Blog

New service - Send money to South Korea with Small World

26 Aug 2020 - Category:
SEND MONEY

Small World is excited to announce a new money transfer service to South Korea for our customers. You can now send money to South Korea online via the Small World website or, app, or with an agent directly to a friend or loved one’s bank account.

How to send money to South Korea using Small World?

To take advantage of this service and send money to South Korea, your beneficiary must:

  • have a bank account
  • be registered with remittance company, E9PAY

If your beneficiary is not yet registered with E9PAY at the point you send money, they will receive an SMS instructing them to register with the E9PAY mobile app.

Without registration on E9PAY, the payment will not be successful. Your beneficiary has two weeks to register with E9PAY; if they do not, the order will be cancelled.

  How do I register with Small World to send money to South Korea?

To set up an online account, simply go to our registration page and select “Create account”.

You will then be asked to enter and re-enter your email address, along with a suitable password.

After reading and accepting the terms and conditions you can create your account.

We will send you an email, asking you to validate your email address – click “confirm email address”. Do not attempt to login to your Small World account until you have validated your email address

When your email address has been validated, you are registered.

You will then be asked to enter your:

  • Date of birth (DOB),
  • First name,
  • middle name,
  • last name,
  • Mobile phone number,
  • Occupation, and
  • Home address.

You must also provide one of the following types of identification, your:

  • Passport,
  • Resident Card, or
  • Full Driving License (not provisional)

After you have entered this information, your account has been set up and is ready to use. You can now use it to send money to South Korea.

What information do I need about a beneficiary to transfer money to South Korea?

We should confirm this, including bank account details, as well as their mobile number, so they can be notified.

The benefits of choosing to send money to South Korea with Small World

We are now offering you the opportunity to transfer money to a South Korean bank account. But why should you choose Small World?

According to the World Bank, the average cost of global money transfer with a bank is around 7% for the sender. This means for every £1,000 you send home, £70 could be taken up with fees.

While that doesn’t sound like a lot, if you send money regularly, that soon adds up, and that money could be better used by you and your family. Read our guide to beating the banks for more information.

When looking to send money home, it pays to shop around. Exchange rates and transfer fees need to be considered and banks are not always the best option. In 2019, banks charged an average remittance fee of 11% and were the most expensive channel.

Small World is a financial services company that focuses solely on international money transfer. We handle more than 1m transactions a month and are tried and tested by our customers.

While fees related to sending money abroad are always fluctuating, we pay close attention to what the banks are charging. As a result, we are constantly adapting to ensure we try to offer the best value in two ways:

  1. High exchange rates
  2. Low transfer fees.

In addition:

  • Your first transfer with Small World is completely fee FREE; there are no hidden charges
  • We are registered with and regulated by the FDA; the money you send is safe & secure
  • You can track your payment in real time

Send money to South Korea by:  

  •  Bank deposit

Our partner in South Korea is Swift.

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