The best way to send money from Singapore to South Korea 🇰🇷

Revolut Singapore

 · 01/12/2022  · 01/12/2022

There are more than 21,000 Koreans living in Singapore (source). The community here makes up the world's 18th largest Korean diaspora and consists mainly of South Koreans.

The huge popularity of Korean culture has seen a steady increase in the number of Korean-owned businesses sprouting up in Singapore. Many Koreans are also investing in real estate and taking advantage of Singapore's English-medium education.

It’s important that this awesome group of expats is supported by a fast, secure, and low-cost way of sending money home whenever they need to.

We’re committed to providing our customers with the best rates when it comes to currency exchange. Keep reading to discover how our rates and fees compare against other providers.

What are Revolut's fees like for transfers to South Korea?

We charge a fixed percentage fee of 0.75%, pegged to a minimum of S$3 and a maximum of S$110. A fair usage fee will apply under certain conditions. Click here for the full details.

How does Revolut compare against other service providers?

The table below shows how much you'll be charged with different providers if you're sending home S$1,000 worth of Korean Won. The Revolut price is for a customer on our free Standard plan.

Provider Amount in won Fees in SGD Total paid
Revolut 883,898 7.50 1,007.50
Sentbe 880,775 5* 1,005.00
Instarem 877,767 6 1,006.00
Wise 877,269 7.92 1,007.92
DBS Remit 874,125 0 1,000.00
UOB 868,608 40 1,040.00

*Information above is correct as of 7 January 2022, 3.05pm, Singapore. Your first transfer at Sentbe is free.

Verdict

If you're after the best exchange rate, then Revolut leads the pack with the highest amount of Korean Won for 1,000 Singapore Dollars. If you're after the lowest transfer fee, DBS Remit appears to be the best choice.

We took our research a step further and found that you would get 879,912 Korean Won if you were to exchange S$1,007.50 with DBS Remit. Which means that, comparing like for like, Revolut is still the better deal.

Know someone who might benefit from this information? Share this post with them so they can sign up to Revolut and take advantage of our attractive rates and low fees.