Quick answer: To send money from Canada to Korea you use a bank wire or a money transfer service, and what you pay is the upfront fee plus the margin hidden in the CAD to KRW rate you are quoted. Compare quotes by the won that actually arrives, not by the fee. In Canada, money services businesses must register with FINTRAC, and you can check any provider in FINTRAC's public registry.
Updated: 2026-10-18
If you need to send money from Canada to Korea, for tuition, rent, family support or a deposit on a Seoul apartment, the price is rarely the fee printed on the screen. Most of the cost sits in the exchange rate. This guide shows how to break any quote into its two parts, compares the main ways to move CAD into a Korean account, and gives a calculator that measures each quote against today's CAD/KRW reference rate.
We do not list provider prices here, because they change daily and differ by amount and payment method. Instead, get two or three live quotes for your exact amount and type them into the calculator.
Loading the current CAD/KRW reference rate.
Tip: if a provider shows only its rate, margin % = (1 - provider rate / mid-market rate) x 100.
Every quote has the same building blocks:
The formula the calculator uses: KRW received = (CAD sent - fee) x mid-market rate x (1 - margin) - receiving fees.
| Method | How it works | What to check |
|---|---|---|
| Bank wire (SWIFT) from a Canadian bank | Your bank converts CAD and sends a wire to the Korean bank | Wire fee, the bank's CAD/KRW rate, intermediary and receiving deductions |
| Online transfer services (for example Wise or Remitly) | You pay the provider in Canada, it pays out in won in Korea | Total cost for your amount and funding method, delivery time, FINTRAC registration |
| Cash pickup networks | The recipient collects cash at an agent | Whether there is an agent near the recipient; compare the rate as well as the fee |
| Sending CAD to a Korean foreign currency account | The won conversion happens later in Korea | The Korean bank's own conversion rate; see our foreign currency account guide |
Using a hypothetical mid-market rate of 940 KRW per CAD, C$2,000 is worth KRW 1,880,000. Two made-up quotes, chosen only to show the math:
| Quote | Fee | Margin | Arrives | Cost |
|---|---|---|---|---|
| A, "no fee" | C$0 | 2.0% | KRW 1,842,400 | KRW 37,600 (2.0%) |
| B, low margin | C$10 | 0.5% | KRW 1,861,247 | KRW 18,753 (1.0%) |
The break-even point is fee difference divided by margin difference: C$10 / 1.5% = about C$667. Below that amount the no-fee quote wins; above it the low-margin quote wins, and the gap grows with every dollar. That is why large transfers, like a jeonse deposit or a year of tuition, deserve a fresh quote rather than habit.
Two reporting regimes apply to transfers leaving Canada, and both are duties of the institution, not of you:
Before using a smaller or unfamiliar service, search it in the FINTRAC MSB registry. Statuses are registered, expired (not renewed after two years), ceased or revoked. FINTRAC says registration does not mean it endorses or licenses the business.
The Bank of Korea's English summary of foreign exchange rules says there is no specific restriction on receiving money from abroad, but a receipt is treated as a donation unless documents showing its purpose are submitted. In practice, the recipient's bank may ask why the money is coming in, so tell your recipient to keep tuition invoices, lease contracts or other records. Large gifts can raise Korean gift tax questions; see our Korea gift tax calculator and remittance reporting threshold calculator. Thresholds change, so confirm current rules with the receiving bank.
There is no single cheapest provider for every amount. Get live quotes for your exact amount and funding method, then compare the KRW each one delivers. A no-fee quote with a wide rate margin can cost more than a quote with a small fee and a tight margin, especially on larger transfers.
Compare the rate you are offered with the mid-market rate at the same moment. Margin % equals 1 minus the provider rate divided by the mid-market rate, times 100. The calculator does this conversion for you.
Banks and money services businesses report international transfers of C$10,000 or more to FINTRAC and to the CRA, including smaller transfers that add up to C$10,000 within 24 hours under the 24-hour rule. The report is filed by the institution.
FINTRAC places the electronic funds transfer reporting duty on banks, money services businesses and casinos. Its guidance does not require the individual sender to file a report.
Search the business in FINTRAC's public money services business registry and check that its status is registered. FINTRAC notes that registration is not an endorsement or a licence.
Possibly. The Bank of Korea summary says a receipt from abroad is treated as a donation unless documents showing its purpose are submitted, so the recipient should keep records such as invoices or contracts.