subject: Decide How Best To Send Money To South Korea [print this page] Knowing a bit about the currency of the nation is important prior to any remittance. The legal tender in the country is the South Korean won, and $1 USD is equal to about 1,157 won. This number changes daily, so be sure to look up the current exchange rate before you send money to South Korea.
Many banks do not offer the ability to send money to South Korea cheaply. For example, Citibank makes it possible for people to send money to other countries for only $10 in most cases, but to remit to South Korea, it costs $20 if you have a preferred account. If not, it costs $30 to $40, and it costs $10 for your recipient to get the money from Citibank Korea. You could also transfer funds to other banks in the area, such as Kookmin Bank, Shinhan Financial Group, Hana Bank, and Woori Financial Group. However, the fees are typically similar to Citibank's, so you can expect to pay up to $40 in most cases.
If you had been considering using banks to send money before finding out the fees, do not worry. You still have other options that are typically cheaper. One such option that is gaining popularity is the prepaid debit card. Some countries are not conducive to this type of remittance method, since they are not known for accepting debit or credit cards and have few ATMs. However, South Korea has many ATMs scattered around the area, and most shops are updated enough to accept cards. The fees are much lower for the prepaid debit card method, as it costs $5 to add funds to the card, no matter the amount. To use the card, your relatives will face some minor fees. For example, to withdraw cash from the ATM, it should cost less than $2 USD, or less than 2,300 won. Your relative will receive the money in the correct currency so that no additional exchange rate fees apply.
If you need to get money to your relatives in South Korea fast, you have a few options. If you take the fees into account, your cheapest choice would be using a prepaid debit card. If you need to send money to South Korea to a relative who lives near few ATMs and no retailers who accept cards, however, you might have to stick to the traditional method of using a bank to remit money.
by: Peter Frampton
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