South Korea is renowned for its advanced economy and dynamic role as a major player in global business, particularly within Asia.

Whether you have a business or a loved one there, you might be wondering what the best and most affordable way to receive money from Korea.

The answer is simple! 

In this blog, we’ll show you the best way to receive money from Korea without going through the common transfer hassle. We’ll also lay out tips that will help you know what to do even as a beginner.

Let’s get into it!

Key Takeaways

• You can receive money from Korea through traditional banks, digital platforms, virtual accounts or cryptocurrency, each with different fees and requirements.
• To avoid delays and extra charges, always provide accurate details and choose transparent transfer methods.
• DSGPay stands out as the most affordable and seamless option for receiving money from Korea.

4 Best Ways to Receive Money From Korea

Let’s explore the most reliable and cost-effective methods for receiving funds internationally from South Korea:

1. Traditional Bank Transfers

This is a wire transfer process that moves directly from a Korean bank to a recipient’s bank account, whether within or outside Korea. However, international transfers with a traditional bank can be quite expensive, depending on the sum in question. This type of transfer is typically initiated using SWIFT.

Pros:

• It is secure and widely accepted.
• It is suitable for large business payments.

Cons:

• It’s usually expensive.
• It takes a long time to receive money using traditional bank options.
• They have marked-up exchange rates and potential intermediary deductions.

2. Digital Payment Platforms

These are digital-fintech solutions that have changed the face of cross-border payments over the past few years. They offer a payment transfer solution that minimises cross-border challenges. With this option, you can send and receive money seamlessly across countries.

Pros:

• They are transparent with their fees.
• They apply mid-market exchange rates.
• They have a faster processing time.
• They are easier to use on mobile devices or on the web.

Cons:

• Some digital platforms aren’t fully supported in Korea.
• There are limits on how much can be sent or withdrawn on each platform.

3. Virtual Accounts

A virtual account is a digital financial solution that allows you to receive payments across borders without opening a local bank account in the sender’s country. Virtual accounts can be in various forms.

• A named virtual account can be created with an organisation’s or merchant’s brand name.
• A dynamic virtual account allows users to create and manage accounts based on business needs.
• A static virtual account fosters subscription and utility-based businesses.

If you’re still wondering what is a virtual account, read this article to learn more.

Pros:

• It has lower transaction costs compared to banks.
• It has transparent FX rates.
• They are a great choice for individuals and business owners.

Cons:

• It requires account setup and identity verification.

4. Cryptocurrency Transfers

Cryptocurrency transfers have been gaining ground since the late 2010s. This is also one of the best ways to receive money from Korea. In this case, the sender will have to use a crypto platform to send fiat currencies to coins to the recipient’s wallet address. You can decide to convert the received coins to liquidity in your bank account or cash, whichever you please.

Pros:

• The transfers are near instant.
• There are no bank intermediaries during the transfer process.

Cons:

• Crypto values are volatile (fiat currencies are best used).
• Crypto requires some technical knowledge and wallet setup.

Comparing the Best Ways to Receive Money From Korea

To help you put things in better perspective, let’s compare each of the methods to receive money from Korea. This will help you make a better decision.

Tips to Reduce Costs When Receiving Money from Korea

When receiving money from Korea, here are a few things to keep in mind to help you make the most out of the transactional journey.

• Whether you’re transferring large sums of money between bank accounts or using other methods, it’s important to stay vigilant and patient throughout the entire process to avoid making a mistake.
• While some methods require the receiver to pay fees or hidden markups, it’s best to choose an option that is transparent and more convenient for you.
• Share the correct bank or payment details with the sender to avoid time wastage or loss.
• Watch out for hidden deductions from intermediary banks, especially when you’re using a traditional bank account method.
• Plan ahead with the sender, especially if you need the money urgently. Some transfers can take up to 5 business days.

Most Affordable Means to Receive Money From Korea – DSGPay

Whether you’re a freelancer, a business exporting to Korea, or just receiving personal support, DSGPay offers the best payment solution for individuals and businesses across Asia.

With its solid cross-border payment infrastructure, affordable fees, and seamless user experience, DSGPay stands as a valid means to receive money from Korea, whether for large or small sums.

Why Choose DSGPay for Receiving Money from Korea?

• KRW Local Collection via Virtual Accounts: DSGPay enables you to receive KRW directly from Korean senders using domestic rails.
• Named Global Virtual Accounts: Open accounts under your business name in key currencies, including KRW, USD, EUR, and more to increase trust and simplify reconciliation.
• Supports 30+ Currencies Worldwide: Receive and hold funds in your preferred currency. Perfect for regional operations and global cash flow management.
• Favourable FX Rates with No Hidden Fees: Enjoy competitive, transparent exchange rates when converting KRW to other currencies.
• Real-Time Tracking and Instant Notifications: Stay on top of every incoming payment with live updates through the DSGPay dashboard via mobile app.

Final Thoughts on ‘How to Receive Money From Korea’

Receiving money from Korea in 2025 doesn’t have to be expensive, slow, or stressful. From Traditional bank transfers to innovative global payment solutions like DSGPay, there are now multiple ways to receive money seamlessly and without paying a dime.

In this blog, we explored some of the best ways to receive money from Korea. However, due to its versatility, wide reach, and affordability, DSGPay is one of the best ways to receive money from Korea, without having to pay intermediary fees or other cost charges.

Ready to receive money from Korea? Sign up with DSGpay today and start working smarter!