Making your foreign exchange transactions
Making foreign exchange and bank transactions has been paid a lot of attention in recent years. People applying to immigrate to South Korea, students living in the country, as well as businessmen are the most important people who need to send remittances to Korea. On of the facilities of South Korea is that you can open an account in one of the country’s reputable banks. This can be done easily and in different ways. Having opened an account at the bank, you can top up your bank account to Korea via remittance with the help of some agencies.
Considering South Korea’s banking relations with the world, sending remittances is very important for carrying out all kinds of business processes. The banking system of this country is connected to the global banking system, and this allows people to do all kinds of business with the help of Korean banks.
There are different ways to make and send remittances to South Korea. One of the points that should be considered in the field of remittances to this country is the existence of different remittances in addition to currency remittances. In general, remittances are divided into four categories. These remittances include: Outward, Inward, direct and indirect currency remittance. Another point is that direct and indirect currency remittances are related to the time of sending the currency to you.
The outward currency remittance is effective when the customer intends to transfer the currency and money to another person in another part of the world through the bank. Therefore, this person goes to the bank and accurately specifies the details of the recipient, the account number and the sent currency unit. After that, the bank converts the sent currency according to the daily rate and sends the desired amount.
Many banks in the world have currency transfer services. After sending the issued currency remittance, a message will be sent to the recipient’s cellphone number to receive the amount, and after that the sent currency will be sent to the person’s account. It is worth mentioning that the recipient abroad will only be able to receive the deposit amount by presenting their ID card; This person has not only the ability to convert their currency into another currency, but also the possibility of selling the currency to the bank.
With direct currency remittance, you can easily send money to South Korea. This type of remittance is also called “Suif”. The application of this type of remittance is not limited to South Korea, so it can be used all over the world. One of the applications of direct currency remittance is its conversion into 130 types of currencies for transactions. High speed, security and no restrictions on the type of currency and the amount of money sent, as well as direct transfer of money to the person’s account are other advantages of this remittance.
One of the major differences between indirect remittance and SWIFT is their transfer speed. Using indirect currency transfer, you can transfer the remittance to the account of the desired person in about 4 to 7 days more than SWIFT.
It is important to note that there are conditions for sending a remittance to South Korea, and the remittance must be transferred according to them. All these conditions are explained to customers in different parts.
Currency type
There are different currencies for remittances in South Korea. Another important point is that you must choose the right agency and exchange to make a transfer from South Korea. Many exchanges have different conditions for currency transfers, and some of them have the ability to transfer currency to South Korea with a specific type of currency.
Destination country
Another thing to pay attention to when making a currency transfer is the destination country. If you have already selected your destination country, you can easily skip this section. The noteworthy point is that the destination country has the ability to determine the method of remittance and the type of currency.
Amount of currency
Another important thing when making a currency transfer is the amount of the transferred currency. We must consider how much currency we will be able to transfer. Many agencies and exchanges have special conditions and restrictions in sending remittances to South Korea; For this reason, sometimes you cannot transfer the amount of currency you need; Some other agencies and exchanges do not have a limit on the amount of currency for remittance.
Delivery time
If someone is not in a hurry to transfer currency, the best way is the indirect remittance. In this way, the transfer fee will be lower than the direct method.
Fees of intermediaries and currency transfer companies
In South Korea, there are different ways to make a remittance; But don’t forget that each of these ways requires a transaction fee. Regarding the fees, you should choose the best service with the lowest amount of fees.
Other special conditions
Before making a remittance to Korea, you should consider other conditions. For example, at the beginning of the Corona pandemic, this activity was seriously disrupted, so it was not possible to make remittances to Korea. Therefore, you should consider the different conditions of the country of origin and destination while doing this. Before sending money to South Korea, you must consider various conditions.
As mentioned earlier, in South Korea, there are various ways to make remittances. Some of these ways are related to direct transmission system and others are related to indirect transmission system. In this section, we will introduce various ways of sending currency remittances.
Western Union
One of the fastest ways to transfer money is through Western Union. No limit on the amount of currency, high speed and ease and convenience in sending remittances to South Korea are among the advantages of this type of transfer.
All the steps of transferring money through Western Union are done online. This transfer method is completely traceable. The fee rate in this type of currency transfer varies from 5 to 50 dollars and sometimes more.
Remittance to South Korea through (RIA)
This method is popular because of its low fees. Validity and reliability of this method is also one of its advantages.
Remittance to South Korea through (RIA)
SWIFT is another method of transferring currency remittance to South Korea, which transfers the remittance directly. In this way, you can transfer your money to the desired person in the shortest possible time. Two currencies, won and dollar, are among the currencies that can be used in this method.
PayPal; One of the most reliable ways to send money to South Korea
PayPal is also a method that has received a lot of attention in recent years. Elon Musk, who is the CEO of Tesla, also manages the PayPal company. This method is one of the best and safest ways to transfer money.
According to the previous content, you need information about the top banks in this country to make currency transfers to South Korea. The following are South Korea’s best banks through which you can make remittances in this country through a variety of methods:
- NongHyup Financial GroupNongHyup Financial Group
- KB Financial GroupKB Financial Group
- Hana Financial GroupHana Financial Group
- Korea Development BankKorea Development Bank
- Woori Financial GroupWoori Financial Group
- Industrial Bank of KoreaIndustrial Bank of Korea
- BNK Financial GroupBNK Financial Group
- DGB Financial GroupDGB Financial Group
- Kakao BankKakao Bank