Compare Rates of the Most Common Options Before You Send Money to South Korea

Compare Rates of the Most Common Options Before You Send Money to South Korea

In many cases, if you are in South Korea and want to send money to another country, you will find that there are restrictions on how much you can send at once. The same is not true when it comes to the need to send money to South Korea from the United States, which is good news when you need to help your family fast. Find out some basic information regarding remittances to this country before you send money to South Korea.

Many banks offer the ability to send money to countries that are nearby easily and cheaply, but they do not usually make it simple to transfer money to South Korea. For this reason, comparing methods and their corresponding rates carefully is especially important. For example, Citibank charges $20 per transfer, even if you have a preferred account, while that price is usually cut in half for transfers to other countries. Additionally, Citibank Korea charges $10 USD just for your relatives to receive the money. Other banks that you might consider remitting to in the area include Kookmin Bank, Shinhan Financial Group, and Hana Bank, but it will likely cost up to $40 per transfer. Clearly, the option of transferring money to South Korea through a bank is not typically a cheap one.

If you are looking to save some money while sending cash to your relatives quickly, which is important to many people, you have other options. One increasingly popular method is to use a prepaid debit card to send money to South Korea. You simply have to send the card in the mail, pay $5 to add funds, and then your relatives can spend the money on the card with few charges. It is usually free if they use it at retailers that accept debit cards as payment, and costs less than $2, or less than 2,000 South Korean won, to withdraw cash from an ATM. Clearly, if you need to transfer funds to South Korea often, this could be the best route.

The ability to transfer cash to South Korea to assist family members financially is crucial, and doing so quickly at a price that is fair to you is also important. You should not have to pay upwards of $30 per transfer, especially if you need to send money weekly or even monthly. This type of fee can add up, so conduct some research on ways to avoid it.

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