Can I wire transfer USD directly, or must it be converted to KRW?

When sending money from overseas to South Korea, one common question is: “Can I wire transfer USD directly, or must it be converted to KRW?” The answer depends on the receiving bank and the purpose of the remittance. Many Korean banks allow USD transfers to be received in foreign currency accounts, while others may automatically convert incoming funds into KRW. This is especially important for customers who want to avoid double exchange fees.

If your recipient has a foreign currency account, such as a USD account, the funds can arrive in dollars without immediate conversion. However, if the recipient only has a standard KRW account, the bank will convert the USD into Korean Won upon receipt, often at the bank’s exchange rate. This may lead to higher costs compared to using specialized remittance services.

For individuals and businesses looking for flexibility, choosing a remittance service that offers both USD delivery and KRW conversion is the most efficient solution. This way, the recipient can decide whether to hold the funds in USD or convert at competitive exchange rates. Understanding these options ensures faster transfers, lower fees, and greater control over your international remittances to South Korea.

 

 

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