Send money from Japan to Korea

Wise says it can send to personal and business bank accounts in South Korea, but cannot send to virtual accounts. The recipient details needed include the name in English letters, the date of birth registered with the bank, a phone number and the account number (11–16 digits). Some banks let a mobile phone number be used as the account number, so a phone number in the account number field is not necessarily a mistake.

In DCOM's list by country, the only way to receive in South Korea is bank account transfer (Korean won). Rakuten Bank states that a transfer in Korean won can only be sent to South Korea, and that the recipient's phone number is needed because of rules of the local authorities. Korean won is not among the 12 currencies handled by MUFG Bank's overseas remittance.

When you send Korean won with Wise, the recipient may be asked to complete a PayGate verification. The message reaches the recipient by KakaoTalk, SMS or email, and if it is not finished within 2 business days, the transfer is not completed. It is needed for transfers over KRW 950,000, and may be asked for at or below that amount too. When the recipient writes their name on a document received from the bank, it may be refused unless the name is written in the same order as the name registered for the account.

When you send from a bank, the recipient may also be contacted for a check. Rakuten Bank says that the intermediary bank may contact the recipient directly to check the details of the transfer, and that the money may be refunded if the recipient cannot be reached. The refund amount may differ from the amount sent because of exchange rate changes and intermediary bank fees. Before you send, it helps to tell the recipient that they may be contacted.

According to Wise, from September 1, 2026, when a personal user sends to a personal recipient, the amount the recipient can receive changes with the residency status decided in the PayGate verification.

Wise says that for less than KRW 950,000, after the payment has come in and the conversion is done, the money normally arrives on the same business day, and that the conversion takes up to 2 business days. When a PayGate verification is needed, it takes up to 2 business days to arrive. DCOM says that transfers to bank accounts in countries other than Vietnam, Indonesia and the Philippines can be credited on the same day, and South Korea is in this group.

Avoid sending by asking an unregistered business or individual. The Bank of Korea explains that operating an account for so-called "hwanchigi" (환치기) violates Article 8, paragraph 1 of the Foreign Exchange Transactions Act (foreign exchange business without registration), that paying or receiving money through such an account violates Article 16, items 3 and 4 of the same Act, and that these are subject to the penalties in Articles 27 and 29 and the administrative fine in Article 32.