When you move to South Korea, one of your first concerns will be money. How do I get money from my home country to South Kore? You’ll want to do it in the most cost-efficient and secure way possible. That is where Wise comes in! Today I will share everything you need to know about using the platform to send money to South Korea.
Korea’s banking system is one of the most secure in the world. However, that also makes it extremely complicated and much more closed off than other banking systems. There are far fewer ways to send money to and from South Korea compared to most countries around the world.
Wise is by far the cheapest and most convenient way to send money around the world. However, while a Korean bank account can receive money from wise, you cannot send money from a Korean bank.
If you would like to send money from a Korean bank account to a bank account abroad as a foreigner, options are limited. The most convenient option is SENTBE. However, if the country you would like to send money to is not available on SENTBE, you can use a standard bank transfer or use Western Union. However, that is all information for another article. Today we will be focusing on how to send money to South Korea.
Introduction to Wise
Wise, formerly TransferWise, is a British international money transferring platform. It has been around for 10 years and is considered one of the most reliable digital banking services in the world.
Depending on where you are from, you might not only be able to send money to South Korea. You may be eligible for a Wise Card.
Transferring Money through Wise
Wise is a tool that allows you to send and receive money from abroad. In fact, the success and popularity of the platform are due to the ease of moving money abroad in an agile, safe and cheap way, through either its website or the application.
The process of sending money is extremely simple. You simply enter your bank account information when you set up an account. Then, when you would like to send money to Korea you need to enter the receiving account details. You will need to know the account number, bank name, and recipient’s name. That’s it!
The best part about transferring money to Korea using Wise is the transparency. Before sending money, you can see a breakdown of exactly how much it will cost and how much the person you are sending money to will receive.
You can send money through bank debit, wire transfer, debit card, or credit card. Then once you have sent the money it will go through within 8 hours.
To learn more about sending money to Korea through Wise, Click Here.
If you will be traveling in Korea or maintaining an overseas account. It may be worth looking into getting a Wise Card. A Wise Card is a debit card connected to an overseas bank account that you can use abroad with minimal fees.
One of the most common issues that travelers face is having their card become frozen and being unable to unlock it. Normally, unfreezing your card required an in-person visit, which is impossible. Or, an extremely expensive international phone call. With Wise Card, you can freeze and unfreeze your card instantly through the Wise app.
It is one of the most inexpensive and secure cards to use while traveling.
To learn more about Wise Card, Click Here.
If you would like to learn more about sending money abroad from South Korea, Click Here.