How To Transfer Money To / From Korea

I was working on a trends report recently and one of the sections was on apps for people sending money to/from Korea. I have lived in Korea for 15 years and way back at the beginning, the only way to transfer money outside of Korea was to go into the bank and initiate a international remittance with the teller. The process took some paperwork each time. It got a bit easier over time to send money abroad from Korea but nowhere near what you can do now.

I had gotten so used to using the bank systems that I didn’t realize there were new and amazing startups, companies, and apps to transfer money outside of Korea. To top it off, these global money transfer options are much cheaper than the bank remittance option too.

So, let me fill you in on all that I learned about the banking apps in Korea that are helping YOU send money abroad easily, quickly, and for lower fees too.

Find the best app to send money to/from Korea below:

• Why you should send money home from Korea via apps instead of directly at your bank
• Bank Remittance / Wire Transfer
• Apps for sending money to/from Korea
  • Wise (Previously Transferwise)
  • SentBe
  • WireBarley
  • Western Union
  • MoneyGram
• Money & American Taxes Reminder

(This post contains affiliate links, which means I receive a certain percentage of a sale if you purchase after clicking at no cost to you. Thank you for your support.)

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Why you should send money home from Korea via apps instead of directly at your bank

During my first few years in Korea, I was sending money home to pay off student loans in the US. In the past few years while in Korea, I’ve been sending money home to work toward my long-term savings goals. If going into your bank in Korea sounds daunting, because it can be but it can also just take a lot of time which you may not have in your day, then go the app route. Also, the apps are cheaper so there’s that too.

The Korean banking system can be a bit confusing. I will say that banks in Korea have English services so if your teller doesn’t speak English when you arrive, just ask them to call their English helpline and they’ll use a translator to assist you.

Something else to note about going the bank route. You can only have ONE remittance bank so before you set up a remittance account at a bank, make sure it’s the one you want to keep going to.

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Bank Remittance / Wire Transfer

You can sign up for a remittance account at your Korean bank account. This is what I used for a decade before finding the app options. I got it set up so that I could transfer abroad directly via the ATM of my bank, so I didn’t have to go in every time at least. Transfer fees or wire fees add up on this options though as they are taken at both the sending and receiving ends. The fees can vary but are usually between W8,000 and W30,000. You can set up this account directly at your Korean bank. Wire transfers usually take 2-3 days to show up.

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Apps for sending money to/from Korea

There are several money-transferring apps available in Korea and if my trend research is good, then there are definitely more to come. It’s just going to get easier and easier to send money abroad from Korea. Make sure you check that apps are verified before downloading.

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Wise (previously Transferwise)

Offering money transfers at market average exchange rates, you can transfer from one account to another in a matter of hours and you can have multiple currency accounts. If you need to send more money TO Korea than out of Korea, this is probably the best option for you. But, I’ve used it to transfer my Korean won to Euro for traveling and it’s been very useful.

They’ll even show you how much you’ll save by using their service compared to other bank transfer services. For a full article on why I use Wise whenever I travel to get my Korean Won, USD, and Euro, check out this guide to the Wise card.

How To Get Started:

1. Register for an account and verify your identity.
2. Select the type of currency that you’re transferring and enter the amount.
3. Fill out the recipient information and the type of transfer you want to do: bank, debit, or credit card transfer.
4. Hit send, and you’ll receive a receipt of confirmation of payment. As simple as that.

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SentBe

Sentbe quickly became a major player in overseas remittances. Sentbe is a fintech company that is especially popular with expats in Korea because it’s used in so many countries around the world now. There is a transfer limit of $5000 per transaction and $50,000 per year.

If you’re sending money to the US, the transfer fee is W5,000 for a transfer ASAP or W2,500 if you choose the Standard Transfer option. Transactions typically take 2 business days. The first time I used SentBe though, my money was in the US in under 12 hours. This is one of the cheapest options for transferring so keep that in mind when reading about the others.

Cheaper, faster, reliable. Check out more info about SentBe here.

How To Get Started:

1. Download the app or sign up on the SentBe website.
2. Sign up for an account and fill in your personal information including your phone number, passport number, or ARC.
3. Enter your Korean bank information and SentBe will send W1,000 to verify it’s your account.
4. Begin sending money. Express transfer takes just a day and regular transfers take two days.

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WireBarley

The great thing about WireBarley is the very  minimal fees. Ever take stock of how many fees are taken out when you transfer money via your bank? WireBarley is way cheaper, saving you money,  and on top of that it’s fast, only taking a day or two to show up in your bank account. Note that it does “take longer” if you send money on the weekends… same as if you send money from your local bank on that note.

How To Get Started:

1. Sign up and download the app.
2. Sign up for an account and fill in your personal information.
3. Set your outgoing country as South Korea and your receiving country and fill in your bank information.
4. Wait to be verified.
5. You can begin sending money directly on the app by just selecting the recipient and choosing the amount and it’s that easy.

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Western Union

As a well-known money transfer company and used by people all over the world, it’s also available right here in Korea. The transfer fee on this one can fluctuate depending on how much you’re sending. As a global company, their app offers real-time views of exchange rates which makes calculating the total amount more convenient. This is generally a more expensive option than the ones mentioned above.

How To Get Started:

1. Sign up and register for a free account on their website or via the mobile app.
2. Enter your bank information and the recipient information.
3. Confirm the transfer and then Western Union will send you real-time updates about your transaction.

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MoneyGram

Similar to Western Union, MoneyGram is a financial service company that is well known around the world and has transfer options for over 200 countries and territories. Use the app to set up automatic transfers on a weekly or monthly basis if you have some student loans to pay back. This is a more expensive option than the ones mentioned above.

How To Get Started:

1. Sign up and register for an account on their website or via the mobile app.
2. Enter your personal information and banking information.
3. Hit send and wait for a receipt of funds transferred.

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Money & American Taxes Reminder

One further note, since I’m American, remember fellow Americans, that we are one of the few places where it’s required to file taxes every year no matter where you live so make sure you know how to do that and how to file for Foreign Earned Income Exclusions and Tax Credits on your income so you don’t get doubly taxed.

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