How to send money home from Korea cheaply?

Wise or SentBe for anything monthly, and a bank wire only when the amount is large enough that a flat fee stops mattering.

Wise (formerly TransferWise) is the safest default. The fee works out around 0.5 to 1 percent, or roughly 3,000 to 5,000 won per transfer, and they use the mid-market rate — the real exchange rate, with no markup buried in it. Transfers land in 1 to 2 business days. The app is in English and links to a Korean bank account without much trouble.

SentBe (센트비) is a Korean fintech and is often cheaper still, with fees as low as 0.3 to 0.7 percent, and for Asian destinations like the Philippines, Vietnam and Indonesia it frequently beats Wise outright. Same-day delivery is possible. Being a Korean company, it also has Korean customer support, which matters on the day something goes wrong.

Toss (토스) added international transfers and the rates have become competitive, which is convenient if you already use the app for everyday payments here.

If you are sending to the Philippines, GME Remittance is worth a look: they have physical branches in areas with large Filipino communities such as Ansan and Gimpo, and they run zero-fee promotions from time to time. Kakao Pay has also added international remittance for some countries, so it is worth checking whether yours is on the list yet.

What to avoid for a monthly transfer is the ordinary bank wire. Korean banks charge somewhere around 20,000 to 30,000 won per transfer and their exchange rate carries a real markup on top, so it only makes sense for a large one-off amount.

Start with Wise, compare SentBe on your own corridor for a month, and keep whichever lands more. Fees and rates move, so check both on the day you send.