Find a Cheaper Way to Send Money to South Korea from Australia
Sending money to South Korea from Australia can be easy if you use your local bank, but it could also be expensive. International money transfers can often come with hidden fees, exchange rates with hidden margins and bank charges.
Alternatively, you can head into a store to transfer your money in person using a service like Western Union or Moneygram. These services often offer a quick service, but may not be the cheapest way to send money to South Korea.
Online money transfer services can offer the best of both worlds. They offer a low cost way to transfer your cash without having to leave your house. Here are some of the best money transfer services in Australia:
Some of the best money transfer services to send money to South Korea from Australia
Remitly is an easy way to send money from Australia. They have a highly rated mobile app and accept credit and debit cards.
When sending cash to family or friends overseas, Remitly have an "Express" option which is faster but has higher fees. If you are not in a hurry, their "economy" service is only marginally slower but much cheaper.
How much does it cost to transfer funds to South Korea?
Transfer Fee: The fee for "Economy" is $1.99 and "Express" is $3.99
Exchange Rate: The exchange rate you receive depends on the amount of your transfer.
How long does it take?
It depends on which service you choose. It's faster with "Express" but you have to pay by card and the fees are higher. It's slower but cheaper with "Economy" when you pay by bank transfer.
Is Remitly safe?
Yes they are. They are fully licensed and authorised.
- No minimum amounts
- In many destinations, the person you are paying can receive their money transfer by bank deposit, cash pick up or mobile money.
- Money back guarantee if your money doesn't arrive on time
How it works
- Log into the Remitly website.
- When you're ready for payment, just type your name, card number, expiry date and card verification details.
- Confirm your details.
For help from Remitly email email@example.com or call (02) 8607 8054 from within Australia
OFX (formerly Ozforex) was founded in Australia and has grown into a well-respected global company. With headquarters in Sydney, it has a good track record for security.
They are a good option for Australians who don't mind transacting online, but still want local customer support over the phone.
How much does it cost?
Transfer Fee: OFX usually charge a flat fee for smaller amounts, but if you click on the link below, your transfers will be fee free.
Exchange Rate: OFX add a margin to the AUD/KRW exchange rate when you convert your Australian dollars into South Korean won.
Minimum Transfer Amount: AUD$250
How long does it take?
Your recipient will get the money in South Korean won into their account in 1-2 business days.
Is OFX safe?
Yes they are. See our full review of OFX for more information.
- Good exchange rates and lock-in rate for larger amounts
- Local phone support
- Mobile phone app
How to transfer money with OFX
- Create a free online account and login to get a live quote for your transfer.
- Enter your recipients details including bank account, financial institution number, account number and branch transit number.
- 'Finalise transaction' and pay using a bank or wire transfer.
- Learn more about how to transfer money with OFX in this step-by-step guide
Wise (formerly known as TransferWise)
If you prefer to transfer money online, Wise is one of the easiest ways to do it. It's incredibly simple to set up an account or make a transfer using their app. They also have the best exchange rates, because they offer the same market rate you see on XE or Google and don't add any hidden exchange rate mark ups.
How much does it cost?
Transfer Fee: 2.32 AUD + 0.77% of your amount.
Exchange Rate: Wise gives you the best possible rate (google rate). They do not use a margin.
Payment methods: Bank transfer, debit card and credit card.
How long does it take?
Your recipient will get the money in South Korean won from Wise's local account on the same day.
Is Wise safe?
Yes they are. Click here to see our full review of Wise.
- Quick online set-up
- Transparent fees and offer the best rates online
- Very fast transfers to a bank account
- Simple cell phone app
How to transfer money with Wise
- Create an online account and login.
- Tap in how much and where to. Enter your recipients details.
- Make a local payment to Wise, using a bank transfer or your debit or credit card.
- Learn more about how to transfer money with Wise in this step-by-step guide
How do I send money from Australia to South Korea?
Send money from your bank account to another bank account in South Korea using these steps:
- Login to internet banking or head into a branch.
- Go to the international money transfers section.
- Enter the amount and currency of your transfer.
- Enter the recipient’s bank details.
- Confirm all the details, fees, amounts and reference before finalising the transaction.
If you don't want to use your bank, compare money transfer services, set up and account and follow the same steps 2 through 5.
Can I send money internationally without fees?
If you want to transfer money overseas without a fee, you'll have to avoid banks. Each bank charge flat fees to send money abroad and add a margin to the exchange rate.
If you want to use a money transfer service, you will either be charged an upfront fee, an exchange rate margin or both.
Some money transfer companies like TorFX don't charge a fee but still add a margin to the exchange rate. Other services like XE or OFX, charge a small fee for smaller amounts but allow fee free transfers for larger transactions.
Alternatively, services like Wise or InstaReM don't charge any hidden fees in the exchange rate but charge an upfront fee.
What information do I need to send money to a South Korean bank account from Australia?
To transfer money from Australia, you will need the following information about the recipient's account:
- The account name of the person or business you are paying. Sometimes you'll need their address too.
- An account number.
- Swift / BIC code or Routing Number.
What's the cheapest way to send money internationally?
The cheapest ways to send money overseas are usually online, have low fees and exchange rates close to the real exchange rate that you see on Google or XE.
To work it out, you need to calculate the total cost of your transfer including all the fees. Alternatively, if you are sending money in Australian dollars, the cheapest option is the the one that gives you (or the person you are paying) the most in their home currency.
Can I use an app to send money overseas from Australia?
Yes. When you have an account with any of the online money transfer services highlighted above, you can make transfers through their website, or via their iOS Apple and Android apps. However, some are easier to use than others.
How long does it take to transfer money to South Korea?
There is no 'standard' time for transferring money to South Korea from Australia. It really comes down which bank or service you use. In some cases, banks can be quicker because they simply take the Australian dollars out of your account and can send the money overseas on the same day. For more information about how long it takes to transfer money internationally, click here.
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General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any financial decisions.