Three ways to send money
Bank overseas transfer: the safest option and suited to large amounts. Fees can be relatively high, but opening a dedicated overseas-transfer account makes frequent transfers easier.
Small-amount overseas remittance companies (fintech apps): specialist transfer companies registered with the government. Sending is easy in the app and fees tend to be low, so they are popular with people who send small amounts often.
Local cash pickup: with some services the recipient can collect cash at a local branch or partner location.
What to check when comparing
1. Look at the fee and the exchange rate together. Even with a low fee, a poor exchange rate means less money arrives. The most accurate comparison is "the final amount the recipient gets".
2. Arrival time: it ranges from instant to several days depending on the method.
3. Transfer limits: each company has per-transfer and yearly limits.
Things you must never do
Handing money to unregistered individuals or businesses for an informal transfer ("hwanchigi") is illegal. People who use it because the fee is cheap can lose their money or face punishment.
Check that the remittance company is registered with the financial authorities.
Do not send money through your own account on someone else’s behalf. It can be used to launder criminal money.
Where to get help
You can check whether a remittance company is officially registered on the Financial Supervisory Service website. If you suspect a remittance-related scam, report it to the police on 112 or to the Financial Supervisory Service, and call 1345 if you need language support.