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Find the best way to send money to South Korea

Learn how to send money to South Korea from Australia in our step-by-step guide.

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Looking for a way to send money to family, friends or a business in South Korea (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better KRW exchange rates and lower fees on international transfers.

Based on the providers we've compared, Revolut is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in South Korea within minutes.

Best ways to send money to South Korea from Australia

The best way to send money to South Korea depends on your payment method, how you want your money to be received and how fast you need it to arrive.
  • Online money transfer provider. When buying Australian dollars or South Korean wons money transfer specialists typically offer better rates and cheaper fees than a local bank.
  • Bank transfer. Bank transfers are an easy way to send money to South Korea but they charge extra for the convenience and are often slower than other methods. AU banks generally add a 3% to 6% markup onto exchange rates.
  • Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you've sent when they collect it from their agent location in South Korea.
  • Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
  • Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.

Compare the best money transfer companies to send money to South Korea

1 - 17 of 17
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Xe Large Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Qantas Business Money
Within minutes
$0
Earn 1 Qantas Point per every AUD$10 equivalent you transfer into foreign currencies. T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
WorldFirst
24 hours
From $0
Fee free FX up to 3 months, ends Nov 30 2023.
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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Cheapest way to send money to South Korea

As reported by the ACCC, bank transfers are typically the cheapest way to get your money to South Korea. Revolut and Xe Money Transfers have some of the lowest bank transfer fees of the brands we've compared.

Remember, it's more important to look at the overall cost of your transfer to South Korea and this has a couple of elements:
  • Transfer fees. While still cheaper than your Australian bank, money transfer services charge either a fixed or percentage-based fee for making your transfer.
  • Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market AUD/KRW exchange rate.

Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many South Korean wons your recipient will end up with.

Fastest way to send money to South Korea

Actual transfer times from Australia to South Korea can depend on several factors including transfer amount, payment method and currency.

Here are some of the fastest average transfer speeds to South Korea:
  • Revolut — within minutes
  • Xe Money Transfers — within minutes
  • Instarem — within minutes

Safest way to send money to South Korea

The safest way to get your money to South Korea is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and South Korea.

A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.

Large money transfers to South Korea

If you need to make a sizable money transfer to South Korea, consider using a provider such as Xe Large Transfers or OFX to secure a better KRW exchange rate and benefit from its expertise handling larger transactions.

Using a large transfer specialist can have the following advantages:
  • Tax guidance. Large transfers to South Korea may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on the Australian Taxation Office's latest advice.
  • Foreign exchange tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the KRW exchange rate you want.
  • Account manager. Some money transfer providers assign a personal account manager who can offer advice and help facilitate transfers.
  • Phone service. If you want to talk your transfer through with someone, providers such as Xe Large Transfers and OFX can provide support over the phone.

How to send money to South Korea from Australia

To send money to South Korea, you'll need the necessary documentation, your recipient's details and a way to pay.

  1. Compare your options.
    Use our table to find a money transfer provider that sends funds to South Korea. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
  2. Create an account.
    You'll need to give your name, address, contact details, proof of ID and method of payment.
  3. Provide your recipient's details.
    Enter your recipient's name and contact information. If you're sending straight to their South Korean bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
  4. Enter your transfer amount.
    Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total South Korean wons your recipient gets.
  5. Complete your transfer.
    Send your money transfer to South Korea. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.

Example: Minho transfers money to South Korea

Minho is working in Australia as a software engineer and he stays in regular contact with his elderly parents back home in South Korea. His parents need some funds to help pay off a mortgage, so Minho plans to send them $2,000 from Australia.

He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.

Bank Money transfer company
Exchange rate 1 AUD = 846.50 KRW 1 AUD = 857.70 KRW
Transfer fee $10 $2.50
Transfer method Bank account deposit Bank account deposit
Processing time 2 - 5 working days Next day
Amount received 1,684,530.13 KRW 1,713,263.20 KRW

The money transfer company enables Minho to send an extra ₩28,733.07, which is transferred straight to his parents' Kookmin Bank account.

How to choose a money transfer company for South Korea

When selecting a provider to transfer money to South Korea, here are the main factors to consider:

  • Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. However, not every money transfer provider offers the mid-market rate so compare the KRW you're offered to the mid-market rate to calculate the margin.
  • Transfer fees. Are you being charged a flat fee or a percentage of the transfer amount? A provider offering to transfer your money to South Korea for a flat or low fee might work out better if you're sending a large amount.
  • Transfer type. Does your recipient have a South Korean bank account or is cash pickup a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
  • Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as MoneyGram offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value.
  • Transfer limits. Find out how much you can send with each service. For example, Remitly has a transfer limit of $2,999 while Revolut allows unlimited transfers.
  • Discounts. Providers may offer you a free transfer simply for signing up. Others may give a discount for transferring more than a specific amount of South Korean wons.

Is this a good time to send money to South Korea?

Compared to a month ago, the Australian dollar is stronger against the South Korean won. Currently, $5,000 is worth ₩4,310,069.00, whereas a month ago, $5,000 was equivalent to ₩4,259,900.00. That's an increase of 1.18% over the past month.

But compared to a year ago, the Australian dollar is weaker against the South Korean won. A year ago, $5,000 was equivalent to ₩4,426,631.00. That's a decrease of 2.63% over 12 months.

What's more important, however, is the strength of the Australian dollar against the South Korean won and where it goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more South Korean wons for your Australian dollars and can help you get the best out of any market conditions.

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4 Responses

    Default Gravatar
    DavidLJune 13, 2016

    What is the least expensive way of sending money from Sth Korea to Australia?

      AvatarFinder
      ClarizzaJune 16, 2016Finder

      Hi DavidL,

      Thanks for your question.

      You can try the Money Comparison table on this page to see which works best for you.

      Hope that helps.

      Clarizza

    Default Gravatar
    AnggitSeptember 10, 2015

    how to make a partnership corridor from korea to indonesia ?

      AvatarFinder
      ShirleySeptember 15, 2015Finder

      Hi Anggit,

      Thanks for your question.

      Citibank allows for transfers between Korea and Indonesia.

      All the best,
      Shirley

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