Send Money from Canada to Industrial Bank of Korea in South Korea

Industrial Bank of Korea (중소기업은행), South Korea

The Industrial Bank of Korea (IBK) was formed in 1961 by the Government of Korea under the Industrial Bank of Korea Act to provide development finance and related banking services to small and medium-sized firms in Korea. According to the IBK Act, IBK is the only financial institution in Korea authorized to borrow Korean government funds for the benefit of small and medium-sized businesses and to issue Small and Medium Industry Finance Bonds (the SMIF Bonds). IBK has a countrywide branch network of over 690 locations through which it offers complete SMEs banking services. IBK also has international branches and subsidiaries to assist small and medium-sized businesses operating in other countries.

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They receive

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0.00 CAD

Estimated delivery

N/A*

How to Send Money to Industrial Bank of Korea (IBK) in South Korea

Remitbee can be used to quickly and easily fund an IBK account. It only takes six easy steps to finish.

  • Create a free Remitbee account. The process is simple and gives you access to a private and secure Remitbee wallet.

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

  • Provide the recipient's bank details, including bank name and account number.

  • Look at the CAD/KRW exchange rate. If the CAD to KRW conversion rate is favorable to you, input the amount to be transferred, select a payment method, and confirm your transfer. The exchange rates fluctuate on a daily basis, but the charges for each payment method remain constant.

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

  • Your actions deserve a hero's service. For the person who provides everything else, only the best money transfer service would suffice.

What are the benefits of sending directly to IBK?

There are various benefits to using Remitbee to send money directly to IBK. Here's a quick overview:

  • Safer than sending offline

  • It’s fast

  • Accomplish it from the comfort of your own home

  • As soon as the transfer is completed, your cash will be available

What is the information you need to complete the transfer?

Here's everything you'll need to complete the transfer using Remitbee:

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

  • Bank name - In this scenario, choose Industrial Bank of Korea from the drop-down selection.

  • Account Number – This ensures that it is delivered to the account of your receiver.

How Remitbee calculates the CAD to KRW exchange rate

We try to keep our fees as low as possible and evaluate prices on a daily basis in order to deliver the most affordable KRW exchange rates on the market. When you pay with bill, 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 fees 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 utilized. Transfer instructions are sent from the sender's bank to the recipient's bank before the transfer is approved, and any fees are charged. The CAD to KRW conversion rate will be determined by one of the banks, and monies will be moved between accounts.

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Frequently Asked Questions

Definitely!

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

It is possible to execute the transfers in 1 business day.

If you use our platform to verify your identity, you can transmit up to 9,000 CAD every day, with a monthly limit of 50,000 CAD.

Any transfer of more than 500 CAD is completely free. Fees for transfers of less than 500 CAD are indicated 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 degree of verification determines the maximum amount of money you can transfer in CAD. 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.

You can send up to 3,000 CAD per day and 25,000 CAD per month with Verification Level 2.

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

In addition, we are working on Verification Level 4 to provide our customers with even additional sending limits. Remember that verification is a one-time procedure. Once you've been verified, there's no need to provide any other proof.

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