How to Send Money Abroad from Korea: A Foreigner's Guide

How to Send Money Abroad from Korea: A Practical Guide

After three years here, I've sent money home dozens of times using different methods. Some are great, some cost way too much. Let me walk you through the real options so you don't waste money like I did at first.

The Main Options

Banks (Traditional but Expensive)

Your bank is the easiest but often the worst deal. Most Korean banks like Shinhan, KB Kookmin, and Woori charge around 10,000-15,000 KRW in fees plus terrible exchange rates. I once sent $1,000 to my parents and lost about 50,000 KRW just to fees. Not ideal.

If you must use a bank:

Visit your local branch or use their online banking

International remittance (해외송금) takes 2-3 business days

Request the mid-market exchange rate (시장 환율) to avoid markup

Wise (TransferWise) — My Top Recommendation

This is hands-down the best option I've found. Download the app, set up an account, and you're transferring money within minutes.

Fees: Usually 3,000-4,000 KRW for transfers under $1,000

Exchange rate: Actual mid-market rate (no hidden markup)

Speed: 1-2 business days to most countries

App: Available on iOS and Android

Website: wise.com

I send about 30% less in fees compared to my bank.

Remitly and WorldRemit

These apps work similarly to Wise:

Remitly: Slightly higher fees but sometimes faster to specific countries

WorldRemit: Good exchange rates, but I find Wise consistently better for Korea

Both have apps and websites where you can compare rates before committing.

Korean Remittance Services (환전소)

These physical shops scattered around Seoul (especially near Myeongdong or in Gangnam) sometimes offer competitive rates for cash transfers. The problem? You need to carry large amounts of cash, and rates vary daily. I only use these if I'm exchanging small amounts for travel.

My Step-by-Step Process

Check the rate — I compare Wise, my bank, and Remitly (takes 2 minutes)

Transfer from my Korean account — Most apps link to Korean banks via Naver Pay or direct bank transfer

Verify recipient details — Double-check your home country account info (I've seen typos cause delays)

Wait 1-2 business days — Much faster than the old bank days

Confirm receipt — Ask whoever receives the money to text you when it arrives

Pro Tips from Experience

Timing matters: Exchange rates fluctuate. If you're not in a rush, wait for a better rate

Round numbers work better: Transferring 1,000,000 KRW is easier than 1,234,567 KRW

Keep receipts: Screenshot or save confirmation emails for taxes or proof

Student loans/tuition: Most apps handle this fine, but some countries require special documentation

Birthday money from relatives: This isn't taxable for you, just transfer as normal

Real Numbers

Last month I sent 2,000,000 KRW home:

Bank: Would cost ~13,000 KRW + bad exchange rate = losing ~60,000 KRW total

Wise: Cost 4,200 KRW with real exchange rate = losing ~4,200 KRW

That's a 55,800 KRW difference. Over a year, if you send monthly, that's saving 670,000 KRW. Honestly, just for that reason alone, skip the bank.

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Quick Tip: Set up Wise *before* you need it. Takes 5 minutes, then you're ready whenever money needs to move. I learned this the hard way when my family needed emergency money and I had to visit a physical bank during a weekend.