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Transfers & FX

Transfers & FX

Sending money home and changing currency in Korea — what it really costs, how much you can send, and how to lose the least, explained for foreigners.

Featured · Remittance to USDestimateAn illustration with example rates. Compare your own quotes in the full tool.
Amount you send
KRW
Bank wire
701.15
Transfer app
719.59
App delivers 18.44 USD more
Open the full calculator

QWhy does sending money home cost more than the fee?

Most of the cost is hidden in the exchange rate, not the upfront fee. A provider can advertise a low or even zero fee and still take a margin by giving you a worse rate than the real (mid-market) one.

Why is that — Every provider buys currency at the mid-market rate and passes it to you a little higher — that gap is their margin. On a large transfer the margin can dwarf the fee, which is why two providers with the same fee can deliver very different amounts.

Compare by how much actually arrives, not by the advertised fee. The calculator above does exactly that for two offers.
Bank of Koreaprovider rate disclosures As of 2026-03-01

QHow much can I send out of Korea?

As a foreign resident you can generally send up to about USD 50,000 a year without proving the source of the money. Above that, you go through your designated foreign-exchange bank with supporting documents.

Why is that — Korea regulates outward foreign exchange. Within the annual no-proof allowance, transfers are simple; beyond it you’ll typically show proof of income or the reason for the transfer. You usually nominate one bank as your designated remittance bank.

How it differs
E-7 / E-9 worker Sending salary home is common — keep payslips and proof of income for larger or repeated transfers.
D-2 student Different documentation may apply and thresholds can differ. Ask your bank what it needs.
Set up a designated foreign-exchange bank early — it makes repeat transfers much smoother.
Bank of Koreayour bank’s FX remittance guide As of 2026-03-01

QWhen does my transfer get reported?

Transfers above about USD 10,000 — per transfer or added up over the year — are reported to the tax and foreign-exchange authorities. It’s routine record-keeping, not a fine.

Why is that — Reporting lets the authorities monitor large flows; it doesn’t mean you owe tax on the transfer itself. Keep records of where the money came from and why you’re sending it, in case you’re ever asked.

Carrying cash in or out? Amounts over about USD 10,000 must be declared to customs — undeclared cash can be fined or seized.
Korea Customs ServiceNational Tax Service As of 2026-02-15

QBank or a transfer app — which is cheaper?

It depends on the amount and the destination. Specialist transfer apps often win on small-to-mid transfers; for very large amounts or rare currencies, compare carefully — sometimes a bank’s rate is competitive.

Why is that — Apps usually keep fees low and margins tight on popular corridors, while banks may add cable or intermediary fees that aren’t obvious upfront. The only reliable test is the amount that actually arrives — which is what the calculator compares.

Get a live quote from two providers, then drop each fee and rate into the calculator to see which truly delivers more.
provider fee schedules As of 2026-02-15

Related calculators

Common terms

FX marginThe gap a provider adds on top of the real exchange rate — a hidden costMid-market rateThe “real” rate banks trade at; the benchmark to compare againstTelegraphic transferA bank-to-bank wire (often via SWIFT); may carry extra cable feesDesignated bankThe one bank you nominate for foreign-exchange remittances
See the full glossary →

Before you send money home

  1. Set up a designated bank
    Nominate one bank for FX remittances — it smooths repeat transfers
  2. Get two quotes
    Note each provider’s fee and the exchange rate offered
  3. Compare what arrives
    Choose by the amount your recipient actually gets, not the fee
  4. Keep proof for big transfers
    Payslips or proof of source for amounts above the no-proof allowance

Frequently asked

Some apps let you pay by card or cash, but the best rates usually need a Korean account, and a designated bank simplifies larger transfers.

Sending your own already-taxed income home is not a new tax event, but large or unusual transfers may draw questions — keep records of the source.

Rates move constantly and we don’t track them live. Compare quotes when you’re ready to send rather than trying to time the market.

This page is general information, not financial advice. Limits, reporting rules and rates change — confirm with your bank and provider, and with official agencies, before sending.