How to Send Money From Korea Abroad (Cheapest Methods 2026)

How to Send Money from Korea Abroad: A Practical Guide for Foreigners

After three years here in Seoul, I've sent money home more times than I can count—and I've definitely learned the hard way that not all methods are created equal. Let me break down your realistic options so you don't overpay like I did at first.

Understanding the Korean Banking System

First, the good news: Korea has incredibly efficient banking infrastructure. The bad news? International transfers can be surprisingly expensive if you use the wrong method. Most Korean banks charge around 25,000-40,000 KRW per international wire transfer, plus unfavorable exchange rates that add another 1-3% in hidden costs.

The major banks—KB국민은행 (KB Kookmin Bank), 신한은행 (Shinhan Bank), and 우리은행 (Woori Bank)—all handle international transfers, but I'd honestly avoid them for regular transfers. You'll need your passport, ARC (Alien Registration Card), and a local bank account, which you can open at any branch.

The Best Apps and Services (That Actually Work)

Wise (formerly TransferWise) has been my go-to for the past two years. Download it on your phone, verify your identity, and you can send money internationally with the real mid-market exchange rate and transparent fees (usually 1,000-2,000 KRW for smaller amounts). No hidden charges. Visit wise.com to set up an account—it takes 10 minutes.

Remitly is another solid option with similar fees and fast delivery times (usually 1-2 business days). Their app is straightforward, though I find Wise slightly more reliable.

한국은행 (Bank of Korea) also runs an official channel called 국제송금 (International Remittance), but honestly, the fees aren't better than the apps above.

The Traditional Bank Transfer Route

If you're sending larger amounts (over 10 million KRW), a direct bank transfer might make sense despite the fees. Here's the process:

Visit your bank branch with your ARC and passport

Request an international wire transfer form

Provide your recipient's SWIFT code and IBAN (or routing number if US-based)

Pay the transfer fee (25,000-40,000 KRW) plus exchange markup

Wait 3-5 business days

Honestly? Unless you're sending over 30 million KRW at once, the app fees are lower percentage-wise.

Hidden Costs Nobody Tells You About

The real killer isn't the upfront fee—it's the exchange rate markup. When you use a bank, they use their own rate, not the actual market rate. That 2-3% difference adds up fast. This is why Wise is clutch: you get the actual interbank rate.

Also, your recipient's bank might charge an incoming wire fee (especially US banks). Ask them beforehand.

Payment Methods in Korea

Most apps link to your Korean bank account via 계좌이체 (계 gae-gwha ee-chae, or account transfer). You'll need your bank's card or online login. Setting this up takes one visit to your bank branch to register your account.

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My honest recommendation: Use Wise for amounts under 10 million KRW (cheaper, faster, transparent). For larger sums, compare your bank's rate against Wise's current rate—sometimes the math actually works out similar, and a direct transfer is simpler. And seriously, stop using your bank's standard international transfer unless they're subsidizing it. Your money is too hard-earned!