The best way to transfer money to South Korea depends to some extent on your individual circumstances.
But whether you need to transfer your pension, move money to cover payments on a property in South Korea or just send some money to friends and family, it is worth doing a bit of research into your options.
One of the most obvious options is to use a bank to transfer money to South Korea. You can call into your local high street bank or give them a call and they will be able to set things up for you.
While this is a useful way of doing things if you need to transfer money to an account with the Kookmin Bank or Shinhan Bank, for example, you should expect to pay for the convenience.
The South Korean won exchange rate will not be particularly competitive and you will most likely be hit with per-transfer fees each time you move money.
If you are making regular transfers to South Korea, these extra costs will soon start to eat into your finances.
Alternatively, you could use a Money Sending Bureau to transfer won to South Korea.
These are small establishments found on high streets of major cities around the world and are particularly helpful if you need to transfer money to somebody in South Korea who cannot access a bank account.
Unfortunately, the per-transfer fees imposed by these firms can be extortionate, reaching as much as ten or even 15 per cent of your transaction value.
If you want to avoid these costs and gain access to a competitive exchange rate, then RationalFX could help.
Foreign exchange brokers generally offer the most competitive exchange rates on the market but we can also guarantee you a low fee service if you transfer won to South Korea with us.
But there is no need to take our word for it! You can open an online account for free today and start making your transfers! You will see the savings you are making when you transfer money to South Korea.