Comparison of Transfer Services for People Living in Korea
A Korean Local’s Practical Guide for Expats and Global Movers
Managing money across borders is one of the first realities you encounter when living abroad. Whether you’re sending support to family, transferring savings, or paying rent back home, choosing the right international transfer service can save you significant fees and headaches.
As someone who has lived in Korea for years and helped many foreign friends navigate banking and transfers, I’ll break down the main options available to people living in Korea — in a clear, real-world way that’s useful even if you’re not a financial expert.
What Matters Most When Comparing Transfer Services
Before diving into options, let’s quickly define the key things you should compare:
- Transfer Fees: How much the service charges upfront
- Exchange Rates: How close they are to the real (mid-market) rate
- Speed: How long it takes for money to arrive
- Convenience: Ease of use, language support, and mobile apps
- Receiving Costs: Fees your recipient might incur
Some services are cheaper but slower; others are more convenient but a bit more expensive. Knowing your priorities helps you choose.
Bank Transfers (Traditional SWIFT)
Best For: Large, Infrequent Transfers
Most newcomers default to traditional bank transfers, known as SWIFT transfers. If you already bank in Korea, you can send money directly from your Korean bank account to foreign accounts.
Pros:
- Very secure
- Can send large amounts
- Familiar process
Cons:
- High fees (sending bank, intermediary bank, and sometimes receiving bank)
- Unfavorable exchange rates
- May take several days
Banks in Korea like KB Kookmin, Shinhan, and Woori offer these transfers, but unless speed and security for large sums are your priority, they’re usually not the cheapest option.
Wise (Formerly TransferWise)
Best For: Low Fee, Transparent Transfers
Wise is one of the most popular choices among expats in Korea for its clarity and cost effectiveness.
Pros:
- Uses real mid-market exchange rate
- Fees are transparent and usually low
- Fast transfers to many countries
Cons:
- May not support all currencies or countries
- Limits can apply depending on destination
Wise’s big advantage is how clear they are about what you’ll pay. You see the real rate and exact fees upfront without surprises.
Remitly
Best For: Speed and Multiple Delivery Options
Remitly is a service focused on international transfers with different speed options.
Pros:
- Multiple delivery methods (bank deposit, cash pickup in some regions)
- Fast options available (sometimes within minutes)
- Competitive rates
Cons:
- Higher fees on the fastest delivery options
- Slightly less transparent rates than Wise
If urgency matters, Remitly’s express services are helpful — just check whether the fee is worth it.
WorldRemit
Best For: Flexibility and Variety
WorldRemit supports many send-to options including:
- Bank deposits
- Mobile money
- Cash pickup
- Airtime credit
Pros:
- Flexible delivery choices
- Good coverage in many countries
- Easy online process
Cons:
- Fees vary by delivery method and destination
- Exchange rates aren’t always as competitive as Wise
WorldRemit’s strength is flexibility — particularly when friends or family need cash pickup or mobile money.
PaySend
Best For: Simple Card-to-Card Transfers
PaySend focuses on sending money directly to debit or credit cards.
Pros:
- Quick card-to-card transfers
- Flat fee structure
- Simple interface
Cons:
- Not available in all countries
- Exchange rate can include a markup
If both you and your recipient have compatible cards, this can be a speedy solution with predictable fees.
OFX / XE Money Transfer
Best For: Larger Amounts and No Maximum Caps
OFX and XE specialize in mid- to large-size transfers with competitive rates.
Pros:
- No maximum transfer limits for some users
- Good exchange rates
- Dedicated support
Cons:
- Not as user-friendly for small transfers
- May require account setup before sending
These services are solid when you’re moving larger sums and want better-than-bank rates without frequent small fees.
Cryptocurrency Transfers (Advanced Option)
Best For: Tech-Savvy, Cost-Sensitive Transfers
Cryptocurrency isn’t for everyone, but some residents use it to move money with very low fees.
Pros:
- Potentially low fees
- Fast transfers
Cons:
- Volatility risk (exchange rates can move fast)
- Extra steps to convert to local currency
- Regulatory and tax complexity
If you already understand crypto and both sides have wallets and conversion options, this can be smart — but it’s not casual advice for everyone.
How Korean Banks Compare with Digital Services
Here’s a general comparison:
Banks
- Secure and familiar
- Often expensive and slow
- Not transparent on exchange rates
Digital Services
- Transparent and cheaper
- Faster delivery
- Better for regular international transfers
Most expats in Korea quickly move away from bank SWIFT transfers for everyday or moderate amounts once they discover these alternatives.
Real-World Tips for People Living in Korea
1. Set up your digital service before you arrive
Open accounts on Wise, Remitly, or WorldRemit in advance to avoid delays.
2. Link your Korean bank account to the transfer service
Many services allow direct debit from your Korean account for smooth transfers.
3. Watch exchange rate timing
If you’re sending a lot, small rate differences make big financial impacts.
4. Keep documentation
For tax or compliance reasons, keep records of transfers especially large ones.
Final Thoughts from a Korean Local
There’s no single “best” transfer service for everyone the right choice depends on your priorities:
- Low cost – Wise often wins
- Fast delivery – Remitly or PaySend
- Flexible options – WorldRemit
- Large transfers – OFX / XE
- Advanced tech users – Cryptocurrency routes
Understanding your needs ahead of time how much you’re transferring, how often, and where makes all the difference. Korea has excellent digital support, and most services work smoothly if you prepare properly.