How to send money from Korea to my home country cheaply?
I need to send money back home (Philippines) regularly. What are the cheapest options?
Currently I know about:
- Bank wire transfer (seems expensive, 20,000-30,000 KRW per transaction)
- Western Union
Are there better alternatives? I usually send about 500,000 KRW per month. Also, are there any limits on how much I can send?
2 Answers
I have been sending money to the Philippines for 3 years, so I can share what works best.
Wise (formerly TransferWise) is the best overall option in my experience. The fee is around 3,000-5,000 KRW per transfer, they use the mid-market rate which is the real exchange rate without markup, and transfers usually arrive within 1-2 business days. Their app is available in English and very easy to use.
SentBe (센트비) is a Korean fintech that's very competitive, and their fees are often even lower than Wise for Asian countries like the Philippines, Vietnam, and Indonesia. Same-day delivery is possible with SentBe, which is a nice perk. Toss (토스) also has an international transfer feature now and the rates have gotten pretty good, especially if you already use the app for daily payments in Korea.
I'd avoid regular bank wire transfers unless you're sending a really large amount. Banks charge around 20,000-30,000 KRW per transfer and their exchange rates have a significant markup. For most people sending money home monthly, Wise or SentBe will save you a lot over time.
One more tip: check out GME Remittance - they have physical locations in areas with many Filipino workers (like Ansan, Gimpo). Sometimes they offer zero-fee promotions. Their rates to Philippines are very competitive!
Also, Kakao Pay recently added international remittance to some countries. Worth checking if Philippines is supported now.