The best way to send money from Indonesia to North Korea

The exchange rate determines the price you’ll pay for North Korean Won when sending Rupiah to North Korea.

The rate between the Rupiah and North Korean Won is currently 0.055. Wise offers the best exchange from IDR-KPW.

The IDR-KPW exchange rate is always moving.

Sometimes, waiting a day or two can help you get more KPW for the same amount of Rupiah. Using a forward contract that also allows you to lock in an agreed exchange rate between Indonesia and North Korea.

Sending money via a Bank transfer is the recommended option for sending money from Indonesia to North Korea.

The company offering the best bank transfer price is Wise.

This Bank transfer to North Korea is 0% cheaper than the second-best option in the market.

Indonesia and North Korea have different regulations and you should ensure any provider you use to send or receive between the countries is regulated.

Our directory of financial regulators worldwide of key regulatory bodies highlights who can aid in keeping your money safe for money transfers between Indonesia and North Korea.

Some services between Indonesia and North Korea have minimum or maximum thresholds on how much you can transfer. This is applies when receiving money in North Korea as well.

Companies will offer different rates and fees for different transfer amounts. For regular transfers to North Korea, use Wise. The combination of rates and fees when sending from Indonesia to North Korea is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Indonesia, or entering North Korea. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive North Korean Won in North Korea. This includes a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers serving transfers from Indonesia to North Korea will offer every method for incoming North Korean Won, so it’s best to check ahead of time.

One of the more common ways to transfer from Indonesia into North Korean Won is directly into a bank account. Wise is the best company for bank transfers between Indonesia and North Korea.

And if you need cash right away, check if cash pickup is an option for transfers between Indonesia and North Korea.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Wise.

When signing up to and sending Rupiah to North Korea, through a money transfer company, you will have to verify your ID.

The precise documents you need will vary and in some cases you will need more than one.

For the most part however, in Indonesia this will be a government issued ID such as a passport or driver's license. In North Korea it will be similar, although this should only be needed if you are opening a new account in North Korea, or collecting in cash. Sending to an existing bank account in North Korea shouldn’t require any additional ID checks.

Large transactions between Indonesia and North Korea, are subject to additional checks. A provider may ask you for proof of address or may want to carry out a proof of funds check.

One of the reasons Wise has scored so highly for transfers to North Korea is their easy sign up process in Indonesia.

When sending large amounts of money between Indonesia and North Korea there will potentially be a tax declaration to consider.

Some transfers into North Korean Won may need to be reported to tax authorities in North Korea, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in North Korea based on age, income and a few other elements. When in doubt, please contact a tax professional in Indonesia or North Korea to discuss your personal circumstances.