Send Money to South Korea

GCEN
Margin Rate: 1.5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
HIFX
Margin Rate: 5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
IFX
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
World First
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Currency Solutions
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: Not FCA Regulated

Countries in South Korea

Send money transfer to South Korea

The South Korean won (KRW) is fully convertible and sending money to Korea and money transfers from Korea are unrestricted in most cases. After much liberalization since the 1980’s the most recent legislation, the Foreign Exchange Transaction Act (FETA) only limits international money transfers that are considered dangerous to public order, such as money laundering and terrorism financing.

For business, while there have been steps taken to increase the amount of foreign direct investment (FDI) and stock market investment there are still restrictions in place for 27 industrial sectors; three (related to public administration) are entirely closed, while the remainder are partially or conditionally open to foreign capital. All other sectors of the economy are open, but foreign exchange banks must be notified before applying an FDI project for approval.

For simple transfers to South Korea there are different options available:

Provided the recipient has a bank account in South Korea a bank transfer will be the easiest method of sending cash.

If you want to send cash without using your bank account or if you do not have one yet, you can opt for a worldwide money transfer service via a Money Sending Bureau. These establishments found in major cities around the world and are very common in South Korea. With this option however you will need to pay a significant commission on the transfer and it is worth looking around as fees can vary between just a few percent as high as 15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.

The procedure is however relatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

A third option is to use a foreign exchange broker to send money to South Korea. These companies shift huge volumes of currency around the world and therefore come with a couple of significant benefits. They are usually more competitive than the high street banks offering a better exchange rate and depending on the amount being transferred and the frequency of trade, lower fees. They will usually move your funds quicker than a bank or Money Sending Bureau meaning the funds will reach the destination account much quicker. They will often offer a more personalised service which is important if your transfers are ongoing. You will find that Yen and USD transactions are most common and carry lower fees. It is worth nothing that a number of brokers have minimum transfer values.

Bank Note System
South Korea’s currency, the won (KRW), has banknotes in denominations of 1,000, 5,000, 10,000, and 50,000 won. Coins are issued with a value of 10, 50, 100 and 500 won.

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