If youโre living and working in South Korea, you may be wondering how to send money back home, and vice versa. Sending money between your Korean and foreign bank accounts is crucial for long term saving, as well as paying off debts. For example, you may have paid subscription services that take money from your home account by direct debit. So how can you get money into your account all the way from Korea? Thankfully, it has never been easier to send money around the world!
SENT BE
SENTBE is a fintech company specialising in overseas remittance for expats in Korea. Once you download the app and confirm all your info, you can select your desired currency. Not only are transfers timely and well-crontrolled, the fees are super cheap! For just 2,500 KRW (~3 USD), you can send up to 5000 USD overseas, arriving within 2 business days.
Additionally, if you need money sent fast, you can pay for the express service (5,000 KRW) which sees your transfer complete within 24 hours. In order to use SENTBE, you will need a Korean bank account, foreign bank account from one of the eligible countries (see below) and an Alien Registration Card (ARC).
Eligible Countries
- Asia & Oceania: Australia, Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Japan, Kazakhstan, Kyrgyzstan, Malaysia, Mongolia, Myanmar, Nepal, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Turkey, Uzbekistan, Vietnam
- Africa: Nigeria
- Europe: Austria, Belgium, Bulgaria, Cyprus, Denmark, Estonia, Finland, France, Germany, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Poland, Portugal, Russia, Spain, Sweden, UK, Ukraine
- North America: Canada, USA
As well as Korea, you can send from Singapore and Indonesia.
Western Union
Western Union has many offices worldwide that can help you send overseas. These days, many people are hesitant about using Western Union as they do not have the same verification methods in place as other alternatives. Western Union profits from the currency exchange fees, amongst others depending on your payment method of choice.
Western Union would be most suitable for those who do not yet have a Korean bank account, as you can receive cash at the Western Union branches with your passport. However, youโre not going to get the best rates. You can either visit your local Western Union office or via the companyโs โAuto-Sendโ service, online from the following banks:
- Nonghyeop (NH)
- KEB Hana
- Kookmin (KB)
- IBK
- Busan Bank
- Daegu Bank
Check out the Western Union website >> here <<
PayPal
Personally I do not recommend using Paypal. You cannot withdraw funds from your PayPal to a Korean bank account unless you are a Korean citizen or have a business license. However, you can send money to/from other Paypal accounts.
If you have direct debit payments connected to your Paypal, or have it linked to stores you regularly shop at online, you may benefit from sending money like this. My friend and I used PayPal to send money to each other from overseas, however, the service and currency exchange fees are not great.
Bank Remittance (Wire Transfer)
This is the most traditional means of sending money from Korea. First, you sign up for a remittance certificate at your bank in Korea. You deposit money into the remittance account and arrange how you would like funds to be transferred. While it sounds simple, you may need to wait for a period of time after creating your Korean account before you are allowed to use the service.
Additionally, there are transfer fees for both the sender and receiver, varying from 8,000 โ 30,000 KRW. Wire transfers take up to 2-3 working days to process. Furthermore, some Korean banks have recently implemented restrictions on the amount of money you can send by wire transfer. Therefore, you should confirm this with your bank.
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