24 January 2020
How to transfer money to South Korea
Over 7 million South Korean people live and work abroad, and Korean communities can be found across Asia, North America and Europe. South Koreans send nearly $7 billion a year back to friends and family in their home country, and for this they need fast, cheap and secure money transfer methods to make the process easy and profitable.
How can I send money to South Korea?
You can send money to South Korea in a high street bank or remittance outlet, or online via a browser or an app. Choosing a face-to-face method can be convenient for some people, but for others the experience can be stressful. Queues are often long and transfers can be expensive, with poor exchange rates and high fees. Going online to transfer money to South Korea can save you time and money.
The Paysend app is a simple and secure method of sending money quickly to South Korea from the UK or any other destination. Paysend has over 1.4 million users, and South Korea is one of the top destinations for money transfers on the Paysend platform. With Paysend you can send money directly to any bank account in South Korea.
How much does it cost to send money to South Korea?
Many money transfer services charge large fees to send money internationally, but it’s absolutely free to send money to South Korea with Paysend, no matter how much you want to send. So, for example, if you want to transfer any amount of money from Canada to South Korea, it will never cost you anything to send it with Paysend. Paysend provides the cheapest money transfers to South Korea available anywhere.
How much will my recipient receive?
Paysend uses the mid-market exchange rate to help our users send as much money home to their friends and families as possible. We’ll tell you exactly how much your recipient will get before you confirm the transfer. You can find out exactly how much your recipient in South Korea will receive on our website.
How long does it take to transfer money to South Korea?
Most of our transfers are delivered within a few seconds of being sent. The time it takes depends on your recipient’s bank’s processing times. In extreme cases it can take up to three days.
How to transfer money to South Korea with Paysend:
- • Download the Paysend app from the App Store or Google Play, or register at paysend.com
- • Sign up for Paysend using your phone number
- • Select South Korea as your recipient's country
- • Choose the recipient's bank, and enter the recipient's phone number, bank account number, first name and last name (using ENGLISH spelling)
- • Enter your card details and confirm the transfer
- • As soon as the money is charged from your card, the recipient will receive a text message to their South Korean cell phone number (added when you fill out the transfer details)
- • The message will advise the recipient to verify their identity through Paysend's partner E9Pay in order to accept the transfer and receive the funds to their bank account. ID verification is carried out through the partner's mobile app for iOS or Android
- • Inform your recipient before the transfer is made that the transaction will be labelled ‘E9Pay’ on their statement.
A valid cell phone number is important for the transaction to be processed; if the sender does not have this, then the recipient should contact E9Pay directly.
Tip: The recipient’s ID verification is a one-time procedure which won't be required for future transfers