The current exchange rate for the South Korean Won (KRW) is 1,189.3197 KRW per American Dollar (USD) as of the time this was written. The KRW reached a high of 1,204.5702 KRW per USD and a low of 1,154.7703 KRW per USD during the last 90 days. The average exchange rate over the last 90 days was 1,154.7703 KRW per USD.
The average volatility rate of the KRW against the USD was 0.3% over the last 90 days. This is a normal/moderate volatility rate, and the KRW has been behaving this way for some time now. Going forward, you can reasonably expect moderate fluctuations to continue, barring any unforeseen circumstances.
Western Union’s fast option is the fastest way to send money online. With Western Union’s fast option, your money should reach its destination in a matter of minutes. The service is also among the most ubiquitous in the money transfer industry.
The only downside to using Western Union is that it is very expensive, regardless of whether you’re choosing their fast option or not.
The cheapest option to transfer money is through OFX. OFX charges a small currency conversion fee that depends on the amount of money being transferred. The more money you send through OFX, the better the deal is. On the lower end, OFX takes 1% of the transfer. However, as you send more money, this rate declines to the eventual lowest possible rate of 0.4%. The only catch is that OFX does carry a minimum transfer amount.
If the current minimum transfer amount is too high for you, TransferWise is usually as cheap as OFX for smaller transactions.
The easiest option to send money online to Korea is through TransferWise. TransferWise makes sending money to Korea exceptionally easy. All you need to do is follow these simple steps:
OFX is the overall best way for money transfer to Korea. While OFX does carry a minimum transfer amount, the amount is not very high for a country like South Korea. In fact, when it comes to costs, you simply won’t get a better deal than the one you will get from OFX.
OFX is also a fairly simple platform to use, making it well-rounded. For these reasons, OFX is the overall best way to send cash online to South Korea.