Comparing ways to send money home

The same amount arrives differently depending on the service. Look at the exchange rate as well as the fee.

Ways to send

1. Bank counter or app — safest, suited to larger amounts. Fees can be relatively high.
2. Licensed small-sum remittance companies — registered with the financial authority, app-based, often better for small amounts.
3. Overseas transfer inside simple payment apps

How to compare the total

What the recipient actually gets = (amount sent − remittance fee) × applied exchange rate − local fees

• Remittance fee — deducted when sending
• Exchange rate — differs by provider. Don't rely on the phrase "preferential rate"; ask the actual applied rate.
• Intermediary and receiving fees — sometimes deducted at the other end

Ask two or three providers the same question — "if I send X, how much do they receive?" — and the comparison is immediate.

Steps

1. Check the provider is registered. Look it up at fine.fss.or.kr.
2. Verify your identity and link your account.
3. Enter the recipient's details exactly. The name spelling must match their passport.
4. Check the purpose and limits. There is an annual limit.
5. Keep the receipt.

What you need

• Passport and Alien Registration Card
• A bank account in your name
• The recipient's name (passport spelling), account and bank details

Where to go

• 1332 Financial Supervisory Service · fine.fss.or.kr (registered provider lookup)
• Your bank's customer centre
• 112 to report fraud

Questions people ask

How much can I send? There is an annual limit which varies by status. Check with your bank or 1332.

They asked for proof of income. Above a certain amount the source of funds must be confirmed. Prepare payslips or your labour contract.

Someone offers to send it cheaply with no fee. Unregistered informal transfer is illegal. You have no protection if the money disappears, and you can be punished. Always use a registered provider.

The name went through wrong. Contact the provider immediately. The later it is, the harder to reverse.

Take care

Sending through unregistered individuals or businesses is illegal. It may look cheaper, but the risk of losing the money is high and you can be investigated if it is used for laundering.

Related

exchange-money · bank-choice · mobile-banking · kakao-pay-toss

Source

Financial Supervisory Service www.fss.or.kr · fine.fss.or.kr / As of 2026-08