How Much Does It Cost to Send Money from Korea in 2026?
Sending money abroad from Korea involves multiple costs: transfer fees, exchange rate margins, and intermediary bank fees. This guide compares the real total cost across major providers to help you save money on international transfers.
Key Finding
Wise and SentBe typically offer the lowest total cost for transfers under ₩5M, while bank wires are most expensive but most secure for large amounts.
Bank Wire vs Wise vs SentBe — Real Cost Comparison
Korean banks charge a combination of flat fees (₩10,000-25,000), intermediary bank fees ($15-25), and apply an exchange rate margin of approximately 1.5%. Wise and SentBe use mid-market rates with transparent percentage-based fees (0.5-1%), often resulting in 30-50% savings.
| Method | Fee | Exchange Margin | Total Cost (₩1M) |
|---|---|---|---|
| Korean Bank (KB/Kookmin) | ₩15,000 | ~1.5% | ₩30,000 |
| Wise | ~0.8% | 0% (mid-market) | ₩8,000 |
| SentBe | ₩5,000 | ~0.5% | ₩10,000 |
| Toss | ₩7,000 | ~0.8% | ₩15,000 |
| Korea Post | ₩8,000 | ~1.2% | ₩20,000 |
Korea's ₩50M Annual Remittance Limit Explained
Foreign residents in Korea can remit up to USD 50,000 per year (approximately ₩70M) without providing additional documentation. For amounts exceeding this, banks require proof of income or documentation of the source of funds. This limit applies cumulatively across all transfers within the calendar year.
How to Avoid the ₩300,000 Daily Transfer Cap
Korean banks impose a daily limit of ₩300,000 for international transfers unless you complete enhanced customer verification. To remove this limit:
- Visit your bank branch with your alien registration card
- Request "Enhanced Due Diligence" or "Level 2" verification
- Provide proof of income (employment contract or tax settlement)
- Some banks allow online upgrades with video verification
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