Send money to South Korea

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Top 8 Money Transfer Providers

Exchange Rates as of 2019-04-25T02:50:00+00:00
Bank Beating Rates

TorFX

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Est. 2004

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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Bank Beating Rates

Currencies Direct

Call us0203 018 1318

Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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WorldFirst

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Est. 2004

Transparency and security | Great customer feedback rating from Feefo

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Transparency and security | Great customer feedback rating from Feefo

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OFX (UK)

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Est. 1998

OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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Special offer

InstaReM

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Est. 2014

Use code FXINSTA10 and get a Bonus of the equivalent to $10 on your first transaction

Headquartered in Singapore, InstaReM offers overseas money transfer service maintaining transparency in transactions by displaying an accurate break-out of transactions.

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Headquartered in Singapore, InstaReM offers overseas money transfer service maintaining transparency in transactions by displaying an accurate break-out of transactions.

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Currency Solutions

Currency exchange specialists ranking No.1 on Trustpilot for the past two years
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Currency exchange specialists ranking No.1 on Trustpilot for the past two years
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Smart Currency Exchange

Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Moneycorp

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Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

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One-off payments | Regular payments | Great rates | Safeguarded customer funds

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South Korea Resources

Summary

The South Korean won (KRW) is fully convertible and sending money to Korea and money transfers from Korea are unrestricted in most cases. Today, 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.

South Korea money transfer regulation

FETA regulations has three main restrictions: only licensed, viable domestic firms are permitted to borrow foreign currency, non-residents are not allowed to purchase won-denominated hedge funds, and the government monitors the timely repayment of Korean banks’ foreign loans.

Foreign exchange transfers can only be completed by entities that are registered and authorised by the Ministry of Strategy and Finance (MOSF). All South Korean banks, including branches of foreign banks, are permitted to conduct foreign exchange operations. Foreign exchange operations in Korea consist primarily of won to US dollar transfers.

South Korea’s regulatory authority

The central bank, the Bank of Korea (BOK), monitors the health of the financial sector, forms and conducts monetary policy, and works to maintain price stability. The central bank works to formulate foreign exchange policy in coordination with the Ministry of Strategy and Finance (MOSF).

For two decades, South Korea strictly regulated foreign exchange transactions and pegged its currency, the won, to the US dollar. In an effort to develop the economy, the government moved the won to a managed float system in 1980, which referred to a basket of several currencies. The government continued its liberalisation policy gradually, and by 1988, nearly all of its foreign exchange controls had been removed. The won was moved to a free-float system in 1997 at the onset of the 1997-98 Asian financial crisis. The Minister of Strategy and Finance may temporarily suspend or restrict foreign exchange transactions in the event of national natural or economic disaster, but even these restrictions will not apply to foreign investment.

Foreign investment regulation

The government has made great strides since the 1980s to liberalise all overseas capital account transfers, for purposes of foreign direct investment (FDI) or stock market investment. South Korea is a major global FDI destination, and the government has reiterated it commitment to increase regulatory transparency and encourage capital transfers. The largest share of FDI in Korea comes from the US (US$3.53bn in 2013), followed by Japan (US$2.69bn). The government has, however, come under pressure in recent years for what is seen as excessive economic regulation; South Korean president Park Geun-hye confirmed that the deregulation of key sectors such as finance, tourism and software will be a government priority in 2014-18.

The country still applies some FDI restrictions under its Foreign Investment Promotion Act (FIPA). According to FIPA conditions in 2014, restrictions are 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. Thanks to South Korea’s strong legal and administrative context, most demands are processed within days, if not hours. The international remittance of proceeds from business operations is guaranteed under FIPA.

Currency

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.

Our Country Guides

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.