Last updated on March 8th, 2024 at 05:11 pm
Today, many of these South Korean migrants send money back home, accounting for 6633.2 million USD in 2020.
As of 2020, the average transfer fee for an international remittance was 7%, which amounts to tens of billions of dollars on an annual basis. Is there a better way to send money with low transfer fees?
Consider online money transfer companies like Remitly—reliable, easy to use, safe transfer, and low fees.
In this article, we will cover common FAQs and how to get started.
Why Should I Use Remitly to Send Money to South Korea?
Remitly offers competitive currency exchange rates, low transfer fees, and secure and fast delivery.
The pricing structure for sending money to South Korea is simple with no hidden fees.
Send Money to South Korea in 5 Easy Steps
Sending money to South Korea is as simple as these five steps. First, if you haven’t already, download the app and create an account.
- Choose South Korea as your destination country.
- Enter the transfer amount you wish to send.
- Select your preferred bank for bank deposits. (Other countries also have options for cash pick up, mobile money, or home delivery.)
- Enter the recipient’s information, such as the recipient’s bank account number, bank details, and phone number.
- Add your payment details such as your credit card or debit card info.
We may ask for additional documentation depending on the amount sent or if we are unable to verify your identity. Here is some information on the recipient’s verification process when accepting funds in South Korea.
With Remitly, Which Banks/Providers Can I Send To?
As of this writing, you can send money to these banks and providers in South Korea:
- Kookmin Bank (KB)
- Woori Bank
- Shinhan Bank
- BNK Busan Bank
- KEB Hana Bank
- DGB Daegu Bank
- NH Bank
- Industrial Bank of Korea
- Kakao Bank
This is not a complete list. For the most up-to-date information, check the app or website.
How Much Money Can I Send to Korea With Remitly?
To ensure top-quality customer service while adhering to strict security standards and international regulations, Remitly has implemented sending limits. These limits apply when you first open your account.
For customers who send to South Korea from the United States, as of writing, the initial sending limits with Remitly are:
- $2,999 in 24 hours
- $10,000 in 30 days
- $18,000 in 180 days
If you need to transfer amounts beyond this, Remitly will ask you for more information. For more about raising your transfer limits, check out details here. Additional sending limits may apply depending upon your choice of payout partner or receiving location.
Learn more about sending limits and how to request an increase.
How Much Does It Cost to Send Money to Korea With Remitly?
As of this writing:
- If you’re in the U.S., Express and Economy transfers are fee-free if you send over USD $1,000 or USD $3.99 if you send less than USD $1,000.
- For customers in Canada, Express and Economy transfers are fee-free if you send over CAD $1,000 or CAD $3.99 if you send less than CAD $1,000.
- For those in Australia, Express transfers are AUD $3.99, and Economy transfers are AUD $1.99 AUD.
- If you’re living in the United Kingdom, Express transfers are GBP £2.99 GBP and Economy transfers are GBP £1.99.
Wonder how much 1 USD (U.S. dollar) can exchange for KRW (South Korean won)? Check out Remitly’s website for the most current rates.
Is It Safe to Send Money to South Korea With Remitly?
Millions of people around the globe trust Remitly because of the secure and smooth money transfer experience we provide. You can learn more about how Remitly goes above and beyond to keep your information and money safe.
Remitly uses multiple levels of security so you can send money home with peace of mind. Your personal data is protected 24 hours a day through fraud monitoring and encryption. For more information about our security, please visit here.
You and your recipients can track the transfers in real-time, so you won’t have to worry about where the money is. If you have questions throughout the process, we offer help 24/7.
You can have peace of mind that the money you’ve worked hard to earn will safely get to its destination.
More About South Korea
South Korea is home to over 51.7 million people, many of whom are living in Seoul, Busan, and Incheon. Korean is the official language. However, other popular languages include Japanese and English.
The history of South Korea is vast, starting as early as 668 A.D. After surviving several invasions, Korea chose to limit its contact with the outside world in the 17th century. By 1905, Japan occupied Korea until 1945, when the Japanese were defeated.
At this time, the peninsula was divided into two zones—North and South Korea. South Korea maintained a close relationship with the United States in the years to follow.
Independence led to the establishment of the Bank of Korea, and the South Korean won, expressed as ₩.
Learn more about the Korean won.
As of 2019, nearly 7.5 million South Koreans live abroad, with the vast majority living in five countries—the United States, China, Japan, Canada, and Uzbekistan.