Want to send money to South Korea? Considering a wire to transfer the money to South Korea? Before you ask your bank to organise it, make sure you check out the wire transfer fees. It might come as a shock as to how much the costs will be and depending on the transfer amount, it might be better to have a look at the alternatives to send the money another way.
What can make it even more costly is in addition to your financial institution charging a fee for sending the funds to a bank in South Korea, the recipient getting the funds will possibly also be charged a fee from their bank. One way to reduce the likelihood of this charge is to send the international wire transfer in the currency of their bank account.
To make a bank wire transfer to South Korea, you may require a SWIFT code. These are unique codes for each bank and are based on things such as the bank and country.
Bank wire details for South Korea
- Country – South Korea
- SWIFT Country Code – KR
- Central Bank Name – The Bank of Korea
- Currency – South Korean Won
- Currency Code – KRW