How to send money to South Korea from the UK

By   |   Verified by David Boyd   |   Updated 21st November 2022

Send Money GBP to KRW South Korean won

Are you looking for the best way to send money from the UK to a family member, friend, or business in South Korea?

Recipients will get more won for the same amount of pounds if you send money to South Korea from the UK with an online international money transfer service because of their more competitive exchange rates and cheaper transfer fees.

Need to transfer money to South Korea from the UK?

Best ways to send money to South Korea

Remitly

On website

Remitly

Highlights

  • Enjoy great exchange rates and low fees.
  • Every transfer carries a delivery promise. Have your money delivered on time or get your money back.
  • Safety and security. Remitly uses industry-standard security protocols and encryption.

Pros

  • Low transaction fees.
  • Plenty of delivery options.
  • Wide global network, covering 50+ currencies and countries.
  • Highly rated customer support.

Cons

  • Fees apply when you fund your account using a credit card.
  • Transfer limits apply.
Instarem

On website

Instarem

Highlights

  • Use the promo code FINTY and get £10 bonus on your first transfer. Terms and Conditions apply.
  • Send money and earn points.
  • Enjoy low fees, and great FX rates. No hidden charges.
  • Transfer money to 55+ countries.

Pros

  • Transfer fees are between 0.25% to 1%.
  • Earn loyalty points.
  • Dedicated customer support.
  • Mobile apps.

Cons

  • There is no cash pick-up option.

Compare more money transfer services before you send money to South Korea.

First time sending?

How to send money to South Korea from the UK

Money transfer services are a quick and easy way to send money to South Korea from the UK. If you’ve never used one before, this step-by-step guide explains how they work.

  1. Choose a money transfer service. On this page, you can find reputable money transfer services that can transfer money to South Korea.
  2. Create an account. This usually involves providing some personal information and proof of identification.
  3. Configure the transfer. You will need to provide basic information about the recipient, including their full name and bank account number (if that’s where you want to send the money). You’ll also need to specify how much money you want to transfer and choose a delivery method.
  4. Choose your payment method. You can make a bank transfer, use a debit or credit card, or pay in cash. How you pay will affect how long it takes for the money to reach its destination.
  5. Confirm details and send money. Depending on the delivery method, the recipient will receive a notification that the money is available to collect, or it will be deposited into their bank account. You may wish to share the reference number with the recipient since it may be required to collect money.

What are the fees and charges?

Costs for sending money to South Korea from the UK

  • Service fee. The amount of money a money transfer service charges to send will vary depending on the amount of money being sent, how it is being delivered, and how the transaction is being funded.
  • Collection fee. Charged to pick up cash.
  • Delivery fee. Charged to have cash delivered to the recipient’s address
  • Cash advance fee. Set by the credit card issuer when funding a money transfer with a credit card. Interest applies separately.
  • Exchange rate. When you send large amounts of money abroad, the exchange rate can significantly impact how much your recipient will get.

Looking for other options?

Alternative ways to send money to South Korea from the UK

There are several ways to send money to South Korea besides using an online money transfer service.

  • Bank transfer. Convenient but more expensive and generally slower than an international money transfer service.
  • Crypto. If the recipient can accept crypto, this can be a very cheap and fast option. Sending a stablecoin means the recipient is not exposed to fluctuations in price like they would if receiving Bitcoin or another token.
  • Money orders. One of the oldest ways to send money. They’re also one of the slowest. Once the recipient receives the money order, they can cash it in.
  • Money transfer agents. Located in most large towns and cities. Check that there is one near the recipient so they can collect the funds.
  • Prepaid cards. Transaction limits, such as how much can be loaded and how much can be withdrawn per day, make prepaid cards impractical for large amounts.

Still not sure?

FAQs

How long does it take for money sent from the UK to arrive in South Korea?

The time frame will depend on the method used to send the money. For example, a bank transfer can take a few days, while money sent with a money transfer service can arrive within minutes.

Can I send money to South Korea if the recipient has no bank account?

Yes. You can still send money through a transfer service if the recipient has no bank account. The sender can configure the money transfer so the recipient can collect cash from a specific location, or a courier can deliver the cash. Alternatively, you could use a money order, send crypto, or even send a prepaid card.

Is it safe to send money to South Korea from the UK?

Yes, sending money to South Korea from the UK is safe when you use a reputable company. We only list established money transfer services on Finty.

Can I send a money order to South Korea from the UK?

Yes, it is possible to purchase a money order in the UK and send it to South Korea via postal mail or tracked courier. The recipient can then cash the money order at a bank, credit union, local post office, etc.

Can I use my credit card to send money to South Korea from the UK?

Yes. You can fund a money transfer to South Korea with a credit card. However, your credit card issuer may charge a cash advance fee since the transaction will most likely be classified as a cash equivalent. Additionally, the transaction will immediately incur interest at the cash advance rate.

Can I send cryptocurrency to South Korea from the UK?

Yes, cryptocurrencies such as Bitcoin and Ethereum can be sent to South Korea from the UK. The recipient can then choose whether to sell the crypto for cash or use it to transact in stores and with people who accept it.