Send Money from Canada to Bank of Korea in South Korea

Bank of Korea (한국은행), South Korea

The Bank of Korea is the central bank of the Republic of Korea and the issuer of South Korean won. It was founded on June 12, 1950, in Seoul, South Korea. In the Republic of Korea, the Bank of Korea has sole authority to issue banknotes and coins. The Monetary Policy Committee, with Government permission, decides on their dimensions, designs, and denominations. The banknotes and coins thus issued have the status of legal tender within the country for all transactions, both public and private, without limitation.

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How to Send Money to Bank of Korea in South Korea

Remitbee can be used to quickly and easily fund a Bank of Korea account. It only takes six simple steps to finish.

  • Create a free Remitbee account. The process is simple, and you'll have immediate access to a private and secure Remitbee wallet.

  • You will next be prompted to submit personal information such as your complete name, address, and occupation. You will then be asked to confirm your email address and phone number.

  • Enter the recipient's bank information, such as bank name and account number.

  • Check the CAD/KRW currency conversion rate. If the CAD/KRW conversion rate is favorable to you, enter the amount to be sent, select a payment method, and complete your transaction. Although exchange rates fluctuate on a daily basis, the costs for each payment method stay constant.

  • You've completed your task! Simply keep an eye on the transfer status in your Remitbee app and wait for them to arrive in South Korea.

  • Be a Superhero! Anyone who sends money to South Korea to help their family is a hero. Our job is to help provide a service worthy of a hero.

What are the benefits of sending directly to the Bank of Korea?

There are several benefits to using Remitbee to send money directly to the Bank of Korea. Here's a basic rundown:

  • When opposed to sending online, sending offline may entail some various hazards

  • It is quick

  • It is possible to accomplish it from the comfort of your own home

  • Your funds will be available as soon as the transfer is finished

What is the information you need to complete the transfer?

Everything you'll need to complete the Remitbee transfer is listed below:

  • The full name of the recipient. To avoid delays, make sure the name is exactly as it appears on the bank statements.

  • Bank name - In this scenario, select Bank of Korea from the drop-down selection

  • Account Number – This ensures that it is delivered to your intended recipient's account

How Remitbee calculates the CAD to KRW exchange rate

We attempt to keep our costs as low as possible and regularly check prices in order to deliver the most affordable KRW exchange rates available. If you pay by bill payment, interac, or debit card, you will be charged a little fee, but you can send money for free with Remitbee Wallet. You can always double-check the expenses that will be charged to you before sending a transfer.

Send money to all major Banks in South Korea

How international money transfers work

For international wire transactions, the SWIFT network is employed. Before the transfer is approved, instructions and associated expenses are sent from the sender's bank to the recipient's bank. The CAD to KRW translation rate will be calculated by one of the banks, and money will be moved between accounts.

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Frequently Asked Questions

Yes, you can!

Interac e-Transfer, Interac Online, Bill payment, Electronic Funds Transfer or Visa or Mastercard Debit are your options.

The transfers can be finished in one business day.

You can send up to 9,000 CAD every day, with a yearly cap of 50,000 CAD, as long as you use our platform to authenticate your identification.

Any transfer of 500 CAD or more is completely free of charge. Fees for transactions of less than $500 CAD are given below.

  • Interac Online - $2.99

  • E-transfer – Free

  • Bill Payment - Free

  • Electronic funds Transfer - Free

  • Visa or Mastercard Debit - $2.99+

The CAD to KRW exchange rate is currently 1 CAD for {{KRW}} KRW. This changes daily.

The quantity of money you can send is regulated by the level of verification. The levels are broken down as follows:

You can send up to 500 CAD per month or 50 CAD per day with Verification Level 1.

Verification Level 2 allows you to send up to 3,000 CAD per day and 25,000 CAD per month.

You can transmit up to 9,000 CAD per day and 50,000 CAD per month with Verification Level 3.

We are also working on Verification Level 4, which will provide our clients even more sending restrictions. Remember that verification is a one-time process. After you've been validated, there's no need to provide any other documents.

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