How to send money to South Korea
Find out how to make a money transfer to South Korea at the best rate in a few easy steps
1. See if the KRW mid-market rate is in your favor
Converting your money at the right time is a good way to optimize your transfer. Monitor the exchange rate and make your transfer when the KRW rate gets to a specific level.
2. Find the optimal option by comparing the 8 available companies.
There are many providers able to send money to South Korea, such as TransferWise, Western Union, MoneyGram, OFX, Xendpay. You can save a lot of money by comparing them all to find the most competitive one for your upcoming transfer.
3. Pick the best provider with your own criteria
What do you value the most? Overall cost, time for the money to arrive, customer reviews? Examine the pros and cons of the different options before making your decision.
Another important aspect is to take into account the options to pay for the transfer and receive the money. You will often find money transfer services offering to you the option to pay by bank transfer, others will also give you the option to pay by debit and credit cards. On the other side of the transfer, look at different options if you need the amount in KRW to be sent directly to the recipient's bank account or be available for cash pick-up.
4. Sign up and get started wih your money transfer to South Korea with the provider of your choice
Visit the provider's homepage to register (you normally have to give information to prove your identity), and provide the details of your transaction.