How to send money to South Korea from UK with the best GBP-KRW rate

A comparison of providers offering services between the United Kingdom and South Korea, based on your specific transfer amount is the best way to send money with the confidence you’re getting the best price.

We’ve compared 8 providers that provide services for sending Pound Sterling to South Korea. This ensures you will get the best options for your transfer to South Korea from the United Kingdom.

Whilst we rate Wise as the best overall, comparing gives you a comprehensive view of all the options for transferring money from the United Kingdom to South Korea.

An exchange rate determines the price you will pay when buying Won. A better exchange rate means more money sent from the United Kingdom to South Korea.

The current rate between the Pound Sterling and Won is 2,020.3543.

The GBP-KRW exchange rate changes almost constantly.

Understanding the averages, and then waiting a day or two can help you get more KRW for the same amount of Pound Sterling.

A better option is to use a forward contract that also allows you to lock in an agreed exchange rate between the United Kingdom and South Korea.

A bank transfer is the payment method that will get you the best price on a transfer from the United Kingdom to South Korea.

OFX is the company offering the best price.

Using OFX for a bank transfer is 0.18% cheaper than the second-best option in the market.

United Kingdom and South Korea have different regulations and ensuring you fully understand these regulations will aid in keeping your money safe.

Our directory of worldwide financial regulators contains details on regulation for money transfers between the United Kingdom and South Korea.

Some companies offering money transfers between the United Kingdom and South Korea have minimum or maximum thresholds on how much you can send or receive.

Rates and fees for different transfer amounts could change - that’s why it’s best to compare GBP-KRW rates for your specific transfer amount. For regular transfers to South Korea, shopping around each time can make a huge difference.

For sending large amounts of GBP to South Korea, we’d recommend Wise. They offer a solid combination of rates and fees when sending from the United Kingdom to South Korea that is the most competitive, even at larger amounts.

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 the United Kingdom 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 United Kingdom to 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 United Kingdom and South Korea.

Mobile wallet or P2P services and payment apps like PayPal, Xoom, and CashApp are popular because of convenience, but they come with more limitations and higher costs compared to money transfer providers like OFX.

When sending Pound Sterling to South Korea, through a money transfer company, you will need to verify your ID at the sign up stage.

The documents you need will vary and in some cases you might need a couple of options.

For the most part, ID can be verified in the United Kingdom through a government issued ID such as a passport or driver's license. If the recipient needs an ID to collect money in South Korea it will be similar.

Large transactions between United Kingdom and South Korea, can be subject to additional checks such as proof of funds for anti-money laundering purposes.

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

As well as proof of funds, when sending large amounts of money between United Kingdom and South Korea.

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

Tax limits and personal allowances will change in South Korea based on age, income and a few other elements. When in doubt, please contact a tax professional in United Kingdom or South Korea to discuss your personal circumstances to ensure you are not missing any specific tax declarations.