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.
SWIFT Country Code
Central Bank Name
The Bank of Korea
South Korean Won