Compare ways to send money from Japan to South Korea

The exchange rate is the price you will pay when buying Won in Japan. A better exchange rate means you send more Wons to South Korea.

Currently, the mid-market rate between the Yen and Won is 9.1135. The company offering the best price on buying Won is Wise.

Exchange rates between JPY-KRW change almost constantly.

Waiting a day or two can help you get more KRW for the same amount of Yens, but you may also end up paying more if you do wait.

A better option is to use a forward contract. This allows you to lock in an agreed exchange rate for transfers between Japan and South Korea for a set amount of time, this can be up to two years in some cases.

Sending through a money transfer company via a Bank transfer will most often be the way to get the best price when sending money from Japan to South Korea.

For a transfer by Bank transfer, Revolut is 0.2% cheaper than the next option.

South Korea and Japan have different regulators for financial transactions and ensuring you fully understand these regulations will aid in keeping your money safe.

Our directory of worldwide financial regulators has regulation details for money transfers between Japan and South Korea.

Money transfer companies offering services between Japan and South Korea have minimum or maximum thresholds on how much you can send or receive. These can be daily, weekly or monthly.

In particular, rates and fees for sending different amounts of Yen could change. We always recommend comparing JPY-KRW rates for your specific transfer amount. Then, with transfers to South Korea, shopping around each time can make a huge difference - as some providers offer introductory rates.

If you’re worried about transfer limits, for sending large amounts of JPY to South Korea, we’d recommend Wise.

There are different options for receiving Won in South Korea. The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account. Not all providers offering transfers from Japan to South Korea will offer every method for incoming Won, so it’s best to check ahead of time.

Sending directly to a bank account is one of the most common ways to send money from Japan into South Korea. For most part, this is because it means the recipient has to do very little. Wise is the best company for bank transfers between Japan and South Korea.

And if you need cash right away, check if cash pickup is an option for transfers between Japan and South 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 Revolut.

You will need to verify your ID at the sign up stage when sending from Japan to South Korea through a money transfer company.

Documents needed will vary and in some cases you might need a couple of different forms of ID.

ID can be verified in Japan through a government issued ID such as a passport or driver's license. If the recipient needs ID to collect money in South Korea, both of these will also likely be accepted. Depending on the company you are using and where the money is going in South Korea, it’s always best to check ahead just in case.

Larger transactions between Japan and South Korea are likely to be subject to additional checks such as proof of funds for anti-money laundering purposes. This could slow down the process of sending money if you’re not prepared for them.

One of the reasons Wise scored so highly for large and regular transfers to South Korea, was their easy sign up process in Japan.

When sending money between Japan and South Korea there will be tax declarations to consider.

Some transfers into Won may need to be reported to tax authorities in South Korea. This is of particular note where inheritance or property purchases are involved.

Personal allowances and tax limits will change in South Korea based on age, income and personal circumstance. When in doubt, please contact a tax professional in Japan or South Korea to discuss your individual needs. This will ensure you are not missing any specific tax obligations associated with your transfer.