Need to send money to family or friends in South Korea? Thankfully, in today’s digital era, the act of transfer money to Korea has become less of a hassle. A variety of platforms, both offline and online, are available to simplify cross-border financial transactions.
So if you want to transfer money to South Korea, make sure you know the SWIFT code of the Korean Bank. Knowing this code is crucial as it serves as the unique identifier of the destination bank, ensuring your money is processed securely, accurately, and quickly to the correct account.
Curious about how to transfer money to South Korea in a practical and reliable way? Let’s dive into this complete guide to make your money transfer process to the Land of Morning Calm smooth and efficient.
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Understanding SWIFT Codes for Transfers to Korea
A SWIFT code is a unique identifier for banks, made up of a combination of letters and numbers. It is mandatory for international transfers to ensure transaction accuracy.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, a global network connecting financial institutions across hundreds of countries. Each bank has a unique code consisting of 8-11 characters to identify itself within this system.
For transfers to South Korea, it’s essential to know the correct SWIFT code of the recipient’s bank. Every bank in South Korea has its own unique SWIFT code, so ensure you get accurate details from the recipient, including the bank’s name and country. You can find the SWIFT code using a search engine (Google, Bing, Yahoo, etc.) or by using the Check SWIFT/BIC Code Online tool on the Transfez website.
Three Transfer Methods to South Korea
1. via MoneyGram
MoneyGram is a popular choice for international transfers to South Korea. The platform has thousands of cash pickup points throughout the country. However, it’s worth noting that MoneyGram’s exchange rates can fluctuate daily.
While the fund disbursement process is often within minutes but the transfer fees can be relatively high, particularly for large amounts.
2. via Bank
The traditional bank transfer method remains a widely used option. The process begins with visiting a local bank branch and completing an international transfer form, including the SWIFT code of the recipient’s bank in South Korea.
3. via Remitly
Remitly is a modern digital transfer platform that offers money transfers to South Korea. It provides two delivery options: economy and express, each with different fees.
While convenient, Remitly’s fees vary depending on the payment method chosen. Additionally, new users may face limits on the amount they can transfer within a specific period.
Transfer Money to Korea with Transfez
Looking for a more efficient and cost-effective transfer solution? Transfez is a modern international transfer platform with coverage in 70 countries and 33 currencies. Your transactions are secure, as Transfez operates under the supervision of Bank Indonesia.
Here’s how to transfer money to South Korea via Transfez:
1. Download and register your Transfez account for free.
2. Enter the amount you wish to send.
3. Verify your identity.
4. Provide the recipient’s details in South Korea, such as their name and address.
5. Make the payment through the Transfez app.
6. Your transaction is complete!
Check Out Other Money Transfer Destinations with Transfez
Transfer Money to Saudi Arabia
Transfer Money to Thailand
Transfer Money to Japan
Transfer Money to China
Transfer Money to Philippines
Download Transfez App
Transfez App can help you transfer money abroad more quickly and efficiently. Transfez Business can also help your business in making transactions abroad. For those of you who want to send money to relatives who are abroad because they are studying, working, or traveling, Transfez will be ready to help. This app is available on Android as well as iOS.
Isn’t it practical? Transfez offers affordable transfer fees at just IDR 74,000 per transaction for transfers to South Korea. The money will reach the recipient’s account within +1 hour on business days. So, what are you waiting for? Install the Transfez app on your Android or iOS smartphone today!
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