If you’re sending money overseas for your child’s education, you’re not alone.
Thousands of Korean parents transfer dollars every month for tuition, housing, and living expenses.
But here’s what many don’t realize:
Most traditional bank transfers are costing you more than you think.
This guide breaks down how to cut your remittance costs by 50% or more
without compromising speed or reliability.
1. Traditional Banks: More Than Just Transfer Fees
Most people think sending money through banks is simple.
But here’s what’s hidden:
- Bank transfer fee (₩10,000–₩30,000)
- Middle bank fee (up to $30, often unlisted)
- Marked-up exchange rate (not the market rate)
💡 Bottom line: You’re paying more than ₩50,000 ($40+) to send $1,000, and it can take 2–5 days to arrive.
2. Fintech Transfer Apps – Transparent, Fast, and Cheaper
Modern remittance platforms are changing the game.
They offer real-time rates, low fixed fees, and faster delivery.
🔹 Wise (formerly TransferWise)
- Market exchange rate
- Fees often under ₩12,000
- Money arrives in 1–2 days
🔹 Toss Global Transfer
- Easy to use for Koreans
- Convenient domestic account link
- Expanding list of countries
🔹 Shinhan SOL Easy Remit
- Bank-backed reliability
- Competitive fees
- App-based interface
💡 Pro tip: Always compare at least 2 platforms before each transfer.
3. Real Savings – Let’s Do the Math
Let’s say you send $1,000 every month for your child’s expenses.
| Method | Monthly Cost | Annual Cost |
|---|---|---|
| Bank Transfer | ₩50,000+ | ₩600,000+ |
| Wise App | ~₩12,000 | ~₩144,000 |
🎯 Savings: Over ₩450,000 ($340+) saved annually
That’s a flight ticket, a semester book fee, or more housing support.
✅ Final Thoughts
Sending money to your child abroad shouldn’t mean losing money on the way.
Today’s tools allow you to take control of exchange rates and fees
with just a few taps on your phone.
Make every dollar count.
Your support deserves to go to your child—not the bank.
🔜 Coming Next:
Part 3 – How to Maximize Your Currency Exchange Before Traveling Abroad
100% fee waiver tips and timing tricks coming up!