How to send money to South Korea
Learn how to make a money transfer to South Korea at the best rate in 4 easy steps
1. Check the KRW mid-market exchange rate against the currency you want to send
Even though the currency market is fluctuating, it is a good idea to stay on top of it to optimize how much you will receive for your money. Keep track of the South Korean won rate and convert your money when the mid-market rate is close to its highest level of the last few days.
2. Go with the best deal by comparing all the available money transfer companies.
Monito's comparison engine lists many services to send money to South Korea, such as TransferWise, Western Union, MoneyGram, OFX, Xendpay. Using the right service from the list is the best way to save on fees and exchange rate.
3. Choose the best provider for your personal needs
Pick service with the overall cheapest cost, the shortest transfer time, best customer reviews, or the best compromise.
It is also important to consider the pay-in/out methods. Customers often have the choice to transfer the money by bank wire or by credit or debit cards. On the other side of the transfer, choose if you need the money to be deposited on a local bank account or available for pick-up in cash at an agent location.
4. Sign up and get started wih your transfer with the provider of your choice
Visit the money transfer provider's homepage to sign up (you normally have to give some information to prove your identity), and set upyour transfer to South Korea.