South Korea's currency is referred to as won. Various options are available to send money to Korea. Before choosing a service, consider the fees they charge, restrictions and the required documentation. You also need to consider how long it takes for the recipient to get the money.
- Skill level:
- Moderately Easy
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Things you need
- Personal identification (Passport/driving license/national identity card)
Look for options. Find out the various international money transfer options supported in your locality and your recipient's area. Search through yellow pages to locate money transfer banks in your area. Visit financial institutions in your area for leads on various money transfer options. Inquire about the fees, duration as well as documents you need to make the transaction.
Wire transfer. Visit your bank and inquire if you can wire money to a recipient Korean bank. Inquire about the service fee you have to pay to transfer the funds as well as any charge fee the recipient will incur. Find out the maximum amount of money your bank will allow you to transfer. Banks such as Industrial Bank of Korea allow international money transfer.
Use MoneyGram. Locate a MoneyGram agent in your locality and carry your personal identification with you. Inquire about the process of sending money. Inquire about the duration it will take before the recipient can receive the cash. Get a reference number and inform the recipient about the transaction once you have sent the money. Give recipient the reference number. Once you send the money, the recipient will fill a form at a MoneyGram agent in Korea and give the reference number.
Use Western Union. Locate a Western Union agent in your area and make sure that you carry your personal identification with you. Inquire about the process of sending money, the fees and costs, and about any restrictions on sending money. Visit Western Union website online and follow instructions. Inform the recipient about the transaction after sending the money. Confirm and get evidence of the transfer.
Use Xoom. Visit the Xoom website online and find out how to send money online. Figure out the fees and the duration it will take before recipient can receive the cash. If you are comfortable with them, then follow the process and choose how the recipient with receive the cash. Authenticate the money transfer and inform the recipient that you have sent the money.
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