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Best Providers for Sending Money to South Korea from United Kingdom
When considering how to send money South Korea from United Kingdom there are some key aspects of the transfer that will impact the best provider for your needs.
There are plenty of international money transfer providers for United Kingdom to South Korea. The fastest provider is XE - Remit. The cheapest provider we found is XE - Remit at 0.9% Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using XE - Remit when sending GBP – KRW.
This means that by using XE - Remit for online money transfers to South Korea from United Kingdom, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access XE - Remit for any reason, our comparison engine has found also to be very good options when sending GBP to KRW.
The cheapest way to send money from United Kingdom to South Korea
The cost of transferring money will depend on the value of the transaction and amount of KRW you want the recipient in South Korea to receive.
In order to avoid high fees, you should consider the cheapest way to send money from United Kingdom to South Korea.
XE - Remit has been determined by our comparison engine to be currently offering you the cheapest rates possible.
The fastest way to send money from United Kingdom to South Korea
When sending money from United Kingdom to South Korea, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers, particularly if you want to send money instantly. Currently, XE - Remit is the fastest way to send GBP – KRW.
What payment methods are available when sending money from United Kingdom to South Korea?
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer every option. Typically you’ll find the most common methods are bank transfers and card payments, but many providers also accept cash and some will even deliver funds straight to your recipient’s door.
Sending money to South Korea from United Kingdom using credit card
To avoid high fees you can opt to use an online money transfer provider such as to pay for your transfer to South Korea. Our guide on sending money using a credit card has more information.
Sending money to South Korea from United Kingdom using a debit card
With XE - Remit you can send money online to South Korea using your debit card. But before making a payment, make sure you understand all the processing fees in place. Our guide on sending money using a debit card has more information.
Using a wire transfer to send money from United Kingdom to South Korea
Bank and international wire transfers are the most common ways of sending money South Korea as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use XE - Remit to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
When sending money to South Korea from United Kingdom using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee. If you do decide to make an international transfer using wire transfer, you might be required to use a SWIFT/BIC code when completing your transaction. If you’re unsure of what it is, check out our guide on what is a SWIFT code as well as use our SWIFT code calculator to find the right SWIFT/BIC code.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as XE - Remit.
Considerations for a GBP to KRW Currency Transfer
Before sending money to South Korea from United Kingdom, you should consider the following:
- The amount you want to transfer: It is likely that the more money you send to South Korea the more value you will get and more KRW the recipient will receive. This is because any flat fee charged ends up as a smaller percentage of your transfer amount, and also because many providers allow you to negotiate a better exchange rate margin if sending large amounts.
- The GBP – KRW exchange rate margin: Money transfer providers charge a small percentage on top of the mid-market exchange rates in order to generate revenue. Current mid market rate is 1592.092072 and the lowest exchange rate margin is currently offered by XE - Remit at 0.9% above the mid market rate.
- Hidden fees & charges: Before sending money to South Korea, make sure the provider you are using doesn’t charge any hidden fees. Our reviews of the top ranked providers XE - Remit, and will give insight here.
How to send money from United Kingdom to South Korea at the best rate?
This one’s easy. Simply use our comparison table above to find the best provider to send GBP to KRW. After that it’s just a process of making your transfer via the following steps:
- Click “Visit Site” inside our comparison table
- Register for an account if required
- Input how much you are willing to send
- Fund your transfer
- Receive & save an email confirming your transfer
How to receive transfers from GBP to KRW in South Korea?
Your recipient has a few methods available to receive your money in South Korea. These will vary between providers, but it is possible to find services that will:
- Deposit KRW directly into a bank account
- Enable the recipient to pick up cash a specific locations across South Korea
- Deliver money directly to their door
- Send KRW to your recipient’s mobile wallet
If your recipient is going to collect or have the money delivered to them in South Korea, then they will usually need the following:
- A government issued I.D document
- The money transfer reference number
- Senders details and the amount of money sent
How much money can be transferred from United Kingdom to South Korea?
The amount of KRW you can receive from United Kingdom will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of KRW that can be received in South Korea or sent from United Kingdom before making your transfer.
Keith is a digital specialist with a background in the financial industry, both as a marketeer and a journalist. Keith joined MoneyTransfers.com in order to take the business to the next level and expand our offering in multiple international money transfer markets.