How to Send Money Home from Korea: Fees, Apps, and How to Save

As a foreigner living in Korea, chances are you’ve had to send money back home at some point, whether it’s to support your family or cover an emergency expense. Anyone who's been there knows that it's never as simple as it sounds.

Banks require piles of paperwork and complicated procedures. Third-party services raise concerns about personal data leaks, and brokers carry the risk of fraud. And on top of all that, waiting days for the money to arrive adds another layer of stress.

But the good news is that most of these concerns go away when you choose the right service. This article covers exactly how much it costs to send money abroad from Korea, and how to skip the hassle and save on fees.

How much does it cost to send money overseas?

Sending money through a bank typically comes with three types of fees.

① Transfer fee. While it varies from bank to bank, making an in-person transfer at a branch can cost anywhere from ₩5,000 to ₩25,000 per transaction. Opting for online banking brings that down by about half, but it's still not free.

② Telegraph fee. International transfers are often routed through intermediary banks, adding an extra charge of around ₩8,000 per transaction. Since it’s billed separately from the transfer fee, it can catch you off guard if you’re not aware of it in advance.

③ Exchange rate margin. Since the exchange rate banks apply isn't the real market rate, the margin between the two is often the largest cost of all. For a transfer of ₩1,000,000 in USD, that gap alone can amount to anywhere from a few thousand won to over ₩10,000.

All three combined, the real cost of a single bank transfer can come out to anywhere from ₩15,000 to ₩35,000. Even if you’re only sending money once a month, you could be paying anywhere from ₩180,000 to ₩420,000 in fees every year.

The most practical way to cut these costs is to use an international money transfer app. Unlike banks, these apps process transfers through their own networks, so there are no intermediary bank fees to worry about. Exchange rate margins also differ widely by service, so the right choice can save you a considerable amount.

With that in mind, let’s take a look at three of the most widely used international transfer services in Korea, compared across fees, exchange rates and convenience.

*Mid-market rate refers to the halfway point between the rate at which banks buy and sell foreign currency. It’s generally considered the most favorable exchange rate a consumer can get.

Finding the right service really depends on what you value most. If exchange rate advantages and broad country coverage are what you are after, a global fintech service is the one for you. But if you prioritize faster transfers and native language support, a service that specializes in multilingual support is a better fit.

What makes Toss a smart choice?

No hefty fees, real-time delivery tracking, and no bank account details required.

① Zero fees, mid-market exchange rate. The international transfer fee is completely free for foreigners. On top of that, Toss applies the mid-market rate with no bank margin built in. If you are making regular monthly transfers, the savings can amount to quite a lot by the end of the year.

② Real-time transfer tracking. With Toss, you never have to sit and wonder if your money arrived. Unlike traditional banks, which only confirm delivery up to the receiving bank, Toss lets you track every step of the process in real time, all the way until it reaches the recipient's account.

How do you send money abroad with Toss?

The process is as simple as it gets. All you have to do is open the Toss app, go to the international transfer tab and enter the destination country, recipient details, and amount. If it's your first time, you'll need to agree to the SentBe^* terms of use once before getting started.

*Toss provides services for foreigners in partnership with SentBe, a fintech company that specializes in overseas remittances.

✅ How to send: Toss app → [All] → Search "International Transfer" → Agree to SentBe terms of use (first time only) → Enter destination country, recipient account details, and amount → Confirm amount → [Send]

Frequently Asked Questions

Q.When I try to send money on the Toss app, it says “Moving to SentBe.” What is SentBe? SentBe is a fintech company registered with Korea's financial authorities, specializing in international transfers. With around 70% of its users being foreigners, it’s a platform built around the needs of international users. Customer support is available in more than 10 languages including English, Chinese, and Vietnamese. Since Toss' international transfer service for foreigners is provided in partnership with SentBe, the actual transfer takes place through SentBe's interface, which is why you see the “Moving to SentBe” message during the process.

Q. Are there documents required to send money abroad? Small amounts don’t require any documents. However, for larger or recurring transfers, you may be asked to provide proof of income source. Prepare payslips, an employment certificate, or an employment contract in advance to speed up the process.

Q. Is there an annual transfer limit? Foreign residents can transfer up to USD 50,000 per year without any paperwork. But any transfers exceeding this amount must be reported to the Bank of Korea.

Q. Can I ask a friend to send money on my behalf? In Korea, sending or receiving money without going through a licensed foreign exchange bank may be considered a violation of the Foreign Exchange Transactions Act. Regardless of the amount, violations may result in one year in prison or a fine of up to ₩100,000,000.

Q. What if I sent money to the wrong account? If the transfer hasn't been processed yet, you can cancel it. If it has already gone through, contact customer support right away. Keep in mind that if the money has been deposited into a valid account, a refund may not be possible.

Sending money abroad doesn't have to be costly or complicated. Take the time to compare your options across fees, exchange rates, and convenience to choose the service that best fits your needs.

Written by 유서진 Graphics by 조수희