Remitbee Launches Remittance Service to South Korea

By Remitbee - Aug 25, 2021

여보세요! South Korea is another country that was included in Remitbee’s recent service expansion, and we are excited to be able to help the nearly 250,000 Korean Canadians currently in the country to send money home to their loved ones. We offer the most competitive Canadian dollar to South Korean-won exchange rates and never tack on hidden fees. Your funds are sent through our electronic money transfer service and arrive quickly and safely, directly in your family’s bank account. For now, let’s learn a little bit more about this vibrant country.

South Korea

South Korea takes up about half of the Korean peninsula and is a mix of large, metropolitan cities and ancient fishing villages and cherry blossom-laden trees spread throughout rolling green hills. On one side, there is a militarized border with North Korea, but large expanses of the ocean can be found on almost all of the other borders. Their population of just over 50 million are people are very globally-connected, with 92% of Koreans having a home internet connection and the country overall boasting the fastest average internet connection speed on the planet. Seoul, the capital city, is the largest, with just under 10 million residents. Busan is the second largest at just under 3.5 million inhabitants. Incheon, Daegu, Daejeon, Gwangju, Suwon, Ulsan, Changwon and Goyang all also have more than 1 million inhabitants as well.

South Korea doesn’t have an official religion, and more than 56% of the population identify as atheists or agnostics. Of the remaining percentage, Christians and Buddhists occupy the majority shares, with each having around 20% of the population. While Christmas is widely celebrated by Christians and non-Christians and Buddha’s Birthday is observed at Buddhist temples in April, most of the major holidays in the country are secular.

Lunar New Year, or Seollal in Korea, is a major holiday. It is generally marked by a 3-day celebration where people return to their hometowns and businesses close so employees can celebrate with their families. Independence Movement Day is observed on March 1 and memorializes the Independence Movement that started in 1919 when Korea declared independence from Japan. National Foundation Day on October 3 commemorates the foundation of the first nation of modern-day Korea, Gojoseon, in 2333 BC.

Korean Canadians

As of 2017, the population of Korean immigrants in Canada numbered around 250,000, making the Canadian population of immigrants the fourth-largest outside of Korea. The first largest is China, followed by the United States and Japan. The first recorded Korean immigrants in Canada arrived in 1948 as Christian missionaries, and the permanent population of Korean natives in Canada only totalled 70 by 1969.

Remitbee is proud to be able to help the growing population of Korean Canadians electronically remit funds home to Korea. As long as your loved ones back home have a bank account, we can convert your funds with the best CAD to KRW exchange rate and send them directly into your family’s Korean bank account. There are never any hidden fees, and the entire process is safe, easy and fast.

Partner Banks in South Korea

There are 148 licensed banks in South Korea, including a number of large banks with hundreds of billions of dollars in assets. The largest is the Shinhan Financial Group, which was established in 1897 and operates with 871 branches in South Korea and 14 international branches today. NongHyup Financial Group, KB Financial Group and Hana Financial Group are similarly large, and each employs well over 10,000 people. Whether your family and friends have accounts at large institutions like these or smaller more local banks, Remitbee can help you send funds directly to their account quickly and affordably.

Sign up today and get $15 bonus towards your first transfer

Use code SEND15

Other articles in Money Transfer