Send money to South Korea
See today's live rates — and exactly what your recipient receives, after every fee.
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Today's best rates to South Korea
As of 25 August 2026, sending £1,000 to South Korea, your recipient gets the most with Revolut: 1,878,580.85 KRW, the best of 4 providers compared.
| Provider | Rate | Fee | Recipient gets | Speed | |
|---|---|---|---|---|---|
1878.58 0.27% worse | £0 | 1,878,580.85 KRW | Within 2 days | Send | |
1883.75 mid-market | £7.51 | 1,869,603.04 KRW | Within 2 days | Send | |
1817.86 3.50% worse | £0 | 1,817,856.60 KRW | 1–2 days | Send | |
1802.52 4.31% worse | £0 | 1,802,524.85 KRW | Up to 4 days | Send |
When you send money home to South Korea, the cheapest route is almost always a specialist money-transfer app or company rather than your bank. The cost that matters most is hidden in the exchange rate: a bank typically keeps 1% to 4% in the rate, on top of any fee — so always judge a provider by the amount that actually arrives, not by a "no fee" claim. Below is exactly how the money reaches South Korea, what it really costs, and how to sidestep the most expensive mistakes.
Most money heading to South Korea from the UK is supporting students and young professionals, or topping up a Korean account from abroad.
The won floats freely, so the live rate moves day to day - which means the single biggest thing you control is the margin your provider hides in the exchange rate. Get the name and account details exactly right, because Korea's real-name banking rules will pause anything that does not match.
How the money reaches South Korea
How your recipient gets paid
South Korea does not use IBANs. There is no IBAN to type and your recipient does not have one.
To send money you supply their bank name, their full Korean account number and the receiving bank's SWIFT/BIC code (for example Shinhan, KB Kookmin, Woori or Hana).
Korea runs a strict real-name banking system, so the account holder's name on the transfer has to match the name on the Korean account precisely - a nickname, a missing middle name or a different romanisation can hold the money up while the bank confirms identity.
How the money is delivered
Once your pounds are converted, the money is delivered locally inside South Korea. You don't choose the network — the provider does — but here is what is used.
Ways your recipient can receive it
Most providers can pay into a bank account: a deposit to the recipient's full account number at a Korean bank (Shinhan, KB Kookmin, Woori, Hana, NongHyup and the rest), released after the bank's real-name and source-of-funds checks or wallet top-up via providers that link to a Korean bank account, where supported. The right choice is usually whichever is cheapest and fastest for your recipient.
What you actually pay to send money to South Korea
The won floats on the open market, so the rate you get is partly the live market and partly whatever spread your provider quietly adds on top. Banks tend to bury the most - judge every option on the won that actually lands, not the rate on the poster.
The exchange-rate mark-up
The big one. Banks and some apps quote a rate a little worse than the real mid-market rate and keep the difference — often 1% to 4%. Because it is a slice of the whole amount, it usually dwarfs any upfront fee.
Correspondent-bank fees
An ordinary bank wire can pass through one or two intermediary banks, each able to take a small cut before the money arrives. Specialists using local payment networks usually avoid this entirely.
"No fee" hiding a poor rate
A headline "zero fee" means little if the rate is weak. Judge an offer by the money that actually arrives, not by whether a fee is shown — the comparison above ranks providers exactly that way.
A floating currency means the spread is the battleground
The won is not pegged or managed in a band, so the mid-market rate genuinely moves on global markets. That makes the provider's margin - the gap between that mid-market rate and the rate they quote you - the main thing that decides whether your recipient gets a good deal.
High-street banks commonly keep 1.5% to 4% in a poorer rate plus a fixed fee. A specialist transfer company usually delivers more won for the same pounds.
Real-name banking means the name has to be perfect
Real-name banking means the name has to be perfect
South Korea's banks operate under a real-name financial transaction system: every account is tied to a verified legal identity, and inbound foreign currency is matched against the registered account holder. The practical trap for senders is the name field.
A Korean name romanised into English can be written several ways, and the family name often comes first in Korean order and last in Western order.
If the name you enter does not line up with what the Korean bank has on file for that account number, the bank can pause the payout while it verifies, ask for extra documents, or return the funds.
Before you send, get the recipient to confirm exactly how their name is recorded in English on their bank account, and copy it character for character. There is no IBAN to lean on as a backstop here - the safety net is the name plus the account number plus the bank's SWIFT/BIC all agreeing.
How to avoid fraud when sending money to South Korea
On any large transfer the biggest risk is rarely the exchange rate — it is criminals getting between you and the money. These simple rules are worth knowing before you send.
Fake-rate KakaoTalk / social-media transfer scam
Rule: ignore anyone on KakaoTalk, Instagram or Facebook offering a far better won rate if you send cash to an individual or an unlicensed 'changer'. The won is freely traded and the legitimate rate sits within a narrow market range, so a rate that looks dramatically better is bait. Always use an FCA-regulated provider in the UK so the money is traceable and refundable.
"Pay a fee to release your money" scam (advance-fee fraud)
Rule: no Korean bank charges your recipient an upfront fee, 'customs charge' or 'release tax' to free an incoming family transfer - the deposit is automatic once checks clear. Anyone in Korea asking your relative to pay money to unlock money that is on its way is a fraudster.
Wrong-account / fake-refund scam
Rule: if you ever need to send money back, make a fresh transfer yourself to an account number you have confirmed in writing - never use a 'refund' link or a reversal request someone sends you. Because there is no IBAN checksum to catch a typo, double-check every digit of the Korean account number before you send, since a transfer to the wrong account is very hard to recover.
If you are a victim of fraud, in the UK, report it to Action Fraud at actionfraud.police.uk or call 0300 123 2040; in South Korea, your recipient can report financial fraud to the Financial Supervisory Service (FSS) or call the police on 112.
Is money sent to South Korea taxed?
What the rules say
an ordinary family or support transfer sent to someone in South Korea is not income tax for the person receiving it - Korea taxes income earned, not money relatives abroad send to help with living costs or fees.
Korea does have a separate gift tax regime with its own thresholds, so a genuinely large one-off gift (rather than ordinary support) could fall within it.
This is general information, not tax advice; for anything large or unusual - a big gift, an inheritance, money towards property or a business - the recipient should take advice from a qualified Korean tax adviser
Keep your paperwork
On a large transfer the UK firm must run a source-of-funds check — that is a compliance step, not a tax. Keep evidence of where the money came from (a sale statement, pension or investment paperwork, or bank statements) and a big transfer moves through far more smoothly.
When is the best time to send money to South Korea?
For a one-off transfer the rate on the day is what counts — and it moves constantly. The aim is less about guessing the perfect moment and more about removing risk on payments you already know are coming. As a guide, once the money is sent usually same day to one or two working days for a deposit landing in the recipient's Korean bank account at Shinhan, KB Kookmin, Woori, Hana or NongHyup; the slower part is normally the compliance and real-name checks on both the UK sending side and the Korean receiving side before the money is released.
There is no single festival spike to plan around the way some corridors have, but the won is a free-floating currency, so its value against the pound genuinely moves week to week on global markets.
That cuts both ways: there is no managed band smoothing things out, so it pays to watch the rate and avoid sending in a panic on a bad day.
University fee deadlines and the start of Korea's spring and autumn semesters tend to cluster student transfers, and big sends bunched into a deadline are exactly when people grab the first rate they see rather than the best one.
Lock the rate for a known date. If a payment is weeks away, many specialists let you fix today's rate now (a forward contract), so a sudden market move can't blow a hole in your budget before the money is due.
Set a target with a rate alert. For flexible transfers, you can set the rate you want and be notified (or trade automatically) when the market reaches it — useful when you have time on your side and no fixed deadline.
The costliest mistakes when sending to South Korea
A handful of avoidable slips account for most of the money people lose. Each is easy to sidestep once you know to look.
Defaulting to your bank without comparing. The bank's rate mark-up usually costs far more than any fee, and it is easy to miss because it is built into the rate rather than shown separately.
Judging by the fee, not the amount delivered. A "no fee" offer can still be the worst deal if the rate is poor. Always compare on what actually arrives.
Mistyping the account or bank code. If the account details are wrong the transfer can bounce back after a delay, or reach the wrong account. Always check them against details your recipient sent in writing.
Trusting bank details that arrived by email. Payment-diversion fraud is a real risk — always confirm the receiving account by phone on a trusted number first.
Using an unregulated or cold-calling firm. Check the company on the FCA Register before you move any money, and never act on an out-of-the-blue offer.
Letting the sender or recipient name not match the Korean account. Korea runs a strict real-name banking system and inbound foreign currency is checked against the account holder's registered name. If the romanised name you type does not match the name on the Korean account exactly - a missing middle name, a different spelling, family name in the wrong order - the receiving bank can hold the funds while it confirms identity, or bounce them. Copy the recipient's name exactly as their Korean bank has it.
Forgetting the SWIFT/BIC and exact account number. Because there is no IBAN, a Korean transfer relies entirely on the bank's SWIFT/BIC plus the full account number being correct. Get one digit of the account number wrong and the money can be rejected or, worse, misrouted, and clawing it back across borders is slow. Confirm the SWIFT/BIC for the specific bank (Shinhan, KB Kookmin, Woori, Hana) and read the account number back before you send.
How do most people send money to South Korea?
For most people sending money home, the simplest and cheapest route is a specialist money-transfer app or company paying straight into the recipient's bank account: a deposit to the recipient's full account number at a Korean bank (Shinhan, KB Kookmin, Woori, Hana, NongHyup and the rest), released after the bank's real-name and source-of-funds checks. Judge every provider by the amount that actually arrives — and confirm the receiving details before you send.
Frequently asked questions about sending money to South Korea
No. South Korea does not use the IBAN system, so there is no IBAN to type and your recipient does not have one. Instead you supply their bank name, their full Korean account number and the receiving bank's SWIFT/BIC code (for example Shinhan, KB Kookmin, Woori or Hana).
The other thing that matters is the name: Korea runs a real-name banking system, so the account holder's name on the transfer must match the name on the Korean account exactly.
Almost always a specialist money-transfer company rather than your high-street bank. Compare providers by the amount of won that actually arrives, counting both the exchange rate and any fee.
Banks commonly keep 1.5% to 4% inside a poorer rate plus a flat charge, so the headline 'no fee' offers can still be the dearest. Use the live comparison above to judge each option on the won actually delivered to the recipient's account.
A deposit to a Korean bank account is usually same day to one or two working days. The fastest specialist providers can be same day, while bank-to-bank wires take a little longer.
The slower part is normally the compliance and real-name verification checks - on both the UK sending side and the Korean receiving side - that run before the money is released into the account.
Ordinary support sent to a relative or a student in Korea is not treated as their income, so there is no income tax to pay on it - Korea taxes income that is earned, not money sent from abroad to help with living costs or fees.
Korea does have a separate gift tax with its own thresholds, so a genuinely large one-off gift could fall within it. This is general information, not tax advice; for anything large the recipient should check with a qualified Korean adviser.
Because South Korea operates a real-name financial system: every bank account is tied to a verified legal identity, and inbound foreign currency is matched against the registered account holder.
A Korean name can be romanised several ways and the family name order can flip between Korean and Western styles, so if the name you enter does not line up with the bank's records the payout can be paused or returned.
Confirm exactly how the recipient's name is recorded in English on their account before sending.
All the major Korean banks can receive inbound transfers, including Shinhan, KB Kookmin, Woori, Hana and NongHyup (NH). What you need is the recipient's bank name, their full account number and that bank's SWIFT/BIC code.
There is no IBAN involved. Once the funds clear the receiving bank's checks, the money lands in the recipient's account and they can use it like any domestic deposit.
Won. The transfer is converted and paid out in South Korean won (KRW) into the recipient's Korean bank account.
The won floats freely on global markets, so its value against the pound moves day to day - which is why it pays to compare providers on the won actually delivered rather than the headline rate, and to avoid sending on a bad day if the timing is flexible.
Our sources & how we keep this current
Last updated: June 2026. The live rates above refresh automatically, and we review the rest of this guide every month — updating it whenever the rules on payments, tax or regulation change.