Send Money Between Korea and the US

KRW/USD transfer options β€” fees, speeds, coverage.

KRW/USD transfers split cleanly: if the recipient has a Korean bank account, Wise is the cheapest option for most amounts. If they need cash in hand at a GS25 convenience store or a bank branch, use Remitly or WorldRemit. Traditional banks are the worst on rates but the easiest for first-time senders.

Disclaimer: informational only, not financial advice. Spreads and fees change; verify current rates with the provider.

Wise

Spread: ~0.6%

Bank-to-bank transfers, transparent fees

Pros

  • Near mid-market rates (0.5-1% spread)
  • Fast delivery 1-2 days
  • Multi-currency account
  • Works both directions

Cons

  • No cash pickup
  • Korean outbound capped by regulation

Remitly

Spread: ~1-1.5%

Cash pickup in Korea (GS25, CU, banks)

Pros

  • Promotional rates on first transfer
  • Cash pickup at 10,000+ Korean locations
  • Fast (usually same day)
  • Mobile-first UX

Cons

  • Spreads widen on non-promotional rates
  • Annual cap on promo tier

WorldRemit

Spread: ~1-2%

Cash pickup and bank deposit

Pros

  • Wide Korean network
  • Competitive on mid-size transfers
  • Good for recurring monthly sends

Cons

  • Spreads vary by corridor direction
  • UX less polished than Wise

Korean banks (KB Kookmin, Shinhan, Woori, Hana)

Spread: ~2-3%

Existing Korean account holders, large transfers with compliance

Pros

  • Handles $100k+ transfers smoothly
  • Regulatory compliance built-in
  • In-branch advice in Korean

Cons

  • 2-3% spread
  • 20,000-30,000 KRW wire fee
  • Slower than fintech

US banks

Spread: ~2-4%

Existing US account, familiar workflow

Pros

  • Familiar interface
  • One-stop
  • Fine for occasional use

Cons

  • 2-4% spread
  • $25-50 wire fee
  • Slower than fintech

Which service by transfer size?

  • Under $1,000 USD: Wise for bank deposit; Remitly if first-transfer promo is active
  • $1,000-$10,000 USD: Wise consistently cheapest
  • $10,000-$100,000 USD: Wise or specialized FX broker (OFX, CurrencyTransfer)
  • Korea-side outbound (KRW β†’ USD): Korean bank wire, since outbound amounts above ~$100,000/year require regulatory reporting
  • Cash in hand in Korea: Remitly or WorldRemit to GS25 / CU / bank branch

FAQ

What is the cheapest way to send USD to Korea?

Wise is usually cheapest for bank-to-bank transfers: rates run 0.5-1% above mid-market with transparent upfront fees. Remitly is competitive for cash-pickup deliveries to GS25, CU convenience stores, or Korean bank branches. Traditional banks charge 2-3% spreads plus fixed wire fees.

Can I use Wise to send KRW?

Yes, but with limits. Wise supports KRW transfers from a Korean bank account via local deposit. Outbound KRW transfers (from Korea to elsewhere) have a daily cap regulated by Korean foreign-exchange rules. For regular large transfers, a direct bank wire or specialized broker is often easier.

Are there Korean rules on sending money abroad?

Yes. Korean individuals can send up to $100,000 USD per year abroad without prior approval (FX reporting only). Amounts above require Bank of Korea approval or documented purpose (education, real estate, business). Most casual transfers stay under this threshold easily.

How fast does money arrive in Korea from the US?

Wise transfers to Korean banks arrive within hours when funded by debit card, 1-2 business days from US ACH. Remitly cash pickup at GS25 or CU is near-instant. Traditional bank wires take 1-3 business days. Account for Korean holidays and the 14-hour time difference β€” an afternoon US transfer usually processes the next Korean business day.

What services have cash pickup in Korea?

Remitly, WorldRemit, MoneyGram and Western Union all have networks in Korea. GS25 and CU convenience stores are common pickup points (through partnerships), plus Woori Bank, KB Kookmin, and Shinhan branches. Wise does not offer cash pickup.

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