Remittance Fee Comparison
See exactly how much you save by choosing the right transfer method.
Stop overpaying on international transfers!
Quick Amounts
🏆
Recommended
Why Choose Wise?
- ✅ Real mid-market exchange rate
- ✅ Transparent, low fees
- ✅ Arrives in 1-2 days
- ✅ First transfer fee-free
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₩0
Recipient gets $0 more
Traditional Bank
Average Korean bank
Amount ₩1,000,000
Fees -₩25,000
Rate (with markup) 1,350
Recipient Gets $722
Best Deal 💰
Wise
Fintech transfer platform
Amount ₩1,000,000
Fees -₩4,500
Rate (mid-market) 1,330
Recipient Gets $748
| Item | Bank | Wise | Difference |
|---|---|---|---|
| Transfer Fee | ₩20,000 | ₩4,500 | -₩15,500 |
| Wire Fee | ₩5,000 | ₩0 | -₩5,000 |
| Exchange Markup | ~1.5% | ~0.5% | Save 1% |
Why Banks Charge So Much for International Transfers
Traditional banks make money from international transfers in three hidden ways:
💸 Transfer Fees
₩20,000-50,000 per transfer, regardless of amount
📊 Rate Markup
1-3% hidden in the exchange rate (the biggest cost!)
🏦 Intermediary Fees
$15-50 deducted by correspondent banks
How Wise is Different
- ✅ Uses the real mid-market exchange rate (no markup)
- ✅ One transparent fee shown upfront (typically 0.4-0.7%)
- ✅ No intermediary banks means no surprise deductions
- ✅ Regulated in Korea and 40+ countries
Frequently Asked Questions
Is Wise legal in Korea?
Yes! Wise is fully licensed by the Bank of Korea for foreign exchange transactions. It's
a legal and regulated service.
What's the annual transfer limit for foreigners in Korea?
Foreigners can send up to $50,000 USD per year without documentation. Above this, you'll
need proof of income. This limit applies to all transfers, including Wise.
How long does a Wise transfer take?
Most transfers from Korea arrive within 1-2 business days. Bank transfers typically take
3-5 days.