How to send money from South Korea to Philippines

The exchange rate determines the price you’ll pay for Philippine Peso when you send Won to the Philippines.

The current exchange rate between the Won and Philippine Peso is 0.0419. Panda Remit offers the best exchange.

The KRW-PHP exchange rate is always moving.

It’s possible that waiting a day or two can help you get more PHP for the same amount of Won. But, the best way to lock in a price between South Korea and the Philippines is by using a forward contract.

A Bank transfer is the our recommended option for money transfers between South Korea and the Philippines. Panda Remit offers the best price on a Bank transfer.

A Bank transfer to the Philippines through Panda Remit is 0% cheaper than the second-best option in the market.

Always choose providers that are regulated by financial authorities in both South Korea and Philippines to ensure funds are protected.

Please refer to our directory of financial regulators worldwide for key regulatory bodies for money transfers between South Korea and the Philippines.

Some services have minimum or maximum thresholds on how much you can transfer from South Korea to the Philippines.

Companies will offer different rates and fees for different transfer amounts. Some companies will become more expensive after certain thresholds are hit.

We’d recommend using Panda Remit if you need to send large amounts of KRW to Philippines. The combination of rates and fees when sending to the Philippines 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 South Korea, or entering the Philippines. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive money in Philippines. You can do a direct bank deposit, cash pickup, use a mobile wallet or receive money into a multi-currency account. It’s likely not all providers serving transfers from South Korea to the Philippines will offer every method, so it’s best to check ahead of time.

A direct transfer to a bank account is one of the more common ways to transfer from South Korea into Philippine Peso. Panda Remit is the best company for bank transfers between South Korea and Philippines.

And if you need cash right away, check if cash pickup is an option for transfers between South Korea and the Philippines.

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 Panda Remit.

When signing up to a money transfer company to send between South Korea and the Philippines, you will need to verify your ID.

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

For the most part, in South Korea this will be a government ID like a passport or driver's license. In the Philippines it will be a similar set of documents, although this should only be needed if you are opening a new account in the Philippines, or collecting in cash.

Big transactions between South Korea and the Philippines, are subject to additional checks. A provider may ask you for proof of address or may want to know where the money comes from.

We recommend Panda Remit in part due to their easy sign up process in South Korea.

When sending large amounts of money between South Korea and the Philippines there will be tax implications to consider.

Some transfers into Philippine Peso may need to be reported to tax authorities in the Philippines, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances differ in the Philippines based on age, income and a few other elements. When in doubt, please contact a tax professional in South Korea or the Philippines to discuss your personal circumstances.