A good headline exchange rate does not mean more money lands. There are four things to compare, not one: the transfer fee, the intermediary bank's cut, the receiving bank's charge, and how long it takes.
Which service
Fintech services such as Toss, WireBarley, Wise and Remitly and the mobile transfers offered by KB, Shinhan, Hana and Woori win in different situations. Small and frequent usually favours fintech; large amounts that need documentation are often easier through a bank.
Before you send
- The recipient's name in Latin script, account number or IBAN, SWIFT code, bank name and address — one wrong character and it bounces
- Declare the purpose honestly — tuition, living costs, salary, severance — and keep the supporting documents
- The amount the app says will arrive, the delivery time, and the cancellation terms
If this is your first transfer
Send a small amount first, confirm what actually arrived and how long it took, then send the rest. Fixing wrong account details takes weeks.
Fee structures and limits for each service are compared in the full guide on the WeBring blog.