Whether you’re an expat supporting family, a student paying tuition fees overseas, or a professional sending money home, transferring money abroad from Korea can feel complicated at first. Between banks, fintech apps, and specialized remittance services, it’s not always clear which option is cheapest or fastest.
The good news? There are safe and affordable ways to send money internationally from Korea — and some are much cheaper than using a traditional bank. This guide breaks down your best options in 2025, compares fees and exchange rates, and helps you choose the right method for your needs.
Option 1: Bank Transfers (Traditional Method)
For decades, Korean banks have been the standard way to send money overseas. Almost every major bank — Shinhan, KB Kookmin, Woori, Hana, NH Nonghyup — offers international wire transfers.
How It Works
- Visit your bank branch (or in some cases, use online banking).
- Provide the recipient’s bank details (SWIFT code, account number, name).
- Pay fees upfront.
- Transfer usually arrives in 2–5 business days.
Costs
- Transfer fee: ₩30,000–₩50,000 per transaction.
- Exchange rate markup: Banks often add 2–4% margin on top of the mid-market rate.
Pros
✔ Reliable and secure.
✔ Official paper trail (important for legal or tax records).
✔ Suitable for large sums like tuition or property payments.
Cons
✘ High fees compared to fintech apps.
✘ Slower delivery (2–5 days).
✘ Exchange rates are less favorable.
👉 Best for: Large, one-off payments where official documentation is important.
Option 2: Specialized Money Transfer Services
In recent years, international transfer platforms have become very popular among expats. These services often provide better exchange rates, faster delivery, and lower fees than banks.
Wise (formerly TransferWise)
- Transparent fee structure.
- Uses the real mid-market exchange rate (the one you see on Google).
- Transfers typically arrive in 1–2 days.
- Available via app and website.
💰 Example: Sending ₩1,000,000 to the US might cost only ₩20,000 in fees, compared to ₩50,000+ at a bank.
👉 Best for: Everyday transfers, tuition payments, and long-term expats.
Remitly
- Known for speed — many transfers arrive the same day.
- Good for sending money to family members in countries with less advanced banking.
- Fees slightly higher than Wise, but very convenient.
- Option to send directly to bank accounts or for cash pickup.
👉 Best for: Supporting family abroad where speed is a priority.
Western Union
- The oldest and most recognized brand in money transfers.
- Recipients can pick up cash within minutes at local branches abroad.
- Fees are higher than those of online-only services.
👉 Best for: Emergency situations where the recipient needs instant cash access.
Option 3: Korean Fintech & Banking Apps
Korean banks have started rolling out cheaper and faster transfer options through their apps.
Shinhan SOL Global Transfer
- Offers lower fees than traditional bank wire transfers.
- Faster processing times, sometimes same-day.
- Supports multiple major currencies.
KB Liiv Global Transfer
- Competitive rates for certain destinations (especially the US, China, and Southeast Asia).
- Convenient if you already bank with KB Kookmin.
👉 These are great if you already have a Korean bank account, but may still not beat Wise for international exchange rates.
💡 Cheapest Option Recommendation
For most foreigners in Korea, the cheapest and easiest way is Wise (TransferWise).
- Lower fees than banks and many local services.
- Real exchange rate, no hidden margins.
- Transfers arrive in 1–2 days.
If you need cash pickup, Western Union or Remitly may be better. But if you want the best combination of price, speed, and convenience — Wise is usually the top choice.
Comparison Table: Sending Money Abroad from Korea
| Service | Speed | Fees | Exchange Rate | Best For |
|---|---|---|---|---|
| Bank Transfer | 2–5 days | ₩30,000–₩50,000 | Poor (2–4% markup) | Large sums, official records |
| Wise | 1–2 days | Low, transparent | Real mid-market rate | Everyday transfers, students |
| Remitly | Same day | Moderate | Fair | Family support, fast delivery |
| Western Union | Minutes | High | Fair | Emergencies, cash pickup |
| Shinhan SOL / KB Liiv | 1–3 days | Lower than banks | Good | Residents with Korean bank accounts |
Useful Links
Wise (TransferWise)
Remitly
Western Union
Shinhan SOL
KB Liiv
FAQs About Sending Money Abroad from Korea
Q: Do I need an Alien Registration Card (ARC) to send money?
For large transfers at banks, yes. But services like Wise and Remitly often only require a passport and bank account.
Q: Can I send money without a Korean bank account?
Yes. Services like Western Union allow cash transfers. Some prepaid cards also work with Wise.
Q: Which option has the fastest transfer time?
Western Union (minutes) → Remitly (same day) → Wise (1–2 days) → Banks (2–5 days).
Q: Are there limits on how much I can transfer?
Yes. Korean banks have monthly limits for foreigners without residency. Wise and Remitly also have tiered limits depending on your ID verification.
Q: Is it safe to use online services like Wise?
Absolutely. Wise, Remitly, and Western Union are licensed, regulated, and widely used by millions of customers.
Tips for Expats, Students, and Workers
- Expats sending regular remittances → Use Wise or Remitly for the lowest long-term fees.
- Students paying tuition fees → A bank transfer might be necessary if the university requires official records, but Wise is often cheaper.
- Workers sending money home monthly → Wise is best for consistent transfers; use Remitly if your family needs same-day support.
- Emergencies → Western Union for instant cash pickup.
Conclusion: Save Money by Choosing the Right Service
Sending money abroad from Korea doesn’t have to be expensive. While banks remain the most traditional option, their high fees and poor exchange rates make them less attractive in 2025.
- For the cheapest overall transfers → Choose Wise (TransferWise).
- For speed → Use Remitly or Western Union.
- For students and official payments → Stick with bank transfers.
- For long-term expats → Explore Shinhan SOL or KB Liiv apps for better local deals.
By planning ahead and picking the right method, you can save tens of thousands of won each month — money better spent on living, studying, or enjoying life in Korea.