How to Transfer Money from Korea to Japan for Purchases: Payment Methods Explained

If you have a friend in Korea who wants to buy something in Japan and is offering to pay you back later, you might wonder how they can send the money to you. With the global nature of e-commerce and online shopping, it is now easier than ever to transfer money internationally. In this article, we will discuss several reliable methods for transferring money from Korea to Japan to help you facilitate your transactions efficiently.

1. International Bank Transfers: Safe and Secure

One of the most traditional and secure ways for your friend in Korea to send you money is through an international bank transfer. Many Korean banks offer this service, including major ones like KEB Hana Bank, Shinhan Bank, and Woori Bank. Your friend can visit their bank or use online banking to initiate a wire transfer. Make sure to provide your bank details (such as your account number, bank name, and SWIFT code) to avoid any confusion.

Although bank transfers are highly secure, they may take a few business days to process, and fees can vary depending on the bank and the amount being transferred. It is also important to keep in mind the exchange rates and any additional charges that may apply for international transfers.

2. Online Payment Platforms: A Fast and Convenient Option

In recent years, online payment platforms like PayPal and TransferWise (now Wise) have become popular methods for transferring money across borders. These platforms are user-friendly and allow for quick transfers, often with lower fees than traditional bank transfers.

To use PayPal or TransferWise, both you and your friend will need to create accounts. Your friend can link their bank account or credit card to their PayPal or TransferWise account, and then send the payment in the form of USD or KRW. As the recipient in Japan, you can receive the funds and withdraw them to your Japanese bank account. The transfer time is typically faster than a bank transfer, and fees are often lower, especially if the transfer is done in the same currency.

3. Using Mobile Payment Services: A Quick Solution

If you and your friend prefer to use mobile payment apps, platforms such as KakaoPay (a Korean mobile payment service) or Line Pay can also be an option for transferring money. These apps allow users to send money directly from their mobile phones, making it a convenient option for those who prefer digital transactions.

Both parties will need to have the app installed and linked to their bank accounts or payment methods. Some apps allow international transfers, but it is essential to check whether they support transfers between Korea and Japan. Additionally, using mobile payment services may come with fees, so it’s important to read the terms and conditions of the app beforehand.

4. Sending Money Through Remittance Services

For a more specialized service, remittance companies like Western Union or MoneyGram are trusted options for sending money across borders. These companies allow users to send money from Korea to Japan quickly, even without a bank account.

These services typically have physical locations, as well as online platforms. Your friend can visit a Western Union or MoneyGram branch, pay in cash or by bank transfer, and the funds will be available for you to pick up at a corresponding location in Japan. Many remittance services offer fast transfers, but fees can vary depending on the method used and the amount being transferred.

5. Considerations for Choosing the Best Payment Method

When choosing the best method for sending money from Korea to Japan, there are a few factors to consider. These include:

• Transfer Time: How quickly do you need the money? Some methods like PayPal and mobile payment apps are faster, while bank transfers and remittance services may take longer.
• Fees: Check the fees for each method, as they can vary greatly. Some platforms offer low fees, while others may charge higher rates for international transactions.
• Exchange Rates: Be aware of the exchange rate between KRW (Korean Won) and JPY (Japanese Yen), as this can impact the amount of money you receive.
• Convenience: Consider the ease of use of the method for both you and your friend. If you both prefer mobile apps, that might be the most convenient option.

6. Conclusion: Simplifying the Transfer Process

Transferring money from Korea to Japan for purchases is relatively simple with the right tools. Depending on the urgency, fees, and convenience, you can choose from traditional bank transfers, online payment platforms, mobile payment services, or remittance companies. Regardless of the method, always ensure that you are aware of the transfer fees and exchange rates, and choose the option that works best for both you and your friend. By using one of these methods, you can easily receive the money needed to purchase goods for your friend in Japan.