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Send money to South Korea
USD
KRW|Updated recentlyMid-market 1517.9253Cheapest todayof 5 providers
TapTap Send
Rate 1502.8979 · Fee free
You send
$1,000
Recipient gets
₩1,502,898
₩100,800 more than the most expensive provider · 0.99% markup vs mid-market
Affiliate link · No extra cost to you
Quick answer: The cheapest way to send money to South Korea in June 2026 is TapTap Send, which delivers 1,502,897.86 KRW on a 1,000 USD transfer with a fee of zero and an exchange rate of 1502.8979. According to SendMoneyCompare's comparison of 5 providers updated every 6 hours, the difference between the cheapest and most expensive provider on this corridor is 100,829 KRW.
Last reviewed: by Awais Imran, Reviews Editor
What is the cheapest way to send USD to KRW?
Sending $1,000 from to South Korea. Sorted by best value — most money received.
Source: SendMoneyCompare · Data updated every 6 hours from live provider APIs
#ProviderRateFeeRecipient gets
Rate 1502.8979·Fee Free·0.99% markup
Best rate 31 of 31 days
↑ 1.8% over 31dAvg: 1500.51 KRW (+0.2% vs avg)Range: 1473.39–1543.86
1
TapTap SendBest value
Under 3 minutes (95% of transfers)0.99% markup
Best rate 31 of 31 days
↑ 1.8% over 31dAvg: 1500.51 KRW (+0.2% vs avg)Range: 1473.39–1543.86
1502.8979
Free
₩1,502,897.86
Rate 1518.9879·Fee $29.36
Rate 1509.8803·Fee $30.18·0.53% markup
Rate 1503.8086·Fee $50.47·0.93% markup
Rate 1500.4692·Fee $65.58·1.15% markup
Potential savings: Choosing the best provider over the most expensive saves your recipient ₩100,829.45 on a $1,000 transfer.
Some links on this page are affiliate links. We may earn a commission at no extra cost to you. This does not affect our rankings, which are based on real transfer data. Editorial policy
South Korea is a high-income developed economy with a sophisticated banking system. KRW transfers are common among Korean diaspora in the US, Canada, Australia, and Japan, as well as for international business payments and education fees. Korea's real-time payment network handles interbank transfers in seconds, and most specialist providers deliver within 1 business day.
- Korea's domestic payment system processes interbank transfers near-instantly during banking hours. Major banks have developed mobile apps (Toss, KakaoBank) that simplify receiving and managing international transfers.
- Major banks: KB Kookmin, Shinhan Bank, Hana Bank, Woori Bank, IBK (Industrial Bank of Korea), and NH Nonghyup. All accept inbound SWIFT transfers.
- Korean bank accounts consist of a bank code and account number (10–14 digits depending on the bank). No IBAN is used. A SWIFT code is required for international wires.
- KRW is a freely floating currency managed by the Bank of Korea. It has shown 5–15% annual fluctuation against USD, making rate comparison important.
- The Financial Supervisory Service (FSS) and Financial Services Commission (FSC) regulate all financial transfers in South Korea.
Which provider offers the best USD to KRW rate?
TapTap Send
4.7Exchange rate
1502.8979
Fee
Free
Recipient gets
₩1,502,897.86
Speed
Under 3 minutes (95% of transfers)
Guides, fees & how it works
Which provider is best for each transfer type?
Different providers excel at different things. Here's who's best for each use case on the to South Korea route.
Cheapest transfer
TapTap Send
Delivers the most KRW for your money
Fastest transfer
TapTap Send
Delivers in Under 3 minutes (95% of transfers)
Cash pickup
Remitly
Widest cash pickup network
Bank transfer
TapTap Send
Best rate for bank deposit to South Korea
How to send money to South Korea
Sending money to South Korea is straightforward with the right provider. Here's how it works in 3 simple steps.
Step 1
Enter your transfer details
Choose how much USD you want to send, compare providers above, and pick the one offering the best KRW amount for your transfer to South Korea.
Step 2
Add your recipient
Enter your recipient's details in South Korea — you'll need their bank account number. Most providers verify details instantly.
Step 3
Send & track your transfer
Pay using bank transfer, debit card, or credit card. Track your money in real-time until it arrives — bank deposit typically takes 1–3 business days.
What you need to send money to South Korea
Make sure you have these details from your recipient before starting your transfer.
Full name
Recipient's full legal name as it appears on their bank account
Bank account number
Recipient's bank account number
Bank name
Name of the receiving bank
SWIFT/BIC code
Optional8 or 11-character SWIFT code identifying the bank (may be optional with IBAN)
Note: You need the recipient's bank account number and bank name. Contact the recipient's bank for their SWIFT/BIC code if required.
Transfer examples: USD to KRW
See how much your recipient would get for common transfer amounts.
Send $500
ProviderFeeReceives
TapTap Send
1502.90 · Under 3 minutes (95% of transfers)
Wise
1518.99 · Instant to 2 days
XE
1509.88 · 1-4 business days
Remitly
1503.81 · Minutes to 3-5 days
CurrencyFair
1500.47 · 1-2 business days
ProviderFeeRateReceivesSpeed
TapTap SendFree1502.90₩751,449Under 3 minutes (95% of transfers)
Wise$29.361518.99₩714,896Instant to 2 days
XE$30.181509.88₩709,3721-4 business days
Remitly$50.471503.81₩676,007Minutes to 3-5 days
CurrencyFair$65.581500.47₩651,8341-2 business days
Send $1,000
ProviderFeeReceives
TapTap Send
1502.90 · Under 3 minutes (95% of transfers)
Wise
1518.99 · Instant to 2 days
XE
1509.88 · 1-4 business days
Remitly
1503.81 · Minutes to 3-5 days
CurrencyFair
1500.47 · 1-2 business days
ProviderFeeRateReceivesSpeed
TapTap SendFree1502.90₩1,502,898Under 3 minutes (95% of transfers)
Wise$29.361518.99₩1,474,390Instant to 2 days
XE$30.181509.88₩1,464,3121-4 business days
Remitly$50.471503.81₩1,427,911Minutes to 3-5 days
CurrencyFair$65.581500.47₩1,402,0681-2 business days
Send $5,000
ProviderFeeReceives
Wise
1518.99 · Instant to 2 days
TapTap Send
1502.90 · Under 3 minutes (95% of transfers)
XE
1509.88 · 1-4 business days
Remitly
1503.81 · Minutes to 3-5 days
CurrencyFair
1500.47 · 1-2 business days
ProviderFeeRateReceivesSpeed
Wise$29.361518.99₩7,550,342Instant to 2 days
TapTap SendFree1502.90₩7,514,489Under 3 minutes (95% of transfers)
XE$30.181509.88₩7,503,8331-4 business days
Remitly$50.471503.81₩7,443,146Minutes to 3-5 days
CurrencyFair$65.581500.47₩7,403,9451-2 business days
How much does it cost to send money from to South Korea?
Transfer fees to South Korea vary by provider and how you pay. Specialist services charge ₩0–10 per transfer, while banks charge $25–50 plus a 2–5% exchange rate markup. The exchange rate markup is usually the bigger cost — always compare the total KRW your recipient receives.
Understanding the total cost
The true cost of a money transfer has two components:
Transfer fee
The upfront charge — typically $0–$10 with specialist providers.
Exchange rate markup
The hidden cost — the difference between the provider's rate and the mid-market rate (1517.9253).
Ways to send money to South Korea
Choose how you want to pay for your transfer. Each payment method has different costs and speeds.
Bank deposit is the standard delivery method for transfers to South Korea. Cash pickup is available through international providers like Western Union and MoneyGram.
Debit Card
Medium costSpeed: Minutes to hours
Fast and convenient — small card processing fee applies
Bank Transfer
Low costSpeed: 1–3 business days
Usually the cheapest option — lowest fees and no card processing charges
Google Pay
Medium costSpeed: Minutes to hours
Convenient mobile payment — linked card fees apply
Apple Pay
Medium costSpeed: Minutes to hours
Convenient mobile payment — linked card fees apply
Credit Card
Higher costSpeed: Minutes to hours
Fastest option but highest fees — card issuer may charge cash advance fee
How can my recipient receive money in South Korea?
Your recipient in South Korea can receive money through these delivery methods. The best option depends on their location and preferences.
Bank Deposit
1–3 business days
Direct transfer to bank accounts in South Korea.
WiseRemitlyWorldRemitWestern Union
Cash Pickup
Minutes
Collect cash from agent locations in South Korea.
Western UnionMoneyGram
What are the transfer limits and regulations for South Korea?
Important rules and requirements to know before sending money to South Korea.
Documentation you may need
- Government-issued photo ID (passport, driver's license, or state ID)
- Proof of address may be required for first-time transfers
Important things to know
- Check your provider's specific limits and requirements for transfers to South Korea.
- Transfers over $10,000 (or equivalent) may trigger reporting requirements in your sending country.
How long does it take to send money to South Korea?
Most transfers to South Korea arrive within 1–2 business days with specialist providers. Mobile wallet and cash pickup options are often available within minutes. Bank deposits typically take 1–3 business days.
FastExpress delivery
- TapTap SendUnder 3 minutes (95% of transfers)
- WiseInstant to 2 days
- RemitlyMinutes to 3-5 days
Standard delivery
- XE1-4 business days
- CurrencyFair1-2 business days
USD to KRW Exchange Rate History
Daily best exchange rates from top providers over the last 31 days. Rates shown are for sending $100.
| Date | TapTap Send | __mid Market__ |
|---|---|---|
| Trend | ||
| Jun 13 | 1502.9600✓ | 1502.9600✓ |
| Jun 12 | 1502.9600✓ | 1502.9600✓ |
| Jun 11 | 1510.1800✓ | 1510.1800✓ |
| Jun 10 | 1510.1800✓ | 1510.1800✓ |
| Jun 9 | 1513.4700✓ | 1513.4700✓ |
| Jun 8 | 1543.8600✓ | 1543.8600✓ |
| Jun 7 | 1543.6800✓ | 1543.6800✓ |
| Jun 6 | 1543.7700✓ | 1543.7700✓ |
| Jun 5 | 1517.6900✓ | 1517.6900✓ |
| Jun 4 | 1516.3900✓ | 1516.3900✓ |
| Jun 3 | 1500.2400✓ | 1500.2400✓ |
| Jun 2 | 1496.5900✓ | 1496.5900✓ |
| Jun 1 | 1494.6400✓ | 1494.6400✓ |
| May 31 | 1492.3500✓ | 1492.3500✓ |
| May 30 | 1492.3900✓ | 1492.3900✓ |
| May 29 | 1484.0600✓ | 1484.0600✓ |
| May 28 | 1485.4000✓ | 1485.4000✓ |
| May 27 | 1491.6900✓ | 1491.6900✓ |
| May 26 | 1497.4600✓ | 1497.4600✓ |
| May 25 | 1505.3100✓ | 1505.3100✓ |
| May 24 | 1505.1700✓ | 1505.1700✓ |
| May 23 | 1505.6100✓ | 1505.6100✓ |
| May 22 | 1492.7200✓ | 1492.7200✓ |
| May 21 | 1488.9200✓ | 1488.9200✓ |
| May 20 | 1491.8600✓ | 1491.8600✓ |
| May 19 | 1473.3900✓ | 1473.3900✓ |
| May 18 | 1486.3200✓ | 1486.3200✓ |
| May 17 | 1482.9000✓ | 1482.9000✓ |
| May 16 | 1482.6500✓ | 1482.6500✓ |
| May 15 | 1484.0600✓ | 1484.0600✓ |
| May 14 | 1477.0100✓ | 1477.0100✓ |
Frequently asked questions
Common questions about sending money from to South Korea
What is the cheapest way to send money to South Korea?
Wise and Remitly offer the best KRW rates for USD-to-KRW transfers. For transfers from Japan, Wise Japan is highly competitive for JPY-to-KRW. Given KRW volatility, compare the total KRW received at the time of transfer — not historical averages. Rate differences between providers can be 1–3%.
What bank details do I need to send money to South Korea?
You need the recipient's account number and the bank's SWIFT code. Key SWIFT codes: KB Kookmin (CZNBKRSE), Shinhan (SHBKKRSE), Hana (HNBNKRSE), Woori (HVBKKRSE), IBK (IBKOKRSE). South Korea does not use IBAN. Account numbers are typically 11–14 digits depending on the bank.
How long does a transfer to South Korea take?
Wise typically delivers to Korean bank accounts within 1–2 business days. Same-day delivery is possible for transfers sent early in the day. Korean domestic payment systems process incoming SWIFT credits quickly — most major banks credit within a few hours of SWIFT receipt during business hours.
Is money received from abroad taxed in South Korea?
Personal remittances and gifts from family abroad are generally not taxed in South Korea. Gift tax applies to gifts above KRW 50 million (~$38,000) from immediate family, and KRW 10 million from others — but this is a recipient-side Korean gift tax, not a transfer tax. Regular family support transfers well below these thresholds are not subject to tax.
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