Send Money Abroad with Wise
RecommendedWise uses the real mid-market exchange rate — the same rate you see on Google — with low, transparent fees. No hidden markups. Most transfers arrive within 1–2 business days. Trusted by millions of people worldwide.
* This is an affiliate link. We may earn a small commission if you sign up — at no extra cost to you.
Quick Answer
The cheapest and most reliable way to send money from Korea internationally is through Wise (formerly TransferWise). Korean bank international wire transfers typically cost ₩5,000–₩10,000 in fees plus a 2–3% exchange rate markup. Wise charges a small flat fee and uses the real exchange rate, saving you significantly on every transfer.
Why Korean Bank Transfers Are Expensive
Most people instinctively try to use their Korean bank for international transfers — but this often costs more than expected.
- Exchange rate markup of 1.5–3% above the real rate
- Fixed wire transfer fee of ₩5,000–₩10,000 per transfer
- Additional intermediary bank fees in some cases
- Slow processing time (2–5 business days)
- Paperwork and branch visits sometimes required for large amounts
Ways to Send Money from Korea
There are several options available to foreigners in Korea. Here is a comparison of the most common methods.
Wise (Recommended)
Real exchange rate, low transparent fees, fast transfers (1–2 days), fully online. Best for most people.
Korean Bank Wire Transfer
Available at any major bank (KB, Shinhan, IBK, etc.). High fees and poor exchange rates. Reliable but expensive.
Western Union / MoneyGram
Widely available but typically has very high fees and poor exchange rates. Not recommended for regular use.
Kakao Pay / Toss (Domestic only)
Convenient for payments within Korea, but not available for international transfers.
How to Send Money with Wise from Korea
Wise works entirely online — no branch visits needed. Here is the basic process.
- Create a free Wise account at wise.com
- Verify your identity (passport or ARC card)
- Enter how much you want to send and the destination currency
- See the exact fee and exchange rate before confirming
- Add your recipient's bank details
- Pay from your Korean bank account via wire transfer or card
- Your recipient gets the money — usually within 1–2 business days
Send Money Abroad with Wise
RecommendedWise uses the real mid-market exchange rate — the same rate you see on Google — with low, transparent fees. No hidden markups. Most transfers arrive within 1–2 business days. Trusted by millions of people worldwide.
* This is an affiliate link. We may earn a small commission if you sign up — at no extra cost to you.
What You Need to Send Money from Korea
Before making an international transfer from Korea, you will typically need the following.
- A valid passport or ARC card for identity verification
- A Korean bank account or debit/credit card to fund the transfer
- Your recipient's full name, bank name, account number, and SWIFT/BIC code
- The recipient's address (required by some services)
For larger amounts, some services may ask for additional documentation to comply with Korean financial regulations.
Tips for International Transfers from Korea
A few practical things to keep in mind when sending money abroad from Korea.
- Always compare the exchange rate to the mid-market rate (check xe.com or Google)
- Avoid transferring on weekends if you need fast delivery
- For large amounts, check if your Korean bank has transfer limits per day
- Keep a record of your transfers for tax or visa purposes
- Wise shows you the total cost upfront — no surprises on arrival
Can International Students Send Money from Korea?
Yes. International students with a Korean bank account can send money abroad. You will need to verify your identity with Wise using your passport or ARC card. There are no restrictions on sending money abroad for personal use as a student.
If you are receiving money from family abroad rather than sending, Wise also lets you receive money into a Wise account easily — often faster and cheaper than a standard bank wire to your Korean account.
FAQ
What is the cheapest way to send money from Korea?
Wise is generally the cheapest option for most international transfers from Korea. It uses the real exchange rate and charges a small, transparent fee — significantly less than Korean bank wire transfers in most cases.
Can I use Wise in Korea?
Yes. Wise is available in Korea. You can create an account, verify your identity, and send money internationally from Korea entirely online.
How long does an international transfer from Korea take?
With Wise, most transfers arrive within 1–2 business days. Korean bank wire transfers typically take 2–5 business days depending on the destination country.
Do I need an ARC card to send money abroad from Korea?
You need some form of identity verification. A passport is sufficient for Wise. Your ARC card can also be used. For Korean bank transfers, you will need your bank account and may need to visit a branch for larger amounts.
Summary
For most foreigners and international students in Korea, Wise is the most practical and cost-effective way to send money abroad. It works fully online, uses the real exchange rate, and is transparent about fees before you commit. Korean bank wire transfers remain an option but will almost always cost more in fees and exchange rate losses.