We're excited to announce that you can now send money to South Korea, direct to your beneficiary’s bank account, with Small World. You can send money directly to a friend or loved one’s bank account online via the Small World website, using the Small World app, or with one of our many agents. And, as this is the first time you will be sending money to South Korea, your first transaction will be transfer fee-free. That’s not the only reason to use Small World for your money transfer, of course...
Why should I choose Small World?
The World Bank says that to send money overseas costs on average 7% for the sender.
When looking to send money home, it helps to shop around. You should consider both the exchange rates and the transfer fees and banks are not always the best option. In fact, in 2019 banks were the most expensive channel, charging an average remittance fee of 11%.
If you send money regularly, that difference soon adds up, and that money could be better used by you and your family. For more information, read our guide to beating the banks.
Small World, on the other hand, is a financial services company. We focus solely on global money transfer and handle more than 1m transactions a month. We are tried and tested by our 15m customers.
Fees related to sending money abroad are constantly fluctuating. By paying close attention to what the banks are charging, we are constantly adapting to ensure we offer the high exchange rates and low transfer fees that make money transfer as cost effective as it can be.
In addition:
- You can track your payment in real time
- There are no hidden charges and your first transfer with Small World is completely fee FREE
- The money you send is safe and secure: we are registered with and regulated by the FDA
How do I send money to South Korea using Small World?
To send money to South Korea, your beneficiary must simply have a bank account and register with remittance company, E9pay.
It is important to note that if your recipient has not registered or set up an account with E9pay when you make the money transfer, they will receive an SMS to their cell phone asking them to join. They will need to join to receive their money transfer.
There is a period of two weeks from when the money is sent in which they can set up the account.
The payment will not be successful without registration on E9pay so if they do not register, the order will be cancelled.
I want to send money to South Korea with Small World, how do I get set up?
To set up an online account, go to our registration page and click “Create account”.
You will then need to enter and re-enter your email address and choose a suitable password.
Read and accept the terms and conditions, then you’re good to go!
Soon after you will be sent an email to your inbox requesting a number things, including validation of your email address. Simply “confirm email address”. You won’t be able to login in to your Small World account until you have validated your email address
Once you have validated your email address, you’re 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
When setting up, you must also provide one of the following types of ID:
- Passport,
- Resident Card,
- or Full Driving License (not provisional)
Once completed you will can make your first money transfer to South Korea, as your Small World account will be set up and ready to use.
What do I need from my recipient in order to send money to South Korea?
As well as your beneficiary’s bank account details you will also need to supply their cell number so they can be alerted when payment is made. As we mentioned earlier, this is the same way that they will be asked to register with E9pay if they haven’t at the point money is sent. Don’t forget, your first online transaction with Small World is transfer fee-free.
Send money to South Korea by:
- Bank deposit
Our partner in South Korea is E9pay.
