Sending money home from Korea: compare three numbers

Most foreigners in Korea send money home at some point. The Seoul city guide for foreign residents describes two ways, and the rest is about comparing them well.

Two ways

• A Korean bank, at a branch or in its app.
• A licensed remittance company or app. The guide lists Hanpass, Sentbe, Western Union, MoneyGram and Hana EZ as examples, and says fees, countries and conditions differ by service.

What a bank needs
Your foreigner registration card (or passport) and the recipient's account details, including the SWIFT code. Bank fees are usually 5,000 to 15,000 won, depending on the bank and the country. Below a certain amount no separate report is needed.

Three numbers to compare

1. The exchange rate you actually get, not the rate in the news.
2. The sending fee.
3. The fee taken at the other end, by the receiving bank or a bank in between.

The lowest fee can still be the worst deal if the rate is poor. Compare the amount that arrives.

Have ready
The recipient's full name as their bank has it, their bank's name, the account number, the SWIFT/BIC code, and the destination country. One wrong detail can delay the transfer or cost a return fee.

It depends on the destination country, the amount and the service. We do not recommend one service.

Next step: ask two services what will arrive for the same amount, and compare that number.

Source: Seoul guide for foreign residents, banking. Checked 11 October 2026.