Singaporean tourists visiting Korea — spending on accommodation, shopping (cosmetics, fashion, electronics), and entertainment — represent a meaningful SGD-to-KRW spending corridor. During peak K-drama travel seasons (spring cherry blossom, autumn foliage), SGD-to-KRW travel money demand spikes noticeably.
Financial Services and Investment Flows
Singapore's role as Asia's premier financial center means that Korean financial institutions — including Korean National Pension Service (NPS), Korean banks, and Korean asset managers — deploy capital through Singapore into global markets. In the reverse direction, Singapore-based funds and sovereign wealth (GIC, Temasek) have significant investments in Korean equities and fixed income, creating ongoing FX requirements in the KRW/SGD pair.
Bilateral Trade and the KSFTA
South Korea and Singapore have had a Free Trade Agreement (KSFTA) in force since 2006, one of Korea's earliest bilateral FTAs. This agreement has deepened trade in electronics, chemicals, machinery, and financial services. The KSFTA eliminates tariffs on over 95% of goods, making Korean manufactured goods more competitive in Singapore and vice versa, which sustains genuine bilateral trade flows that require ongoing SGD-KRW currency conversion.
3. Factors That Affect the SGD to KRW Exchange Rate
Monetary Authority of Singapore (MAS) Exchange Rate Policy
The MAS uses the S$NEER — a trade-weighted basket of currencies — as its primary monetary policy tool. The MAS sets the slope (pace of appreciation/depreciation), level (mid-point), and width (band) of the S$NEER. When the MAS tightens policy (steeper appreciation slope), the SGD strengthens against all currencies including the KRW. Policy statements released twice yearly (April and October) are critical events for SGD pairs.
Bank of Korea (BOK) Monetary Policy
The BOK sets South Korea's base rate at eight scheduled meetings per year. Rate cuts weaken the KRW (SGD/KRW rises) while rate hikes strengthen it (SGD/KRW falls). The BOK began cutting rates in late 2024 in response to Korea's slowing growth and property market pressures, which contributed to KRW weakness and thus a higher SGD/KRW rate into 2025–2026.
Singapore's Economic Resilience and Safe-Haven Status
Singapore's AAA sovereign credit rating (one of only 11 countries globally), massive foreign exchange reserves (~$350 billion USD), and status as Asia's leading financial center give the SGD a partial safe-haven quality within Asia. During regional uncertainty or geopolitical stress, investors often hold SGD rather than more export-sensitive currencies like KRW, supporting SGD/KRW's upward bias in risk-off environments.
Korea's Export-Driven Economy
The KRW is highly correlated with Korea's export performance. Samsung's semiconductor sales, Hyundai's automotive exports, and LG's display and battery revenues generate massive USD inflows into Korea, supporting the won. Strong global demand for Korean tech products strengthens KRW (pushing SGD/KRW lower). Export downturns or tariff headwinds have the opposite effect.
Oil Prices and Energy Imports
Both Singapore and South Korea are heavily dependent on imported energy. Rising oil prices generally hurt both currencies, but Korea's exposure is greater (Korea has no domestic oil production). High oil prices can widen Korea's trade deficit more than Singapore's, putting downward pressure on KRW and pushing SGD/KRW higher.
4. Best Services to Send SGD to KRW (Singapore to Korea)
Singapore has excellent fintech infrastructure, giving senders access to some of the most cost-effective and fast transfer services available globally. Here are the top options ranked:
1. Wise (Best Overall for Singapore to Korea)
Wise consistently offers the lowest all-in cost for SGD-to-KRW transfers. Wise uses the mid-market exchange rate with a transparent fee of approximately 0.4%–0.7% of the transfer amount. For a S$1,000 transfer, the total fee is typically just S$4–S$7. Wise is fully MAS-licensed in Singapore (Major Payment Institution licence) and delivers to all major Korean banks — KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup — within 1–2 business days. You can fund from any Singapore bank account, including DBS, OCBC, UOB, and POSB.
Best for: Regular remittances, medium to large amounts (S$500+), anyone wanting the best exchange rate with full transparency.
2. Instarem (Best Singapore-Born Fintech Option)
Instarem is a Singapore-founded, MAS-licensed remittance company with a strong SGD-to-Asia corridor. For SGD-to-KRW, Instarem typically charges 0.5%–1.0% with very competitive exchange rates — often close to or matching Wise. Instarem's neobank product (Amaze card) also gives Singaporeans access to multi-currency spending. Transfers reach Korean banks within 1–2 business days. Instarem earns loyalty points that can be redeemed for further fee discounts.
Best for: Singaporeans who prefer a homegrown fintech, loyalty rewards, or travel money alongside their transfers.
3. DBS/POSB Remit (Fast but Carries Rate Markup)
DBS Remit (available via DBS digibank) offers SGD-to-KRW transfers with no flat sending fee, but applies a 1.5%–2.5% exchange rate markup over the mid-market rate. On a S$2,000 transfer, this hidden markup costs S$30–S$50 more than Wise — despite no stated "fee." The advantage is speed (transfers to Korean partner banks like IBK can arrive same day) and the convenience of using your existing DBS account. DBS Remit also supports fast Korean bank codes without needing SWIFT codes.
Best for: DBS customers who value convenience over absolute cost, urgent transfers where same-day delivery to Korea is needed.
4. OCBC / UOB International Wire (For Existing Bank Customers)
OCBC and UOB offer international SGD-to-KRW wires with fees around S$20–S$35 flat plus exchange rate markups of 1.5%–2.5%. These are more expensive than Wise or Instarem but may be preferred by customers with specific banking relationships or compliance requirements. Note that Korean receiving banks may add an additional ₩10,000–₩20,000 for inbound SWIFT wires.
Best for: Business transfers requiring formal SWIFT documentation, customers with preferred banking arrangements.
5. PayPal (Avoid for SGD to KRW)
PayPal charges a 4%–5% exchange rate margin for SGD-to-KRW transfers, plus flat fees. On a S$1,000 transfer, PayPal costs S$40–S$60 more than Wise. There is no scenario where PayPal is cost-competitive for Singapore-Korea remittances. Avoid for anything beyond very small casual transfers.
5. Singapore to Korea Transfer Cost Comparison
The table below compares what a Korean recipient would receive when you send S$2,000 SGD from Singapore using different services (illustrative, based on mid-market rate at time of writing):
| Transfer Service | Exchange Rate | Fees | KRW Received* | Verdict |
|---|---|---|---|---|
| Wise | Mid-market | ~S$12 (0.6%) | ₩2,267,000 | Best overall |
| Instarem | Mid −0.3% | ~S$10 | ₩2,254,000 | Excellent alternative |
| DBS Remit | Mid −2% | S$0 flat | ₩2,220,000 | Rate markup hidden |
| OCBC Wire | Mid −2.5% | S$25 flat | ₩2,187,000 | Expensive |
| PayPal | Mid −4.5% | S$5 + 3.9% | ₩2,142,000 | Avoid |
*Illustrative figures. Actual rates, fees, and amounts vary by date and provider. Always verify current rates before transferring. Korean receiving bank charges not included.
6. DBS Remit vs Wise: The Real Cost Difference for SGD to KRW
DBS Remit advertises "S$0 transfer fee" which sounds attractive — but the cost is embedded in the exchange rate markup. Here is a detailed breakdown for a S$5,000 SGD transfer:
| Cost Component | Wise | DBS Remit |
|---|---|---|
| Exchange Rate | Mid-market (0% markup) | ~1.5%–2.5% markup |
| Rate Markup Cost on S$5,000 | S$0 | S$75–S$125 |
| Transfer Fee | ~S$30 (0.6%) | S$0 (advertised) |
| Korean Bank Receiving Fee | Usually none | ₩10,000–₩20,000 |
| Total All-In Cost | ~S$30 | ~S$90–S$140 |
| Saving with Wise | Approximately S$60–S$110 saved per S$5,000 transferred | |
For a Korean expat in Singapore who sends S$2,000 home to Korea monthly, switching from DBS Remit to Wise saves approximately S$500–S$800 per year — a meaningful sum over a multi-year Singapore posting.
MAS Regulatory Framework for Cross-Border Transfers from Singapore
All remittance services operating in Singapore must be licensed by the Monetary Authority of Singapore under the Payment Services Act (PSA). Both Wise and Instarem hold MAS Major Payment Institution licences, making them fully regulated and safe for large transfers. MAS-licensed services also participate in Singapore's FX Reporting System, ensuring transparency. There are no capital controls on SGD outflows — Singaporeans can transfer any amount for legitimate purposes without prior approval, though amounts above S$20,000 may require additional identity verification under AML/CFT regulations.
7. Step-by-Step: How to Send Money from Singapore to Korea Using Wise
Step 1: Create a Wise Account (3–5 minutes)
Go to wise.com or download the Wise app. Register with your email and select "Personal Account." Enter your name, date of birth, and Singapore address. Singapore residents with NRIC or FIN can fully use Wise. Wise is licensed by MAS (licence number PS20200521) and fully compliant with Singapore's Payment Services Act.
Step 2: Verify Identity (5–15 minutes)
Upload your NRIC (for Singapore Citizens/PRs) or passport + Employment Pass/S Pass (for work permit holders). Wise's automated verification typically approves Singapore accounts within minutes. Additional document checks may be required for first transfers above S$5,000.
Step 3: Set Transfer Amount and Currency
Click "Send money." Enter the SGD amount and select KRW. Wise instantly shows you the mid-market SGD/KRW rate, the exact fee in SGD, and precisely how many KRW the Korean recipient will receive. No hidden markups — complete transparency before you commit.
Step 4: Enter Korean Bank Account Details
You need the Korean recipient's bank account number and SWIFT code. Common Korean bank SWIFT codes:
• KB Kookmin Bank: CZNBKRSE
• Shinhan Bank: SHBKKRSE
• KEB Hana Bank: KOEXKRSE
• Woori Bank: HVBKKRSEXXX
• NH Nonghyup: NACFKRSE
• IBK: IBKOKRSE
The recipient name must match their Korean bank account exactly (romanised Korean name).
Step 5: Fund via PayNow or Bank Transfer
Wise in Singapore supports PayNow (instant), FAST bank transfer (near-instant), or standard bank transfer. PayNow is the fastest — simply scan the Wise QR code or PayNow to Wise's UEN. Funds are credited to Wise within seconds. Wise then releases the KRW to the Korean bank, with delivery typically within 1 business day.
Step 6: Track and Confirm Delivery
Wise provides real-time tracking via the app and email notifications. You will receive a confirmation when the KRW has been delivered to the Korean bank account. Transfer receipts are stored in the app for tax or compliance records. Wise also provides a formal transfer receipt document if required for corporate or tax purposes.
8. Frequently Asked Questions
Q: What is the current SGD to KRW exchange rate?
As of May 15, 2026, the live mid-market rate is approximately 1 SGD = 1,170.96 KRW (or 0.000854 SGD per 1 KRW). This rate changes continuously during market hours. Check FXKRW's live SGD/KRW calculator for the most current rate.
Q: What is the best way to send money from Singapore to Korea?
For most users, Wise offers the best combination of rate and fee — typically 3–5 times cheaper than DBS Remit on an all-in basis. Instarem is an excellent Singapore-founded alternative. Both apps support PayNow funding (instant) and deliver to all major Korean banks within 1–2 business days.
Q: Is DBS Remit free for SGD to KRW transfers?
DBS Remit charges S$0 as a stated transfer fee, but it compensates through an exchange rate markup of approximately 1.5%–2.5% over the mid-market rate. On a S$2,000 transfer, this hidden cost amounts to S$30–S$50. Wise's transparent fee of ~0.6% is substantially lower on a total-cost basis. Always compare by the final KRW amount received, not by stated fees alone.
Q: Are there limits on how much I can send from Singapore to Korea?
Singapore has no capital controls on outbound transfers. MAS regulations require identity verification for amounts above S$5,000 on some platforms and AML reporting for amounts above S$20,000. Wise allows transfers of up to S$1,000,000+ for fully verified accounts. There are no annual limits imposed by MAS — only the limits set by individual transfer service providers and your bank account.
Q: What is Instarem and is it safe for SGD to KRW?
Instarem is a Singapore-founded fintech company founded in 2014, regulated by the MAS under a Major Payment Institution licence. It is a credible and safe alternative to Wise for SGD-to-KRW transfers. Instarem is also regulated in Australia (ASIC), Europe (FCA), Hong Kong (HKMA), and several other jurisdictions. Their rates for the SGD-KRW corridor are competitive, and their Singapore-centric customer support is generally well-regarded.
More Korean Won Exchange Rate Resources
Get live SGD/KRW rates, compare transfer services, and read our complete guides to Korean Won exchange.
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