Sending Money to South Korea: A Comprehensive Guide

You can send money to Korea through your bank or a money-transfer agency

It may seem daunting to send money to a country as far away as Korea, but the process is actually quite straightforward. Methods include wiring the money through a bank or through a money-transfer service such as Western Union. Each differs in the amount of time it will take the money to arrive. Take safety precautions to avoid becoming the victim of a cash-advance scam.

Use a Money-transfer Service

Step 1

Select a money-transfer service and register for an account. Many money-transfer websites require users to register before they can proceed. Basic information required usually includes your name, address, telephone number, date of birth and email address. Popular companies include Western Union, MoneyGram and Paypal.

Step 2

Proceed to the appropriate page to begin the transaction. On the Western Union, MoneyGram and Paypal websites, you can click the "Send Money" button on the home page.

Step 3

Provide the first and last name of the person to whom you are sending the money in Korea. On the Western Union and MoneyGram websites, you will have to select Korea from a list of countries you can send money to. If you are using Paypal, you will need the recipient's email address as well as yours.

Step 4

Enter the amount of money you are sending. In most cases, you can choose to have the recipient receive the money in dollars or Korean won (KRW). Note that the company may have set limits on the amount of money you can send.

Step 5

Take security measures. Some transfer services, such as Western Union, will ask you to provide a question for the recipient to answer. He must answer this question correctly and show proof of his identity before he will be allowed to claim the money.

Step 6

Indicate the amount you are sending and pay the service fee. You can do so with a debit or credit card. You will receive a reference number, which you must give to the recipient so she can claim the money. The company will notify you, usually via email, when the recipient has received the money.

Step 7

Companies like Western Union and MoneyGram also allow users to send money by phone or in person at an agency. When you call, the agent will collect the information necessary to conduct the transaction. Make your payment with your debit or credit card. If you perform the transaction in person, you will have to complete a form. You can pay by cash, credit card or debit card.

Wire Money Through Your Bank

Step 1

Obtain your contact's banking information. You will need his account number, the name of his bank and his bank's routing number, also called the SWIFT number (Society for Worldwide Interbank Financial Telecommunications). You will also need your contact's mailing address.

Step 2

Visit your bank to conduct the transaction. This is necessary for identification purposes if this is your first time performing a wire transfer with the bank. Complete the bank's requirements and obtain a PIN. You can use this PIN in the future to perform wire transfers over the phone or online.

Step 3

Fill out a wire transfer form with your contact's banking information and yours. Pay the service fees to complete the transaction. The amount of the service fee may vary depending upon the currency you are sending. Bank of America, for instance, charges a higher service fee if you are sending the money in US dollars but will charge a lower fee if you are sending the amount in a foreign currency.

Step 4

Wait for the bank to take the money out of your account. The processing time is usually two to four business days but this will depend on the policies of your bank and that of your contact's bank in Korea.

Tip

Note that banks usually charge a higher service fee for wire transfers than money transfer companies like Western Union.