home3 fxcompared-logo-footer twitter-square facebook-square linkedin-square google-plus-square

Send money to South Korea

Top 7 Money Transfer Providers

Exchange Rates as of 2017-01-23T04:21:12+00:00

World First

More Info Less Info
Request Quote
SELECT

Currencies Direct

More Info Less Info
Request Quote
SELECT

UKForex

More Info Less Info
Request Quote
SELECT
Special offer

Moneycorp

No fees for FXcompared users

More Info Less Info
Request Quote
SELECT

TorFX

More Info Less Info
Request Quote
SELECT

Smart Currency Exchange

More Info Less Info
Request Quote
SELECT

Currency Solutions

More Info Less Info
Request Quote
SELECT

Next steps:

Review the results and select a provider from the list shown.

Check out our exclusive offers and special offers

FXcompared is an independent comparison website for international money transfer providers.

Read our money transfer guide.

Featured on:

BBC Logo
Reuters Logo
Forbes Logo
Bloomberg Logo
Business insider logo
world bank Logo
Safe and Secure

Safe and Secure

Each provider goes through a full vetting and is regulated by the relevant authority (FCA in the UK, FinCEN in the USA, ASIC in Australia)

Frequently asked questions

How we calculate the savings

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

LIKE WHAT YOU SEE?

Follow us on our social network pages.

Your Feedback

We welcome all suggestions for improvements. Send us an email at feedback@fxcompared.com.

The website and the information it provides on this site is for informational purposes only, and does not constitute an offer or solicitation to sell shares or securities. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly, this website and its contents do not constitute investment advice or counsel or solicitation for investment in any security. This website and its contents should not form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. 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: reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.