When sending money to and from South Korea there are a variety of options that are currently available, from e-wallets like STICPAY, cryptocurrency transfers and bank transfers and other methods. When considering which method of transfer suits you there are a variety of things to keep in mind such as transaction speed, how secure the transfer is and the various levels of fees that the transfer might be subjected to. The need for a robust and efficient way to send and receive money is important both for individuals but also the wide range of businesses that operate and reside in South Korea.
Things to consider when transferring money
How convenient is the service to use at either end of the transfer?
Convenience and accessibility is an important factor to consider when choosing the right option to send money to and from South Korea. Being able to transfer and receive money wherever you are has become the norm, and being able to do this in a matter of minutes from a mobile phone or laptop makes transfers incredibly accessible and easy to use. Mobile e-wallets as well as banking apps provide this quick and easy way to deal with sending and receiving money in South Korea.
How quickly will the funds arrive?
If you require a fast money transfer, it’s important to make sure you check how long it takes for each different type of transfer option. For example, international bank transfers can take 3–5 working days (or longer in some cases) to be processed by the recipient’s bank if they are international cross border transactions.
An e-wallet solution, like STICPAY, gives you the chance to transfer money in and out of your country of residence much quicker if the recipient and sender have STICPAY accounts. Transfers using an e-wallet enables account owners to send and access the funds almost instantly.
Are there any regulations covering money transfers?
Some money transfers to and from South Korea are subject to banking regulations. These regulations are enforced by the Bank of Korea (BOK) and institutions like the Financial Supervisory Service. Moving money through bank wire, fiat currency, cryptocurrency and other methods are subject to various rules. Information on specific regulations in South Korea can be found here.
How much will the fees cost?
The fees you pay to transfer money depend on the method being used and whether the transfer is being made locally or internationally. Usually, service providers charge their customers a fixed fee, or a percentage of the amount being sent and received (or sometimes both!). There may even be set-up fees to open an account.
If you combine international currency conversion with your transfer, the provider may offer a less-competitive exchange rate.
Using an e-wallet like STICPAY allows customers to open multi-currency accounts in KRW and 28 other national currencies and thereby avoid high forex costs.
How secure is the service?
Another reason why e-wallets, like STICPAY, are becoming popular for money transfers is their robust and reliable security. Keeping your money safe and making sure that transactions between accounts and merchants are a priority.
Users’ sensitive financial data is protected with advanced encryption, generating a random number sequence for each transaction. Therefore, in the unlikely event that hackers intercept the transaction, they cannot use the data they acquired.
Furthermore, e-wallets can be protected with biometrics (face recognition, fingerprints), a PIN, or a password.
Different options for sending and receiving money in South Korea
Digital Wallets: E-wallets have become popular across the globe and South Korea is a population that is using them more and more. The low transaction fees and easy access has fuelled this popularity. Users can fund their e-wallets using credit and debit cards, bank transfers or cryptocurrency — then use the service to send money to others.
Cryptocurrency transfer: Using ‘virtual currency’ is popular for payments to and from South Korea. This service can be fast, with minimal fees and is highly secure. But some technical knowledge is usually required to be able to use it.
Online Money Transfer: These operators use their own ‘non-bank’ networks to transfer money to a recipient’s bank account. While the services can be fast, fees can be high — especially when it involves an international currency exchange.
Currency Broker: Foreign exchange companies and brokers change your money into another currency and send it internationally.
P2P providers: Peer-to-Peer or person-to-person solutions transfer money directly between two parties. To access and send the money both users often require accounts with the same -party system being used.
Bank Transfer: Online transfers between banks pay money directly into a recipient’s bank account from another. Domestic wires between banks in one country usually take 1–2 days with little or no cost. However, making cross-border bank transfers often attracts high costs for senders. When intermediary banks are required to clear the transaction through the SWIFT banking network they can take much longer.
What STICPAY Can Offer When Sending/Receiving Money From South Korea
STICPAY is an award-winning e-wallet service that supports 29 different currencies, one of which is the South Korean Won. As well as national currencies being supported, three cryptocurrencies, Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) are also supported, allowing for a range of deposit and withdrawal options, also offering a built in crypto to fiat currency converter which operates in reverse as well. STICPAY also offers a low-fee local bank wire option that allows you to receive money in your bank account in your local currency.
As well as providing extensive variety in the ways you can transfer and receive money, STICPAY is committed to making all its transactions safe. STICPAY implements strong anti-fraud features and rigorous Know Your Customer (KYC) and Anti Money Laundering (AML) checks to protect its e-wallet users. This balance of incredibly reliable safety measures with the variety of ways to send and receive money is topped off by the incredible quick transfer times. International money transfers can be made in minutes between two STICPAY accounts, with minimal fees.
How to get verified on STICPAY
STICPAY is an excellent choice to transfer money in South Korea. To get started, you must create an account, which only takes a few minutes.
Once the simple form is completed, you need to confirm Proof of Address (POA) by submitting documents such as utility bills, bank statements, or letters issued by a recognised public authority.
STICPAY also requires Proof of Legal Existence (PLE) identity, with options to use a passport, National ID card or driver’s licence.
For more information on how to get verified, please refer to this guide.
It’s also recommended that you set up Two Factor Authentication for security before choosing one of the options to add funds to your account. Then, once your funds have arrived in your STICPAY account, you can make money transfers or use your account to buy products and services.
Recipients will be able to withdraw the funds you send instantly.
Are you ready to transfer money with STICPAY? Create an account now!
Originally published at https://sticpay.com on August 6, 2021.
