Wise

Wise (formerly TransferWise) is the most popular international money transfer service among foreigners living in Korea. It offers the real mid-market exchange rate with low, transparent fees — significantly cheaper than sending money through a Korean bank.

Why Use Wise Instead of a Bank?

When you send money internationally through a Korean bank, you typically pay:

• A transfer fee of 5,000–10,000 KRW

• A hidden exchange rate margin of 2–4% on top of the real rate

Wise charges only a small transparent fee (usually 0.5–1.5%) and always uses the real mid-market exchange rate — the same rate you see on Google.

How to Set Up Wise

• Step 1: Go to wise.com or download the Wise app

• Step 2: Create an account with your email address

• Step 3: Verify your identity — upload a photo of your passport or ID

• Step 4: Add your Korean bank account as the funding source

• Step 5: Add the recipient's bank account details in their country

• Step 6: Enter the amount and confirm — Wise shows the exact fee and exchange rate upfront

Sending Money from Korea

• Fund your transfer from your Korean bank account via bank transfer

• Wise supports transfers from KRW to 80+ currencies

• Most popular destinations: USA, UK, Australia, Canada, Philippines, Vietnam, Japan

• Transfer speed: same day to 2 business days for most countries

• Daily transfer limit: up to 1,000,000 KRW for basic verification, higher limits with full verification

Wise Multi-Currency Account

Wise also offers a multi-currency account — useful for foreigners who receive money from abroad:

• Hold money in 50+ currencies simultaneously

• Receive money for free with local bank details in USD, EUR, GBP, AUD, and more

• Wise debit card — spend in any currency at the real exchange rate

• Useful for freelancers and remote workers receiving payment from overseas clients

Fees Comparison

• Wise: ~0.5–1.5% fee + real exchange rate

• Korean bank wire transfer: 5,000–10,000 KRW fee + 2–4% exchange rate margin

• Example: Sending 1,000,000 KRW to the USA — Wise saves approximately 20,000–40,000 KRW compared to a bank transfer

Pros & Cons

• ✅ Real mid-market exchange rate — no hidden margins

• ✅ Transparent fees — see exactly what you pay before sending

• ✅ Fast transfers — most complete within 1–2 business days

• ✅ Full English interface

• ✅ Available as web and mobile app

• ❌ Not a bank — cannot receive salary or pay Korean bills directly

• ❌ Transfer limits apply until full verification is complete

• ❌ Some Korean banks block transfers to Wise — Shinhan and KEB Hana work best

Tips

• Complete full identity verification on Wise to unlock higher transfer limits

• Use Shinhan Bank or KEB Hana Bank to fund Wise transfers — most reliable

• Set up rate alerts in the Wise app — get notified when the exchange rate is favorable

• For very large transfers (over 10,000,000 KRW), compare Wise with KEB Hana's remittance service — rates can vary

• Wise is fully regulated and licensed in Korea — it is safe and legal to use

Contact & Support

• Website: wise.com

• App: Available on App Store and Google Play

• Customer support: Available in English via in-app chat and email