Here’s what you need in order to send money from Korea to Singapore — the details the application asks for, how the fee and the exchange rate are applied, the limits that apply to foreign residents, and how long the money takes to land.
Key points
- ✅ Four details are required — the account holder’s name, the recipient’s mobile number, the bank, and the account number. There’s a BIC/SWIFT field too, but it’s optional
- ✅ Once your documents clear review, the transfer itself takes about 30 minutes on average — within Singapore banking hours, with weekends and public holidays excluded
- ✅ The money lands in Singapore dollars (SGD), and the KRW→SGD rate is fixed at the moment you complete the application
- ✅ Singapore has a per-transfer cap of its own — SGD 65,000 for Korean residents, USD 5,000 for foreign residents
If you’re living in Korea or planning a move to Singapore, sending money across comes up for all sorts of reasons — tuition, living costs, supporting family. The questions below are the ones that actually come up, in the order you’ll hit them.
1. What details do I need to send money from Korea to Singapore?
Four things: the account holder’s name, the recipient’s mobile number, the bank, and the account number.
| Field | What to enter |
|---|---|
| Account holder name | The name on the Singapore account |
| Recipient’s mobile number | A contact number for the recipient |
| Bank | The receiving bank — you can search for it at the application stage |
| Account number | The recipient’s account number |
| BIC / SWIFT | Optional. Add it if you have it, but the transfer doesn’t wait on it |
The first four are the required ones. There’s also a BIC/SWIFT field marked optional, which is worth knowing before you start chasing codes — a transfer doesn’t have to wait while your recipient digs one out.
Get the account holder’s name, the bank and the account number right and the money reaches the Singapore bank account you’ve named.
2. How much does it cost?
The fee depends on how much you’re sending, and you can check it before you commit — enter the amount in the app or on the web and the fee for that amount is shown in real time.
What you’re paying for is a conversion: won leaves your Korean account, and Singapore dollars (SGD) arrive in the recipient’s Singapore bank account. So the total comes down to two things — the transfer fee, and the KRW→SGD rate applied to your money.
The rate updates every 10 minutes, and it’s fixed at the moment your application is completed — so the figure you agreed to is the figure you get, even if the market moves afterwards.
3. How long does it take?
Once your documents have been reviewed, the transfer itself completes in about 30 minutes on average. The conditions attached to that number matter as much as the number: it runs on Singapore banking hours, and weekends and public holidays don’t count.
| Stage | Typical time |
|---|---|
| Document review | Has to finish first |
| Transfer, once review is complete | About 30 minutes on average, within Singapore banking hours |
You’ll get a notification once the transfer completes, and you can check the status, your transfer history and past records any time from the app or the website. Worth knowing: “completed” on your side means the money has been sent on — so if the timing matters, ask your recipient to confirm it has landed.
Thirty minutes is an average rather than a guarantee, and outside factors on the bank or country side can hold things up — so apply with room to spare when something has a deadline attached.
The money doesn’t go missing in between
MOIN doesn’t take custody of your money. It arranges the transfer, and the process starts as soon as your deposit is confirmed. Guarantee insurance sits behind the service as well.
4. How much can I send from Korea to Singapore?
Most foreign residents in Korea fall under the “foreigner” category. The guideline figures:
| Category | Annual cumulative limit | Per-transfer limit |
|---|---|---|
| Foreign residents | USD 50,000 | USD 5,000 |
| Korean residents (for reference) | USD 100,000 | SGD 65,000 |
Singapore is one of the few destinations with a per-transfer cap of its own. For most countries a Korean resident’s per-transfer limit is USD 100,000, but a handful are set in the destination’s own currency instead — for Singapore, SGD 65,000. The foreign-resident limit is the standard USD 5,000.
Two things that catch people out. The annual count runs January 1 to December 31 — it doesn’t reset on your visa date or your arrival date, and it doesn’t roll over. And the same limits apply whether you’re sending as an individual or as a company.
Where there’s documentation behind the payment, the per-transfer cap isn’t the ceiling. A transfer backed by an invoice or a contract — a business payment rather than a personal one — is handled as documented remittance through MOIN BizPlus, without a separate limit.
（Source: MOIN BizPlus）
5. Whose name do I send in, and which Korean account do I pay from?
What you’ll need on your own side
- Your name in English exactly as it appears in your passport. Nicknames, initials and any other spelling won’t do.
- A mobile number — progress notifications go to the number you register.
- An address in English. Search your Korean address and it’s converted to English for you.
- A Korean bank account in your own name, with the account name matching the name on your ID.
- A photo of your ID for identity verification — check the expiry date before you upload it.
The name has to match all the way through
The applicant and the sender have to be the same person. Your English name, your contact details, the account holder name, and the name on your ID all have to belong to you.
Paying the won into the deposit account
After you apply, you transfer the won into a dedicated deposit (virtual) account. This step has the most rules attached, and it’s where transfers usually stall:
- Pay from the Korean bank account you registered, using that bank’s mobile, internet, or telephone banking. Simple-payment services such as Toss Pay, Kakao Pay, and PAYCO can’t be used — those payments are automatically returned in full.
- Send from the account you verified with MOIN. You can change the verified account, but only during operating hours.
- Some accounts aren’t eligible: legacy account numbers from before a bank merger, and “lifetime account” services. IBK sole-proprietor accounts may not work either.
- Transfer the exact amount shown, down to the last won.
- Do it within one hour. An application that isn’t paid within the hour expires and is cancelled automatically.
- Bank counter and ATM deposits aren’t accepted.
- Check your own account’s daily and per-transaction caps first. Korean banks apply their own limits, and a large remittance can quietly exceed them.
Sending somewhere else instead? The recipient details a transfer asks for change from one destination to the next, so it’s worth checking the list before you start.
👉 How to send money from Korea to Canada
👉 How to send money from Korea to the UK
👉 How to send money from Korea to the USA
6. Sending Money Abroad from Korea | MOIN International Transfers
Bank fees adding up, but the alternatives feel like a gamble? That’s the gap MOIN is built for.
Why people choose MOIN
- ✅ Your recipient doesn’t sign up for anything — the money lands in their bank account
- ✅ One app, whenever and wherever you need to send
- ✅ Direct transfers with no intermediary bank in the path
- ✅ Compared with a bank’s international transfer fees, you can keep the cost down
- ✅ A lighter load from exchange and fees, so more of what you send arrives
MOIN is a licensed international money transfer service registered with Korea’s Ministry of Economy and Finance. You can send from Korea to Singapore and to countries around the world.
7. Blog-Only Coupon 🎁
A small thank-you for reading. Here’s a coupon that takes the fee down on your next international transfer — Singapore, and everywhere else MOIN sends.
<Blog-only coupon>
- Coupon code: MOINEN
- Discount: KRW 3,000 off the transfer fee
- Eligible destinations: all supported countries
- Valid: 15 days from the date you claim it
Get Started with MOIN
MOIN makes international transfers simpler than a bank, and keeps the cost down. Transfers go direct, without intermediary banks, so there’s no cable fee and no intermediary or receiving bank fee to absorb. You can check the estimated arrival time for your transfer in the app.
