Sending money home from Korea — whether you are an exchange student receiving an allowance in Korean Won that you want to convert, or a foreign worker remitting your salary — is easier and cheaper in 2026 than ever before. The best options are Wise (formerly TransferWise), KakaoBank international transfers, major Korean banks like Shinhan and Woori, and dedicated remittance services. This guide compares the real costs, exchange rates, transfer limits, and step-by-step instructions so you can send money from Korea without losing too much in fees.

Option 1: Wise (Best Rate for Most Countries)

Wise (wise.com) is the most popular money transfer service for foreigners in Korea because it uses the mid-market exchange rate (the "real" exchange rate you see on Google) and charges a transparent, low fee. There are no hidden markups in the exchange rate — a massive advantage over traditional banks that typically add 1.5–3% to the exchange rate on top of any stated fees.

Wise Fees (KRW → Other Currencies, 2025–2026)

KRW → USD: ~0.5–0.7% fee on the amount sent
KRW → EUR: ~0.5–0.8% fee
KRW → GBP: ~0.5–0.8% fee
KRW → JPY: ~0.4–0.6% fee
KRW → CNY: ~1.5–2% fee (China has restrictions)

Example: Sending 1,000,000 KRW (approximately $750 USD) to the US via Wise costs about 5,000–7,000 KRW in fees. The same transfer via a Korean bank typically costs 25,000–40,000 KRW when you factor in the exchange rate spread plus the wire fee. Transfers typically arrive within 1–2 business days.

How to Set Up Wise from Korea

Create a Wise account at wise.com (available as a mobile app)
Verify your identity by uploading your passport photo and a selfie (takes 1–2 business days)
Link your Korean bank account (Kakao Bank, Shinhan, etc.) as the source of funds
Enter recipient's bank account details in their home country
Confirm the amount and fee — Wise shows you exactly how much arrives before you confirm
Send the Korean Won from your bank to Wise's Korean bank account details provided in the app

Note: Wise transfers from Korea are treated as outward remittances and are legal for foreigners holding an ARC card. You will need your ARC number for verification.

Option 2: Korean Banks (Shinhan, Woori, KEB Hana)

Major Korean banks offer international wire transfers, but the costs are significantly higher than Wise:

Wire transfer fee: 5,000–20,000 KRW per transaction depending on amount and bank
Exchange rate spread: Banks typically add 1.5–2.5% onto the mid-market rate
SWIFT fee: Intermediary banks may deduct an additional $10–25 USD
Transfer time: 1–5 business days

Shinhan Bank is one of the most foreigner-friendly Korean banks with English-language internet banking. To make an international transfer at Shinhan, log into Shinhan SOL (their banking app), go to Transfer > Overseas Remittance, and follow the instructions. You will need the recipient's IBAN or account number, BIC/SWIFT code, and bank address.

Option 3: Kakao Bank International Transfer

Kakao Bank offers international transfers through a partnership with a remittance service. The interface is entirely in Korean, but the process is simple once you navigate it. Fees are lower than traditional banks but slightly higher than Wise for most corridors. Kakao Bank supports transfers to Japan, China, USA, Philippines, Vietnam, and several other countries. Transfer limits are 5,000,000 KRW per transaction and 50,000,000 KRW per month.

Option 4: Dedicated Remittance Services

Sentbe (센트비)

Sentbe is a Korean remittance fintech that specialises in sending money from Korea to Southeast Asia and other Asian countries. It is popular among Filipino, Vietnamese, and Indonesian workers in Korea. Fees are very competitive for Asian corridors — often 3,000–7,000 KRW flat fee plus a competitive exchange rate. The app is available in Korean and English.

Moneygram & Western Union

Moneygram and Western Union operate through bank branches and some convenience stores in Korea. These are generally more expensive than Wise or Sentbe but useful if the recipient needs to collect cash in person in countries with limited banking infrastructure.

Legal Requirements for Sending Money from Korea

Korea has foreign exchange regulations that foreigners should be aware of:

Foreigners can remit up to the amount of funds legally earned or brought into Korea — you must have documentation showing your funds are legitimate
Transfers over $10,000 USD (or equivalent) may require additional documentation at Korean banks
Foreign students remitting personal funds (allowances from home, scholarships) face fewer restrictions than workers remitting salary
Keep records of your transactions for tax purposes in both Korea and your home country

Quick Comparison: Best Way to Send Money from Korea

Best overall: Wise — cheapest for USD, EUR, GBP destinations
Best for Southeast Asia: Sentbe
Most convenient: Kakao Bank (no separate account setup needed)
For large amounts: Shinhan Bank international wire (safer, bank-regulated)

For most exchange students sending 500,000–2,000,000 KRW home per month, Wise will save you 15,000–40,000 KRW per transfer compared to traditional bank transfers. Over a 6-month exchange semester, that adds up to real savings that you could spend on travel, food, or experiences in Korea instead.

How to Send Money Home from Korea: Wise, Bank Transfers & What It Actually Costs